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A member of the G8 group of leading industrialised countries, it is ranked as the sixth largest economy by nominal GDP. France joined 11 other EU members to launch the euro on 1 January 1999, with euro coins and banknotes completely replacing the French franc (₣) in early 2002.
France's economy combines extensive private enterprise (nearly 2.5 million companies registered) with substantial (though declining) government intervention (see dirigisme). The government retains considerable influence over key segments of infrastructure sectors, with majority ownership of railway, electricity, aircraft, and telecommunications firms. It has been gradually relaxing its control over these sectors since the early 1990s. The government is slowly selling off holdings in France Télécom, Air France, as well as the insurance, banking, and defence industries. France has an important aerospace industry led by the European consortium Airbus, and has its own national spaceport, the Centre Spatial Guyanais.
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