The French Fifth Republic or French Republic, or just simply France, is a nation in Western Europe that was established in its current form in 1958. The current constitution establishes a system of a semi-presidential republic, with a strong President as the Head of State and a Prime Minister he appoints to serve as Head of Government. It is one of the most powerful nations in Europe and the world, being consistently ranked among the world's premier great powers. The current President is François Hollande of the Socialist Party and the Prime Minister is Jean-Marc Ayrault, also a Socialist Party member. The Parliament of France is bicameral, with an upper house, the Senate, and a lower house, the National Assembly. The capital and economic center of France is Paris, an ancient city that has existed since around 508 in its modern form, it is known for having been constantly conquered and every time it as risen again.