The French recognize Bastille Day, July 14, officially National Day or formally called La Fête Nationale as the end of the monarchy and beginning of the modern republic. The lasting significance of the storming of the Bastille event was in its recognition that power could be held by ordinary citizens. Today, Parisians celebrate this national holiday with a grand military parade up the Champs Elysées, colorful arts festivals, fireworks, and raucous parties.