The President of the European Central Bank Mario Draghi has made it clear Thursday he was ready to take additional measures to support the economy in the euro area, adding that the downside risks have increased and that the ECB was aware of the increasing difficulties of banks.

As pressure increases on the leaders of the eurozone to make progress on a response to the debt crisis by the European summit of December 9, Mario Draghi, speaking before the European Parliament, called for a "deepening" of the budgetary and fiscal integration.

"To me, what is needed by our economic and fiscal union is a new budget agreement – a fundamental reformulation of fiscal rules, budgetary commitments with each other that the governments of the euro area have been," Has he said.

"We might ask if a new budget agreement would be sufficient to stabilize the markets and if a credible long-term vision can be useful in the short term.

Members have pledged Tuesday to review a new draft supplementary budget for 2011, the fourth year that includes several measures of the new savings plan submitted on November 7 by the government.

This "supplementary budget" follows the decision of France to lower, from 1.75% to 1%, the forecast growth rate for 2012.

The draft budget law for 2012, being shuttled between the two assemblies, which is considered "obsolete" by the Opposition, was indeed built on a growth forecast of 1.75%.

The OECD expects growth in its share from 0.3% in France next year."We will meet our objectives of reducing the public deficit to 5.7% of GDP in 2011 and 4.5% in 2012," assured the minister.

She also confirmed that it would table an amendment bringing three to ten years the limitation period in respect of assets held abroad.

"This new austerity plan will have the effect of crack growth and impede the deficit reduction by increasing unemployment," said Pierre-Alain Mute (PS).

DEFICIT REDUCED TO 95.3 BILLION

"It's an inconsistent policy, over the water where France would need a comprehensive policy," added the spokesman of the Socialist Group.

The U.S. government has revised sharply downward its growth in the third quarter. It is 2% annualized, or 0.5 points less than what was announced in October. U.S. President Barack Obama.

The U.S. government said Tuesday it has revised sharply lower growth rate of GDP of the United States in the third quarter. From July to September, the U.S. gross domestic product grew by 2.0% annualized over the previous quarter, said the Commerce Department, reviewing and down 0.5 point first growth estimate published at the end in October. According to their median forecast, analysts expected a confirmation of the first estimate of the ministry.

Divided, the European Union decided Tuesday to put the spring at least the creation of a tax on financial transactions, which has yet active support of France and Germany.

Several countries, within and outside the euro area, have expressed strong reservations at the monthly meeting of EU finance ministers that such a tax "Tobin" is implemented in the EU without first being decided at the international level.

"Today the Ecofin, we mainly talked about the tax on financial transactions. The debate was lively," said the German finance minister, Wolfgang Schäuble.

As for Britain, which critics have intensified in recent days, she simply asked that the case be permanently archived.

"I suggest we bury the idea that there will be a tax on financial transactions," he told his counterparts the British Minister of Finance, George Osborne.

MEPs decided that the adjustment of family benefits would take place on April 1 instead of January 1.

MEPs decided on Friday at the meeting, that the adjustment of family benefits, traditionally made on 1 January, 1 April intervene now, as is already the case for pensions. This deferral to April 1, said Minister of Solidarity Roselyne Bachelot, will compensate for the finances of the state, "not liable to the CSG the additional choice of activity (CLCA)" (parental leave ).

MEPs have adopted Wednesday by night session, an amendment removing the liability to CSG parental leave that the government wanted to impose.The UMP's budget reporter Social Security Yves Bur had proposed to postpone the revaluation of family benefits from 1 April to financially compensate the removal of government action. The budget minister Valérie Pécresse, while present, had "taken note of this commitment."

Friday morning, the members themselves have officially recorded this decision by adopting an amendment to the government that sets 1 April each year the revaluation of family benefits. All family benefits will be affected by this provision: family allowances, housing allowances, allowances back to school, receiving benefits early childhood, parental leave, etc.. The three-month postponement of revaluation has sparked protests in the ranks of the opposition.

Paris and Berlin have developed a second summit, in addition to Sunday, to prepare a "comprehensive and ambitious répnse" to the crisis in the eurozone. President Nicolas Sarkozy meets with German Chancellor Angela Merkel Tuesday, August 16 at the Elysee Palace (both here in Berlin July 20, 2011)

Nicolas Sarkozy and Angela Merkel will meet again Saturday night in Brussels on the eve of the European summit to prepare an "ambitious and comprehensive response" to the crisis in the euro area whose elements will be adopted at a second summit "at the late Wednesday ", they announced Thursday in a joint statement. In this paper circulated by the Elysee Palace, Paris and Berlin have also called for "immediate negotiations" engage with the private sector "to reach an agreement to strengthen the sustainability" of the Greek debt.

The statement said the French president and German chancellor, who have been in Frankfurt on Wednesday night for an "informal meeting" Thursday had a telephone conversation during which they "expressed their full agreement to provide a comprehensive and ambitious "to the crisis in the months since the euro area.

This response will include "the operational implementation of new forms of intervention EFSF, a plan to strengthen the capital of European banks (and) the establishment of economic governance in the euro area and the strengthening of economic integration ", they repeated. The two countries "agreed that all elements of this ambitious and comprehensive response will be discussed in depth at the summit on Sunday in order to be finally adopted by the Heads of State and Government at a second meeting at the late Wednesday. "

A summit of heads of state and government of 27 EU countries is scheduled Sunday in Brussels, followed on the heels of another top 17 members of the euro area. Prior to confirmation of Paris and Berlin, a diplomatic source had raised the possibility of a second peak of the euro area, noting the differences that continue to oppose the countries of the European Group on how to strengthen the Fund European Financial Stability (EFSF). Long opposed, the two largest economies in the euro area ultimately reached a common position but "n'enthousiasme not" some of their European partners, acknowledged Wednesday the Secretary of State for Finance Steffen Kampeter.

"We have made enormous progress but not enough to make final decisions on Sunday.In some areas, we agree (between European partners), in others we are on track, "said Thursday night a spokesman for Mrs. Merkel, Steffen Seibert. Mr. Seibert also suggested that the second summit was necessitated by considerations of internal politics in Germany. "The participation of the German parliament is essential," he said.

"The challenges we know are also in negotiations related to the requirement of the German Members to be consulted," confirmed to AFP diplomatic source in Brussels. In their statement, France and Germany finally, once again, urged Greece to "make ambitious commitments to address the situation of their economies as part of a new program." At a meeting with Merkel in Berlin on October 9, M.Sarkozy had promised "sustainable solutions, comprehensive and fast" to resolve the crisis, at least before the G20 summit expected in Cannes on November 3 and 4.

France and Germany have formalized their agreement on how to resolve the debt crisis in the euro area, said Friday the French Minister of Economy Baroin after meeting with his German counterpart Wolfgang Schäuble and Nicolas Sarkozy.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said Baroin referring to the stabilization of the euro area, the recapitalization of banks in Europe and "maximizing" the European Financial Stability Fund (EFSF).

Wolfgang Schäuble assured that the two countries had a "common position" and expressed confidence that they can "protect the euro area".

Nicolas Sarkozy and Angela Merkel pledged in Berlin on Sunday to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit scheduled for early November in Cannes, which will include a recapitalization of European banks.

The French president was then assured that the compromise between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF, now ratified by all Member States of the area, to provide the necessary funds.

While the capital needs of European banks were estimated between 100 and 200 billion dollars by the IMF, Angela Merkel stated that the new European Banking Authority and the International Monetary Fund would be asked to ensure that what is proposed is "durable and strong."

Nicolas Sarkozy announced the other as France and Germany were preparing a number of adjustments to the Treaties to strengthen European integration in the euro area.

The private sector created 91,000 U.S. jobs in September, exceeding analysts' expectations, soothing some concerns about a rapid deterioration of the labor market.

Economists polled by Reuters predicted that the monthly ADP, released Wednesday, would state that 75,000 jobs created.

Figure of the month of August, however, was revised down slightly to 89,000, against 91,000 in the first estimate.

The publication of these figures has raised the index contracts before the opening of U.S. markets, but Wall Street was then opened in fall, investors remain uncertain economic prospects and projects of European leaders about banking.

ADP Employer Services survey, conducted in partnership with Macroeconomic Advisers LLC, is considered a leading indicator of monthly statistics on employment figures which are expected on Friday.

Economists polled by Reuters anticipate 60,000 new posts in the private and the public, but outside the agricultural sector, after zero in August.

"It seems that the private sector will continue to create jobs, which is consistent with the scenario of slow growth," said Gary Thayer, macroeconomic analyst at Wells Fargo in St. Louis.

"The problem is that the public sector is shedding jobs.So we should have a low figure, but slightly positive next month. "

Moreover, the number of planned job cuts in companies in the country jumped in September to a high of more than two years, another report showed on Tuesday.

Employers announced last month that 115,730 job cuts planned, against 51,114 in August, the report said the consulting firm Chalenger, Gray & Christmas.

This is the highest since April 2009.

The increase in sales in September was mainly due to two employers: Bank of America and the U.S. military, which together plan to reduce their workforce by 80,000 people.

Wall Street fell more than 2% Friday, signing the third quarter of its worst quarterly performance in three years, the macroeconomic indicators from China and the debt crisis in Europe continues to fuel concerns about the global economy.

The Dow Jones Industrial 30 yielded 2.16%, or 240.60 points at 10,913.83. The S & P-500, wider, lost 28.98 points, or 2.50%, to 1131.42.The Nasdaq Composite fell on its side of 65.36 points (-2.63%) to 2415.40.

The U.S. equity market and accuses his fifth consecutive month of decline and its worst performance in three months since the fourth quarter of 2008, which was the heart of the financial crisis of 2007-2009.

On the whole week, the Dow is up 1.3% while the S & P and Nasdaq, respectively, yielded 0.4% and 2.7%.

On September, the Dow lost 6%, however, the S & P 500 7.2% and the Nasdaq 6.4%.In the third quarter, the three indices were down 12.1%, 14.3% and 12.9%.

Financial stocks fell with Morgan Stanley, which plunged 10.54% to 13.50 dollars due to concerns about the exposure of the bank's European debt.

"Everyone fears that growth will slow down or it will not be as strong as expected.In general, there is a crisis of confidence, "said Adam Krejcik, an analyst with Roth Capital.

The CBOE volatility index, known as the "fear index," rose 10.61% to 42.96, suggesting that investors expect that volatility will continue.

In China, China's manufacturing sector continued to decline in September for the third consecutive month.

Inflation in the euro area in September rose abruptly and unexpectedly to 3.0%, its highest level in nearly three years, greatly undermining the chances of the European Central Bank cut rates in October .

Market players have also not responded to U.S. macroeconomic indicators better than expected.

The title UBS has lost 2.17% this morning at the opening after the resignation of Oswald Grübel Saturday. The former CEO left the bank following a fraud of $ 2.3 billion by a trader. The CEO of UBS Oswald Grübel could be landed in the management of the bank after losing $ 2 billion by a trader.

The action of the first Swiss bank UBS has opened lower Monday after the surprise resignation of CEO Oswald Saturday Grübel after the scandal caused by the massive fraud by a trader who cost the institution $ 2.3 billion . After falling 2.17% at the opening, title UBS limited its losses, down 0.40% to 10.08 Swiss francs in a market down by 0.35% at 7:13 GMT.Sergio Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa and a former leader of the Italian bank Unicredit, will assume the position of interim CEO with immediate effect, UBS had said Saturday.

Gruebele Oswald resigned after the spectacular case of fraud which cost 2.3 billion dollars and another blow to the reputation of the first bank Helvetic. "The Board of Directors of UBS has accepted the decision of Oswald Grübel to withdraw from his duties" the bank said in a statement. Kaspar Villiger, President of UBS, said in the statement that "The Council regrets the decision of Oswald Grübel.The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. "

"This decision reflects the strength of its principles and integrity," added the president of UBS, adding that "during his tenure, he managed to turn the company around and increased impressively in the UBS base ". M. Gruebele, 67, was taken from his retirement two years ago to address the UBS, after leading the rival bank Credit Suisse. Taking the head of UBS in the midst of the financial crisis during which the bank had lost billions of francs and posted record losses, Gruebele M. had returned to profit in 2010.

Oswald Grübel "retires from office after having helped UBS to become one of the best capitalized banks in the world" acknowledged Saturday the chairman of banking giant Helvetic.Kaspar Villiger said shortly after during a conference call that the board of directors of UBS did not want to see Oswald Grübel leave immediately and would have preferred to keep jusqu''à the shareholders' meeting in spring 2012. But Oswald Grübel, abandoning his position as Chairman of the Executive next year would not have constituted a strong enough signal, said Chairman of UBS from Singapore. UBS disclosed last week have suffered a loss of $ 2.3 billion (1.7 billion) after one of its traders had made "unauthorized trading".

A broker of 31 years, Kweku Adoboli on suspicion of fraudulent transactions, was charged and detained in London, as part of this young man will affaire.Le jailed at least until his next hearing on 20 October.The largest shareholder in UBS, the Singapore sovereign fund GIC, had reacted severely after the discovery of the fraud, calling the Swiss bank "to react firmly to restore confidence in the bank."

There are less than a week, however, Oswald Gruebele, had told the Swiss Sunday newspaper Sonntag, he did not feel guilty in the fraud case and had no intention of resigning. "I am responsible for what happens in the bank. But if you ask me whether I feel guilty when I say no", said the banker, Sergio P. Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa, will assume the position of interim CEO with immediate effect, said UBS."The Board is deeply disappointed by the loss from unauthorized trading operations and will fully support the independent investigation," said UBS also in a statement.

Swiss bank UBS had started Wednesday in Singapore where one of its largest shareholders, a series of meetings of its Board of Directors, held in the utmost secrecy. Friday, Oswald Grübel, continued to assert that he had always trusted the board of the group, despite the fraud and rumors of his imminent departure, according to a Swiss newspaper. Réagisssant the shock wave caused by the announcement of fraud, UBS decided to suspend all advertising campaigns.