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.

To address the unemployment history of young 21.9%, the British government decided to implement a recovery plan £ 1 billion over 3 years. The number of unemployed young Britons spent for the first time the symbolic one million end of September.

Faced with record unemployment of young people, with more than one million 16-24 year olds unemployed, the British government announced Friday a plan to one billion pounds (1.16 billion euros) over three years. Deputy Prime Minister Nick Clegg announced the program on the BBC Friday morning, but did not specify where the money would be collected, while the coalition government is implementing the austerity program the most severe since World War II.

"If the government cut the tax deductions available to families who work to support this new plan, it would be just incredible," he once commented Liam Byrne, in charge of Work and Pensions in Labour. The number of unemployed young Britons spent for the first time the symbolic one million end of September, in an economic climate more and more depressed. The unemployment rate for 16-24 years is 21.9%, or 1.02 million young people in search of a mployment, a record since the beginning of this statistical series in 1992.

Emabuche aids for companies

The government plans to launch in April a "contract young" over 3 years towards 410 000 18 to 24 years. 160,000 young people would benefit from a six-month contract, employers receiving a subsidy for the period of 2275 pounds, equivalent to half the minimum wage specific to young people.

In his Bordeaux against social fraud, Nicolas Sarkozy seems to have mostly focused on benefit fraud individuals. But this is far from being the No. 1 threat to Social Security accounts. Parade 1st May 2004 in Paris.

Social fraud is the enemy. Nicolas Sarkozy, on the road to the family allowance fund of Bordeaux, gave a speech particularly offensive against fraud, described as "worst and most insidious betrayal of the spirit of 1945" and accused of "undermining the foundations the same Social Republic. " If he was refusing to "stigmatize anyone," the president nevertheless denounced "thieves and cheaters" in the system. The thieves are those who feel abused a social benefit. And cheaters, those who employ an employee without declaring it.

His speech, however, was unbalanced. Indeed, it has placed more emphasis on fraud of insured persons, he took care to detail ("he who has a work stoppage fraudulent," "one who underestimates its resources," "he who does not reside in the country "," one who invents a fictional housing "..) than that of health professionals or companies, referred to simple turn of a phrase. Yet the amounts diverted by them are a priori much more important. State of Play.

How much is the benefit fraud in France?

All the fraud was by nature not detected, there are only estimates. The benefit fraud general scheme has been estimated at between 2 and 3 billion euros by a recent parliamentary report.

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.

The Tokyo Stock Exchange ended sharply higher Monday, the EU summit Sunday with renewed hopes of resolving the crisis in the euro area and diverted the attention of the new rise in the yen and floods in Thailand.

The leaders of the European Union Sunday seemed closer to an agreement on the euro area, including the recapitalisaiton banks and the multiplication of the European Financial Stability Fund (EFSF).

The Nikkei gained 1.9%, or 165.09 points to 8,843.98 and the Topix, broader, took 11.23 points (1.51%) to 755.44.

The Nikkei, which lost 0.8% last week, crossed the threshold for Monday its moving average of the last five sessions, thus became a threshold of support for 8735 points.

"The news from Europe maintain hope and Wall Street reacted to the rise to these expectations, so the Japanese market is now catching up gains made abroad on blankets in the open position," said Koichi Ogawa, Daiwa SB Investments.

"But Japan is facing its own problems with the strong yen and floods in Thailand, affecting some manufacturing industries.These factors will limit gains in Tokyo and push investors to take a wait, time to see how the situation in Europe. "

Friday, the dollar dropped to a record low against the yen at 75.78, but has slightly rebounded since.

Title Olympus continued its dive to fall by 10.72% to 1,099 yen, after touching a low at the meeting of thirteen and a half to 1,012 yen.

The stock has lost more than half its value since the dismissal of its chief executive on Oct. 14.The latter was accused of incompetence by the presidency of the group, denounced bad practice prior to his arrival at the head of the group.

In technology, Elpida ended up 4.01% to 493 yen, while Sony fell by 1.29% to 1,536 yen.

The tire manufacturer Bridgestone has outperformed the market by winning 4.07% to 1,764 yen after announcing its intention to increase its operating profit by 5.8% of revenue in 2010/11 to 10% in 2016/17.

Bank of America reported an increase in its net income for the third quarter due to both an accounting effect that banks can reap when financial markets are turbulent and a gain on disposals of assets.

The hotel, the first U.S. bank by assets, posted over the period net income of $ 5.9 billion, or $ 0.56 per share against a loss of $ 7.6 billion (-0 , 77 dollar per share) a year ago, when the bank had spent $ 10.4 billion accounting charge.

The release date of the recession has been repeatedly pushed back to Athens for two years. According to the international organization, the economy should resume growth in 2013. In Greece, the horizon darkens again.

The International Monetary Fund has ceased to be optimistic for Greece, drawing a line under the belief that it could recover as soon as its creditors believed at the beginning of international aid plan. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," wrote the IMF, the Commission and the European Central Bank in a statement Tuesday.

Greece, in recession since late 2008, did not see the end. Issues and the IMF forecasts a growing dark. The date on which the Hellenic economy should resume growth has declined steadily for two years.In 2009, before the debt crisis, the IMF thought it would be in 2011. In 2010 and until summer 2011, he was counting on 2012. Since September, 2013.

The "troika" of the creditors of Athens on Wednesday announced the release of 8 billion euros in November. But the IMF no longer speaks to unlock new loan to the country most in need of the euro area. At the end of the summit area on July 21, executive director of the institution Christine Lagarde said that Greece expected demand "soon" new aid. Two months later, change of tone in Washington at the annual meeting of the IMF, Ms. Lagarde forget any reference to a new loan, and hammered the need for Greece to meet its commitments before obtaining new European funds. "What we have heard lately is the strong commitment of European partners to be with any member of the area.And I think it's a crucial point, "she said, without defining the role of the IMF. Europe's director, Antonio Borges, agrees:" If the Greeks are doing what they should do, I think they can count on the full support of the rest of Europe. "He fails to mention the IMF.

Jacob Kierkegaard, economist Peterson Institute in Washington, history has proven that the institution had agreed, when it promised 30 billion euros to Greece in May 2010, a plan too ambitious reform the country quickly without restructuring its debt. "The projections are by nature optimistic. They tried to convince market participants that Greece was not an insolvent country," said he. But the IMF has found over time that Athens could not move as fast as you like, especially in its privatization.Gradually, the prospect of global institution with a long experience of debt crises has departed from that of Europeans, for whom it was to preserve the young first monetary union and bank-holding Greek debt. Kierkegaard says, "the markets have a confidence level much higher in the IMF as a neutral arbiter in the ECB or the Commission", and the IMF has gradually imposed his views.

The aid program in Athens, most originally designed by Europeans, has failed in its objectives: to make Greece more competitive, restore the credibility of public finances and financial calm tensions in the eurozone. Contrary to the hopes the Europeans, "the specter of a discount for holders of Greek bonds and the risks of contagion that accompany have not flown," says Samarjit Shankar, an analyst at Bank of New York Mellon.Especially, the way the Greek economy has sunk was a cruel disappointment, said Eswar Prasad, a former economist at the Fund (1990-2006). "In principle", the IMF forecasts assume that the government will follow a certain policy, says he told AFP. Greece shows that "the slippage in the implementation of a policy (…) can cause a divergence between growth forecasts and actual growth."

Sony Ericsson is in discussions to buy the group's stake in their joint venture specializing in the manufacture of multimedia handsets, told Reuters on Friday a source with direct access to the file.

Thursday, the Wall Street Journal reported that Sony was close to buying from Ericsson in their joint venture.

Another source had told Reuters in July that talks about such a takeover was under way in anticipation of the expiry this month of the contract between the two companies.

According to many analysts, Sony needs to tighten its grip on Sony Ericsson to regain lost ground in the smartphone market, heavily congested.

Sony Ericsson was formed in 2001.The joint venture has failed to establish its presence with a market share of around 3% after peaking at 9%.

At the end of the meeting, as Sony lost nearly 4% while the Tokyo Stock Exchange advanced by almost 1%.

Driven by hopes of a European bank recapitalization, stock markets continued to grow yesterday. Pars won 0.9%, but Apple's stock in Frankfurt drop 4% following the death of Steve Jobs. Traders on the Frankfurt Stock Exchange. The DAX ended Tuesday, August 9 close to balance, down 0.10% at 5917.08 points, after an erratic session.

European shares continued their positive momentum on Thursday after strong rebound Wednesday, still driven by hopes of a coordinated recapitalization of banks in Europe to help them withstand the debt crisis in the eurozone. At the opening, the Paris showed a gain of 0.89% on expectations of support measures from the European Central Bank (ECB) to banks in the wake of the mobilization of political leadership on this issue.

In the first few exchanges, Frankfurt progressed from 0.70%.But the action of the American Apple dropped to the Frankfurt Stock Exchange after the announcement of the death Wednesday night of the group's co-founder Steve Jobs. The action, which is listed on the open market in Frankfurt, most U.S. markets, lost 3.8% to 272.20 euros at 9:11. The death of Steve Jobs, "one of the greatest American inventors" according to Barack Obama on Wednesday to 56 years, has generated an avalanche of responses to the measure of character, became the symbol of the success of the firm at the apple.

In other European stock markets, London progressed by 0.65%, Madrid and Milan by 0.50% to 0.55%. Wednesday, Paris won 4.33%, London 3.19%, 4.91% Frankfurt, Madrid and Milan 3.06% 3.94% despite the downgrade of the sovereign debt of Italy by Moody's. The strong rebound in European stock markets Wednesday has spread across the Atlantic, where the New York Stock Exchange also ended sharply higher Wednesday.

Back optimism also in Asia on Thursday morning. The Tokyo Stock Exchange ended the session with a gain of 1.66% while Hong Kong, Seoul and Sydney also evolved significantly positive territory. Shanghai was closed Thursday. After weeks of dithering, European leaders rallied Wednesday to prevent a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.

German Chancellor Angela Merkel said it was "justified" to recapitalize European banks in need, stressing that "time was running out" and that his country was ready to do "if necessary". "The German government is ready, if necessary, to achieve a recapitalization" of banks at home, assured the Chancellor, not excluding that the matter be discussed at the highest level at the next EU summit in Brussels on 17 and October 18.

The daily Die Welt, Merkel intends to convince French President Nicolas Sarkozy to act quickly to support banks, at their meeting on Sunday, while Paris would rather wait. Finance ministers of the EU have asked the parallel European banking regulator (EBA) to assess the impact on the banks of a deep discount applied to the obligations of the Greek state, reported the Financial Times. The International Monetary Fund (IMF), he, actually suggested Wednesday to inject 100 to 200 billion euros in the biggest European banks to stabilize the area.

In this context, as investors wait to see, around 1:45 p.m., what will be the decision of the European Central Bank (ECB) on interest rates. This is the last meeting chaired by Jean-Claude Trichet, whose eight-year term as head of the ECB ends October 31.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

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.