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.

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.

The President of the Italian Republic Giorgio Napolitano charged Sunday the former European Commissioner Mario Monti to form a new government is responsible for putting in order the finances to reassure financial markets and European partners in Rome.

After the resignation of Silvio Berlusconi, left under the jeers of thousands of Romans, the head of state has mandated that as planned economics professor aged 68 to lead a cabinet should be composed mainly of technocrats.

In a brief speech a few minutes after the announcement of his appointment by the Quirinal Palace, Mario Monti has promised to conduct "with a sense of urgency but with care" consultations to establish the composition of his government.

ONE YEAR AND A HALF FOR REDRESS OF ITALY

The uncertainty of recent weeks Italy has strongly penalized in the bond markets, and Rome hopes that the arrival of Mario Monti will reassure the financial community.

"The country must become a pillar of strength, not a weak link in the European Union that we were among the founders," said the former European Commissioner for Competition.

The objective of the new government will be "to improve the financial situation and resume the path of growth in a context of increased attention to social justice," he added, saying that Italy could "overcome difficulties by a joint effort. "

"We owe it to our children," said the economist.

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.

More than one million low-income households eligible for social tariffs of electricity and gas do not qualify now, because of the complexity of the award procedure. EDF and GDF will cross their files with those of beneficiaries of supplementary CMU.

Social tariffs for electricity and gas, more than one million beneficiaries do not receive very modest at present, will be automated from 1 January 2012, announced Monday in a statement the Minister of Energy, Eric Besson. The minister seized Monday the Supreme Council of the energy of a draft decree automating their allocation to households with incomes below the ceiling of the supplementary CMU, or 7,771 euros per year for a single person or 11,657 euros for a couple .

Only 600,000 households currently receive social tariffs for electricity or gas, so that 1.5 to 2 million households are eligible, according to the government, a situation that was "not acceptable" according to M . Besson. This phenomenon was explained by both the complexity of the award procedure and the modesty of copyright holders who waived the claim.

Reduction of 88 euros for electricity and 142 euros for gas

According to EDF, the average reduction of invoice driven by the social tariff of electricity (created in 2000 and established in 2005) is 88 euros per year. Reducing Gas (adopted in 2006 and implemented in 2008) it amounts to 142 euros per year.Eligible households will benefit rates "without having to step in" with the file of recipients of supplementary CMU, under control of the National Commission on Informatics and Liberties (CNIL), the ministry said in a statement.

To avoid excluding people who forgot to extend their rights to CMU, the rights to social tariffs will run six months longer than the CMU, according to the draft decree. The decree, the government had promised, following the adoption last year of law Nome (New Market Organisation of Electricity), which already provided for automation rates for households with the lowest incomes.

European shares finished sharply Tuesday and recorded a third straight session of gains, supported, as before, with hopes of credible solutions to the crisis of sovereign debt in the eurozone.

The CAC 40 index closed up 5.74% to 3023.38 points, crossing the psychological barrier of 3,000 points and a small resistance around 3,014 points, the next resistance zone at around 3,089 points, according analysts graphics.

Professionals are questioning the strength of the rebound in stock market indexes and bank brunt of the fall of the market since late July and the main drivers of the rebound.

"For banks and insurance, as the indices, we can not yet say that we have stopped the downward momentum in place.But there are low points which should take several weeks, "said Jerome Vineria, market analyst at IG Markets.

For Valerie Gastaldy Cabinet Technical Analysis Day By Day, "the market may have been a low point, but there is no buy signal yet."

"Although the rebound is very large, has not yet confirmed the figure to return to Europe, but there is almost (…) what is interesting is that this is the first bounce that comes from the banks since the beginning of the fall (July ed), "she adds.

THE REBOUND not last NO SOLUTION TO THE CRISIS

In Paris, the bank has increased dramatically and signed the largest increases in the CAC 40: in order, Societe Generale (16.81%), BNP Paribas (14.15%) and Credit Agricole (13 , 1%), while the Stoxx European banks index was up 6.82%. The French and German banks have outperformed the others and are the only ones taking more than 10%.Deutsche Bank gained 12.62% and 12.59% Commerzbank.

The London Stock Exchange gained 4.02%, the Frankfurt 5.29% and 4.9% in Milan while the pan-European index STOXX 50 was awarded 5.31% and the Eurofirst 300 garnering 4 55%.

The volatility index of the Frankfurt Dax has dropped from 6.76% to 46.58.

"The 'rally' bear markets are the most violent," said Frederic Buzare, head of equity management at Dexia Asset Management, which warns that "the rebound will not last if investors do not get a clear action plan to resolution of the crisis "of the debt, he added.

"In this market-led policy, all about the risk premium. The valuation ratios are no longer relevant.We spend more time reading the statements of leaders (political) to study the balance sheets of companies, he says.

In addition to banking and insurance, the rebound has affected all sectors in Europe, particularly the construction (6.32%) and commodities (7.52%).

In the CAC 40, Alstom jumped more than 11%, Lafarge over 10% of Accor 9.37% 8.52% ArcelorMitttal, Michelin of 8.07%, 7.67% of Peugeot and Renault of 8.22%.

In this context of return to risky assets, return on German government bond (Bund) was extended to 10 years of one basis point to 1.96% while the euro going above $ 1.36 to exchange around 1.3610 against 1.3530 on Tuesday morning.

A barrel of U.S. light crude oil gained 3.64 dollars to 83.88 dollars and 2.64 dollars per barrel of Brent at 106.58 dollars.

The computer manufacturer Hewlett-Packard on Thursday confirmed the appointment of former eBay boss Meg Whitman in his general direction, replacing Leo Apotheker decried.

"We are at a critical time and we need renewed leadership to successfully implement our strategy and take advantage of market opportunities ahead," said group chairman Ray Layne.

The Board believes that "the position of head of HP currently requires additional skills," he added in reference to Leo Apotheker.

The former CEO of the German company SAP management software was appointed late in September 2010 as head of the California group to succeed Mark Hurd.

HP is not necessarily ready to change strategy, it was explained to Reuters, which would run contrary to rumors on Wall Street.Some had thought that the departure of Leo Apotheker, head of the third row to be forced to take the door at HP would be the prelude to a coaster for substantive decisions taken during his tenure.

He has been considered a possible split of the branch PC and the acquisition of software developer Autonomy UK, some investors fearing that HP does overpays this acquisition.

In less than a year in office, Leo Apotheker has repeatedly reduced the forecast of revenue, returned to the promises concerning the integration of mobile software, amid 50% drop in share price of HP .

Meg Whitman, who was already on the board of directors of HP, is familiar with the consumer and distribution on the Internet.But it will not necessarily be the best choice, some analysts said.

The one who tried unsuccessfully to be elected as governor of California, has transformed the small eBay, which had several dozen employees in 1998, a major distributor on the internet. But the last years of his tenure were marked by growing more hesitant, intensified criticism on Wall Street and a series of acquisitions not necessarily sound like that of the Internet telephony company, Skype, ultimately sold to Microsoft.

HP ended down 4.8%, to 22.80 dollars, wiping out most of the gains of 6.6% recorded Wednesday.Investor enthusiasm for a change at the highest level has turned into caution given the fundamental uncertainty of the group, analysts said.

German GDP grew by only 0.1% in the second quarter, after +1.3% in the first. German Chancellor Angela Merkel hopes for 2011 as a whole growth "comparable" to the very strong 2010.

Brake application brutal. German gross domestic product (GDP) grew by only 0.1% in the second quarter compared to the first, where he still displayed an increase of 1.3%, announced Tuesday the Federal Statistical Office ( Destatis). Economists polled by Dow Jones Newswires expected a stronger increase of 0.4%. Furthermore, Destatis corrected down the growth figure in the first quarter, initially announced at 1.5%. So it goes to 1.3%.

Unusually for a country champion in exports, foreign trade made a negative contribution to German GDP in the spring, that is to say, imports exceeded exports, Destatis noted."Private consumption and investment in construction also slowed the German economy in the second quarter," he said the Statistical Office, without giving details.

This abrupt brake application for the first European economy, which had come out on top speed of the crisis, not prevent it to be much better than a year ago. From the second quarter of 2010, German gross domestic product in the second quarter 2011 and displayed an increase of 2.8%. German Chancellor Angela Merkel hopes for 2011 as a whole growth "comparable" to the very strong 2010, which reached 3.6%.

Tuesday's figures were unpleasantly surprised economists."The question for a million dollars is whether the second quarter marks the beginning of the end of the German economic miracle, and if the recent financial market turmoil may push the economy into recession," Carsten questions Brzeski, an analyst at ING in a note. "As elected German torturing their brains about the pros and cons of Eurobonds, the luxury of an economy operating at a rate miraculous is disappearing," he warns.

Christian Schulz, the Berenberg Bank, he sees "significant risk" that its forecast of a 3.3% growth in Germany in 2011 is not carried out completely. And Christian Ott, Natixis, he speaks of a "disappointment", but puts things in perspective: "With the prospect of growth of around 3%, Germany is much more efficient than other European economies."

The European Commission welcomed Friday a ban on short selling of financial stocks decided by four countries in the euro area, but felt that a European framework would be more appropriate in this matter.

To halt the decline and extreme volatility on the stock exchange the securities of banks and companies in their respective countries, Brussels, Madrid, Paris and Rome have decided to ban short selling of financial stocks from Friday.

"(…) The European Commission warmly welcomes the recent developments.However, our policy would be more efficient and coordinated if we had in place a European framework on short selling, "he told a press conference Chantal Hughes, spokeswoman for the Commission.

Germany for its part said Friday it would propose extending the ban on naked short sales across Europe on stocks, bonds and credit default swaps (CDS ).

The markets are still not comfortable with the new plan of aid to Greece curbed supposed contagion to other countries in the euro area. European shares posted a new fall session on Tuesday. The trading floor in Frankfurt

Italy and Spain were again under pressure from the markets Tuesday, as other fragile countries in the euro area, and their governments have mobilized to stop the panic even if Brussels has ruled out any discussion of a bailout for these countries.

So far remained quiet, the prime minister Silvio Berlusconi has decided to take the lead and must intervene before Parliament Wednesday. It might on this occasion to announce new measures to revive a sluggish economy, while the social partners have launched an unusual joint appeal to a "pact for growth."In Madrid, the Spanish Prime Minister Jose Luis Rodriguez Zapatero said he had decided to delay his departure on vacation to monitor the situation.

The Spanish and Italian bond yields at the highest

Sign of the confidence of investors, bond yields and ten years in Italy and Spain have reached record highs Tuesday. By 1200 GMT, they stood at 6.101% and 6.273%, making dangerously increase the cost of borrowing in both countries. In contrast, the performance of 10-year German Bund rose to 2.395% Friday, below the German rate of inflation emerged in July to 2.40% in one year.For investors, "this investment is certainly more interesting for a long time in terms of performance, but it remains one of the few safe bets given the crisis we are facing," he added.

Result: the Milan Stock Exchange closed Tuesday on a new fall of 2.53%, while Madrid has sold 2.18% after a decline of 3.24% Monday. On the Frankfurt Stock Exchange, the Dax also registered a sharp drop of 2.26%. In Paris the CAC 40 ended down 1.82% at 3522.79 points, its lowest level this year.

Uncertainty on the cost to private creditors

"It's a stampede, it goes unfortunately. The market is still not reassured" by the Europe Agreement of 21 July on a new plan of aid to Greece meant stop the contagion of the debt crisis, says Cyril Regnat, bond strategist bank Natixis.Investors still wondering on the participation of private creditors and the resources made available to the European Relief Fund (EFSF) for help if needed to heavyweights such as Italy or Spain.

A rumor market, denied by Brussels that Europe would free Italy and Espage their obligation to participate in the assistance plan in Athens, has heightened tensions. Doubts about the future of the U.S. economy did not help matters, weighing heavily on a market nervous and illiquid because of summer holidays.

Result, Italy may have passed an emergency mid-July a severe austerity, it always worries investors because of its huge debt (about 1900 billion or 120% of GDP), a sluggish growth and the uncertainty about the future of government.Madrid has in turn increased the reform of its banking sector, labor market and pensions, but the markets continue to doubt its ability to reduce the deficit because of its weak control over the finances of the regions.