According to a Financial Times ranking, the current Minister of Economy holds the 15th place among the most influential ministers in the European Union. Before leaving Bercy for the IMF, Christine Lagarde had held the top spot on this list. The new Executive Director of the IMF, Christine Lagarde, said goodbye to the National Assembly Wednesday, June 29 It is replaced as Minister of Economy and Finance by Baroin

Baroin do not forget Christine Lagarde, French Minister of Finance holds an unenviable 15th position in the ranking of European central bankers prepared annually by the Financial Times, while his predecessor was the star. Mr.

The European Commission estimates that the pooling of borrowing countries in the euro area could quickly alleviate the current crisis. The counterpart would be a strengthening of fiscal discipline. The President of the European Commission Jose Manuel Barroso (here at a press conference in Brussels April 13, 2011)

The European Commission Wednesday will propose the creation of eurobonds, a system seen by its promoters as a means of achieving sustainable solutions to the debt crisis, but that divides Europeans and has as its corollary a strengthening of fiscal discipline. In a "Green Paper" seen by AFP, the European Commission considers that this pooling of borrowing countries in the euro area could "rapidly reduce" the current crisis.Countries that need external assistance, as now Greece, Ireland and Portugal, should be subjected to "enhanced monitoring", argued Mr Barroso.

The Commission proposals provide for such a development also for the states under the excessive deficit procedure against the limit of 3% of Gross Domestic Product (GDP) set by the Stability Pact. Today, almost all EU countries are concerned. Europe may well require them to review their copy if the budget passed by their parliaments become too lax compared to the common rules of discipline. A proposal that is likely to generate heated debate in national parliaments.

The group specializes in the trade press and trade fairs Reed Elsevier reported Wednesday an increase of 1% of its turnover for the first nine months of the year to provide comparables and said earnings per share on year in line with expectations.

According to a spokesperson, the group consensus estimates for EPS to show between 45 and 46 pence, representing an increase of 4% to 6%.

In exchange, the action was down 0.82% to 8.80 euros in Amsterdam and from 1% to 532 pence in London, while the European index of the media sector earns 0.7%.

Each of the five divisions of the Anglo-Dutch group is growing its billing smoothed non-recurring items.

The Heads of State and Government of the euro area may call Wednesday the European Central Bank (ECB) to continue its purchases of bonds to support Italy and Spain, according to a draft of their summit conclusions to which the Germany, however, said not to buy in the state.

"We fully support the ECB in its actions to ensure price stability in the euro area, including its non-standard measures in a financial market currently outstanding," states that the project, which Reuters had access.

Sources of the European Union said that these "unconventional measures" referred to by the ECB purchases of bonds of countries in difficulty on the secondary market debt, purchases it took over in August to support the Spain and Italy.

Chancellor Angela Merkel reacted promptly by declaring opposition to any representation which purports to tell the ECB what to do.

"This sentence and the way it is currently in the news are not accepted by Germany," she told reporters.

Carsten Schneider, budget expert of the opposition Social Democrats (SPD) of Germany, for his part indicated that a draft motion on the multiplication of EFSF was based precisely on the assumption that the ECB will stop buying bonds on the secondary market.This motion must be filed Wednesday in the Bundestag.

The ECB buys Spanish and Italian paper in the hope of lowering their yields and reduce the cost and funding of these two countries on the market.

But investors fear that these two countries follow the path of Greece, Ireland and Portugal, all of which benefit from support schemes concocted by the EU and the International Monetary Fund.

"No misunderstanding"

The ECB has, to date, bought for 170 billion euros of debt in the euro area difficult, prevent a widening yield spreads with German debt, a move that has caused divisions within their bodies leaders.

Angela Merkel said Berlin was trying to have an ECB statement setting out its opinion on the draft communiqué of the summit.

"We want much clearer statements about what the ECB wants itself and we speak about it. We do not want a misunderstanding where policies would expect something special from the ECB," she said .

She also felt that too much speculation on the draft summit conclusions."The sentence does not include a statement that the purchases in the secondary market are possible and it just says that unconventional measures will continue," said she.

Many economists believe that the only way for the Seventeen to simultaneously protect themselves from market pressure, while regaining their trust is to the ECB and its unlimited liquidity at the heart of the rescue device in European countries too indebted.

France follows this line of thinking but Germany and the European Commission see this as a violation of the fundamental laws of Europe.

Given this impasse, the top of the euro area should suit Wednesday to leverage the capabilities of the EFSF through an insurance mechanism and a special vehicle, without involving the ECB in the process.

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.

Asked about taking a stake in Qatar's capital, a spokesman for BNP Paribas reiterated Thursday the line of the bank, repeating that the group would reach the prudential ratios Basel III without injection of capital.

"About Qatar, BNP Paribas said that he will be able to meet in January 2013, ie six years before the end of 2019, the core Tier One ratio of 9% within the Basel rules III without capital increase, "she told Reuters.

"BNP Paribas leads naturally as road shows each year to present the company and promote its work with investors around the world," she said.

These statements occur when a source based in the emirate said on Wednesday told Reuters that Qatar is in talks with BNP Paribas and other French banks about possible equity participation.

The lack of recovery in the housing market prevents the activity really leave the United States. Explanations of a slump that may well last for …

One day, the U.S. housing market will leave … But the time has not yet come. To 1000 households, is now under construction 5 units, a record of weakness, experts comment Oddo Securities. The problem with this market? The fall in prices continues, fueled by the liquidation of foreclosed homes. In a speech on September 1, Elizabeth Duke, member of the Fed Board, recalled a few orders of magnitude: 25% of vacant houses for sale come from seizures, about one million properties will swell the stock of houses seized in 2011 in 2012 and 2013, 40% of home sales are forced sales. Under these conditions, a recovery is impossible.

Especially since some seizures – suspected illegal – are investigated.The Central Bank of the United States (Fed) announced that it planned to impose a fine on the U.S. bank Goldman Sachs for "malpractice" of its subsidiary, Litton Loan Servicing. Defuse this situation will take months, at least. But without rebound in real estate – and experts are adamant on this point – the growth prospects remain poor across the Atlantic. Aware of the problem, the authorities are considering new ways (supports tax failed to stem the crisis). Ms. Duke evokes such a large transfer program to sell foreclosed homes on the rental market. Meanwhile, the signs "For Sale" continue to flourish across the United States.

The French government is expected to announce Wednesday a ten billion euros in savings and additional revenue to meet its deficit reduction targets despite the slowdown in growth.

To do this, and again in "niche" tax and social security, a pool of tens of billions of euros of revenue and expenditure control will increase.

"In our sorrow, we have the advantage of having an incredible addition to expenses, opulent in some cases," said Finance Minister Baroin, mid-August, citing a total of 75 billion euros of tax loopholes and 45 billion euros of social niches.

The Court of Auditors, which certifies the accounts of the State, added 75 billion euros of tax loopholes unofficial, and estimated that at least 67 billion total social niches.

Preaching to balance fiscal consolidation and support for growth – which remains the most effective lever to reduce deficits – the government says it wants to spare the niches that it considers favorable to employment.

Emblematic example, the reduction in VAT in the catering sector has been confirmed, although it costs more than 3 billion euros per year for the results discussed.

The government could, however, agree to modify a key measure of the five-year period: the tax exemption of overtime, criticized by unions upon its adoption.

"The prime minister told me that this could be revised in part," said the leader of the CFDT union, François Chérèque, France 2 on Tuesday.

GROWTH WEAKER THAN EXPECTED

The cost of this niche, accused of hiring, while curbing the decline in unemployment is slow to materialize, is more than 3 billion euros per year for the accounts, plus $ 1.4 billion tax Income less.

"Measures on large enterprises, financial sector, overtime and taxation of the richest people are being investigated," wrote the CFDT Monday in a statement after a meeting between François Chérèque, and Prime Minister François Fillon.

At eight months of the presidential election, the government seeks in effect to send a political signal by setting a tax on higher incomes, to which many French bosses were in favor.

These emergency measures are intended both to compensate for the failure of growth recorded in the second quarter in France and around the world and explain how the deficit will be reduced in 2012.

The economy could indeed grow less than 2% forecast by the government this year, reducing revenues hoped.As for 2012, 2.25% growth it provides are considered too optimistic by economists, many now expect average growth limited to 1.4%.

This slowdown requires further action because France is committed to reducing the public deficit of 7.1% of GDP to 5.7% end 2010 end 2011 end 2012 4.6% and 3% end of 2013, which no matter the economic climate.

FRENCH FINANCE IN POOR CONDITION

This promise, back to their account by the main candidates for the Socialist presidential primary, is one of the springs of confidence in France by the lenders, in a context of very nervous about the finances of the major Western economies.

"France can not take the risk of missing its fiscal targets over the medium term, given the need to strengthen the implementation of the Stability Pact and keep borrowing costs at a low level by strengthening its AAA rating" wrote and the International Monetary Fund in July.

France shows indeed the worst fiscal ratios among the countries benefiting from the euro area as she noted the "triple A" (Germany, Netherlands, Austria, Finland and Luxembourg). This rating given by rating agencies allows states to borrow at low cost markets to finance its deficit and refinance debt.

Last for the deficit, France is also the only one of these countries to show a primary deficit (excluding debt service) important.The European Commission, the deficit would represent 3.1% of GDP in France in late 2011 against 1.6% in the Netherlands, Austria 0.9% and 0.5% in Luxembourg. Germany and Finland should end the year with a primary surplus of 0.4% and 0.2% respectively.

Key objective behind the path of deficit reduction on which France has committed itself to reverse the progress of the public debt / GDP in 2013 to put it on a downward path.

Paris is expected that this ratio will increase to 85.4% of GDP at end 2011 and 86.9% peak at the end of 2012 falling to 86.4% at end 2013 and 84.8% at end 2014.These forecasts will be updated to reflect the increase of some 15 billion euros (0.75 percent of GDP) by 2014 French financing needs, because the new plan to support countries in the euro area in difficulty to the European Council adopted on 21 July.

The measures announced Wednesday included in the draft budget in 2012 and those relating to 2011 may be incorporated in the draft amending budget in 2011 to be considered by Parliament from September 6.

Managers and analysts now expect the intervention of political authorities to restore calm to the financial community a destabilized by the possibility of a relapse of the U.S. economy and the expansion of the debt crisis in the euro area.

European leaders multiply contacts to counter the distrust of investors led by two weeks of dropping world stock markets.In the euro area, the squares of Paris, Rome, Madrid and Lisbon have recovered their levels of more than two years.

"Politicians are so quick to intervene and help countries such as Greece and Ireland that the market has lost confidence in the ability of political authorities to take action," said Eric Le Coz, deputy general manager at Carmignac management.

President Nicolas Sarkozy was to meet Friday with German Chancellor Angela Merkel and Spanish Prime Minister Jose Luis Rodriguez Zapatero.China and Japan have called for international cooperation.

"Given the magnitude of the tornado that struck the markets, it would make sense that the policies show a strong sign and bring some calm and reason among investors disoriented," said Fabrice Cousté, CEO of CMC Markets France.

In the absence of signs of improvement in the macroeconomic situation, a strong and credible intervention of the authorities now seem necessary but should not be possible before the end of the summer, fall, however, several analysts.

"The decline may continue until the elements for building the confidence to materialize," warned in a note to CM-CIC Securities."We do not expect until September at best."

A CALENDAR Malaysian politics

"Given the difficulties of Spain and Italy in the financial markets, one can logically expect a new high on the modalities and financial resources of the European financial stability. It should be held earlier than the schedule but it does not lend, "said Fabrice Cousté.

The Spanish Minister of Economic Affairs, Elena Salgado, spoke Friday a meeting of economic ministers of the European Union in early September.

The electoral calendar loaded complicates the situation.The elections are not conducive to radical decisions, generally unpopular, stress professionals.

Parliamentary elections are scheduled for November in Spain. France is already campaigning for the presidency in April and May 2012, and follow the U.S. presidential in November 2012.

In Italy, where power is weakened by electoral setbacks of May and where the governing coalition splits, experts do not rule out a fall of Berlusconi cabinet and the holding of early parliamentary elections ahead of schedule in 2013.