No decision will be announced following the summit of the euro area held late Sunday afternoon in Brussels, even if the work is progressing well, said Nicolas Sarkozy and Angela Merkel.
French President and German Chancellor, speaking at a joint press conference after a summit in the first twenty-seven on Sunday morning and noon, said the work "techniques" were still to be completed by the next level of the EU and the euro area on Wednesday.
"Work is progressing well on the banks of the fund and the potential use of this fund are tightening the assumptions and broad agreement is taking shape.On the issue of Greece things are progressing.
The transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, no longer part of the options considered by the finance ministers of the euro, has also said Angela Merkel.
Without commenting on this issue, Nicolas Sarkozy said that France was just as attached as Germany the independence of the institution in Frankfurt, which is itself hostile to the possibility of granting a banking license and Unlimited funding EFSF.
"No solution is viable if it does not have the support of all European institutions," said Nicolas Sarkozy.
The two leaders also said they urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps.
"I hope that decisions will be taken (…) Italy is a major economic force but Italy has a very high public debt should be reduced in a credible way in the coming years," said Angela Merkel.
Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic," said Nicolas Sarkozy.
Faced with the housing crisis, Marc Pigeon, president of the federation of real estate developers, advocates PTZ redeploy funds to benefit the construction of new housing. http://www.flickr.com/photos/jeanlouis_zimmermann/271745826/sizes/z/in/photostream/ You publish a white paper under the title The housing priority for the Republic. Is it a guide to good ideas for presidential candidates?
Why not? What is certain is that the current situation is no longer tenable. We are in a deep housing crisis that it is imperative to get out. Housing is on average nearly a quarter of the household budget, a record.Between 2000 and 2010, the purchasing power of households grew by 43%, while new home prices jumped 84% and those of existing homes soared by 241%! This discrepancy between the increase in household incomes and rising house prices is no longer eligible. Why this situation? When you look over a long period, there was only after a vigorous effort for building the "Thirty Glorious Years", a break occurred during a decade (1975-1988) where the number of homes built has remained well below changing needs. It is as if an unmet demand for housing was made that was never resolved thereafter, creating a persistent quantitative imbalance between supply and demand for housing.One solution to overcome the present crisis: build much more! For this, we must mobilize all the levers.
You state that the modification of zoning regulations is the first project that must be addressed?
There is no point to heaps of money on the table if the planning rules do not change. Land use planning should be the keystone of the edifice. This means first a simplification in the process of granting building permits: we can divide the time by two. Then we have to stop wanting to build the city over the city. Instead, we must develop new urban spaces. Grounds exist. Look at the periphery of city centers, there are always lots available to build new shopping centers. Why not build there, of new housing by bringing all the necessary public services.This can be done since France is a country in Europe or the population density per square kilometer is the lowest in Europe.
Should we return to the products of tax exemption?
No. But it can not happen today financial resources of the private investor to build more. But it is absolutely necessary condition these tax benefits. More rents out these programs will be low, more tax benefits will be significant. That's an interesting idea to take off social housing or intermediate.
Precisely, one of the evils of this crisis is the blocking of social housing. How to get out?
It is true that the system of social housing is completely blocked: the gap between rents and those of the public park private park is so huge that people refuse to leave a public housing even when their family or financial situation would allow the.Where waiting lists and the freezing of rotations. We must break this deadlock. The idea is to create private law firms, 50% owned by private companies and 50% by housing agencies. Their main objective is to develop a rental housing through: that is to say housing where rents are cheaper than in the private sector but more expensive than social housing. Families could then leave the park freeing HLM housing. One could imagine a system where after ten years, tenants become owners of their homes. With this system, social housing finds its primary function: housing the poor.
Unlocking the social home ownership?
In 1990, the lower fringe of the middle class represented 80% of home buyers. Today, they are more than 30%.Therefore restoring the purchasing power of these households. We spend huge sums in interest-free loan without reaching resolvabiliser these households. I propose that the 1.3 billion spent in the financing of PTZ in the former are redeployed. € 900 million could be spent to finance the construction of new homes on the market with price caps and revenue caps for buyers. The remaining 400 million could be used to fund social home in the former in exchange for renovations heat.
Rating agencies are firing on all cylinders against the countries of the euro area. After Spain and the "warning to France, it's time for Slovenia to suffer the wrath of one of them. The President of Slovenia Danilo Turk announced Sept. 28 elections early parliamentary December 4, following the overthrow of the center-left government of Prime Minister Borut Pahort.
The rating agency Standard and Poor's downgraded Wednesday by one notch credit rating of Slovenia, pointing degradation "of budgetary conditions" of the small Alpine country member of the euro area.
Standard and Poor's has increased from "AA" to "AA-" credit rating of the bonds Slovenian long-term, explaining that "budgetary conditions of Slovenia has deteriorated since the financial crisis of 2008" without that "the Government has presented a credible strategy of consolidation."
"AA-" is the fourth best score on the scale of Standard & Poor's and Ljubljana retains its status as issuer of high quality. In late September, it was Moody's had downgraded the sovereign rating of the country and threatened to lower it again, highlighting the fragility of banks and the risks to the government having to intervene again to support the sector.
Fitch's colleague had done the same in the process, lowering by one notch to "AA-" rating of the country, citing similar reasons. Fitch also regretted the rejection of the pension reform, "which is" a setback for long-term soundness of public finances. "
The decision by Standard and Poor's comes as pressure continues to deepen in the euro area, which is still unable to stem the debt crisis, while financial markets have placed their hopes in the top of the EU in Brussels on Sunday.
Tuesday, it is Spain which has been targeted by the rating agencies, with Moody's lowered the country's credit rating by two notches, and indicating that it might be lowered further in the medium term ."The debt burden has declined in Slovenia between 2002 and 2008 and has grown rapidly due to government policy to protect the economy and the banking system of the negative impact of the crisis," noted the agency in a statement.
Standard and Poor's has reported a "stable outlook" for the former member of Yugoslavia because "the expectation" of the agency to see "the government strengthen its finances and implement a program to consolidate budget ". The Slovenian government was overthrown in late September and early elections were called for December 4.
This election "is an opportunity for the new government to avoid another slip (public debt) and to implement structural reforms," said the American agency.Former student model from the former communist members of the EU, Slovenia has been hit hard by the economic crisis and financial crisis of 2008/2009 and is struggling to recover.
Unemployment has nearly doubled in three years. The public debt rose from 22.5% to 43.3% of gross domestic product (GDP) between 2008 and 2010, but remained well below the limit imposed by the Stability Pact and European growth (60%).
Inflation in Britain has reached its highest level for three years in September, according to official figures released Tuesday.
The National Statistics Office (NSO) said that consumer prices increased by 0.6% a month to month and 5.2% a year, their largest increase since September 2008 after 4.5% in August.
Analysts expected a 0.4% inflation a month to month and 4.9% year on year.
The ONS said the price increases by four of the six major utilities companies were included in the figures for September and that those of the two remaining ones would be in October.
The post electricity, gas and expenses jumped 18.3% year on year in September, said the ONS, while transport costs increased by 12.8%. The food prices have increased by 6% each.
The Bank of England (BoE) expects inflation of 5% this year, well above its 2% target, but the recent deterioration in economic outlook augurs a return in the medium-term objective the BoE, which is 2% annual rate.
The Japanese government said Monday it for the first time in six months, revised downward its assessment of the economic situation, saying the slowdown in global growth weighed on the pace of recovery in output and exports.
The study involved monthly in Tokyo ten days after the Bank of Japan (BoJ) left its monetary policy unchanged, based on the assumption of a recovery at a moderate pace of the Japanese economy.
On this occasion, the central bank had, however, highlighted the growing risks weighing on the country's economic activity, the European debt crisis and the depressed global growth.
"The Japanese economy is still expanding while the decelerating pace of recovery against a backdrop of persistent difficulties related to the earthquake (11 March)," the government in its study.
The third world economy plunged into recession following the natural disaster occurred at the end of winter.
But production and exports have registered a marked increase in recent months, companies have made great efforts to replace the various production lines and delivery and to reopen factories.
The government has revised down its expectations in terms of exports, industrial production and household spending for the first time since April.
"Even if transport equipment support exports, electronic products and machinery equipment weaken, reflecting the slowdown in the global economy," said Shigeru Sugihara, head of macroeconomic analysis to the General Secretariat of government.
The report is, as always, writes that the government expects the Bank of Japan that support the economy "by appropriate monetary policy actions and decisive, and in close cooperation with the government."
According to sources familiar with the matter, the Japanese central bank is likely to revise downward its growth forecasts in a semi-annual report to be published by the end of the month.
Nearly three-quarters of Japanese companies expect a stagnation of the economy in the coming months, and 12% of them see it fall into recession because of growing concerns about global activity, shows a Reuters poll published on Friday .
Several European banks must be recapitalized, said Friday the president of the Eurogroup Jean-Claude Juncker, adding that intensive discussions on the subject would begin next Monday.
Luxembourg Prime Minister said at the microphone of the German radio Deutschland Funk that the problems of banks and debt of the States were going to get worse and you need a custom solution for banks.
Asked if a forced recapitalization was intended to force the banks to contribute more, Jean-Claude Juncker said: "Banks should be aware that if the current voluntary creditors is not sufficient (…), then we must realize that we need a mandatory participation of creditors. "
Thursday Fitch lowered the long-term issuer credit rating of Lloyds and Royal Bank of Scotland to A, AA-cons before, considering that the probability of the British government come to their rescue had fallen.
Friday, its rival Moody's had downgraded 12 financial institutions in the UK, including Lloyds and RBS, also citing the likelihood of public support for any future crisis.
The rating agency, has downgraded its rating floors for UK banks of systemic importance, says in a statement placing the Barclays notes under review with negative implications, highlighting its exposure to volatile market activities .
"The dynamics of support are changing in the UK," Judge Fitch.
"Not only the banking system is large compared to the rest of the UK economy, but there is also increased political will to reduce the implicit support for banks."
Lloyds and RBS are held respectively 41% and 83% by the British state.
Around 1:50 p.m. GMT, action Lloyds lost 4.66% to the London Stock Exchange, while RBS yielded 2.91% and 5.08% Barclays. The Stoxx Europe 600 sector at the same time gave up 3.58%.
In 2025, the share of the Middle Kingdom in world trade will reach 13%, according to HSBC. That of Germany will decline by 8.2% to 7.2%, while France would decline from 3.9% to 3.1%. China in 2011 the most populous country in the world with 1.33 billion people
You feel that China dominates world trade? You have seen nothing yet. A study by HSBC, China will become the world's largest exporter by 2020, before the United States. In 2025, the share of the Middle Kingdom in world trade (exports plus imports) reach 13%. "This is the only country that should see its share rise by more than three points over the period 2011-2025," said Alan Keir, director of the corporate market for the HSBC Group.The reason for this shift history: the close trade links with other emerging countries.
In recent years China's secure raw material supplies by investing in Latin America, Asia and Africa. It also provides consumer goods to the entire developing world, where demand is exploding. Between 2001 and 2010, for example, trade between China and Brazil has jumped 1000%! Now Brazil will be one, within fifteen years to come, of the most commercially vibrant. Its trade increase by 144% over the period 2011-2025. Vietnam, Indonesia, Egypt and India, where trade will grow even faster, also used as a springboard for Chinese companies.
Further decline in the share of France
This dynamism of trade in the emerging world will lower the share of industrial countries in world trade.This is the second lesson of the study of HSBC. Germany, for example, would see its share decline from 8.2% to 7.2% by 2025. But German companies working more with businesses in emerging Europe (Poland and Czech Republic) in order to remain competitive. North America, meanwhile, would be able to maintain a market share of 14.5% in 2025 (against 14.3% today) thanks to exports of pharmaceuticals to developing countries.
And France? Our country accounted for 3.9% of world trade at the end of 2010. This figure could fall to 3.1% in 2025. France has a strong industrial base, including aerospace, engines, pharmaceuticals and motor vehicles. But our trading partners in most European countries, where growth is relatively low.But the study by HSBC is clear: to Asia that the new trade corridors are created. The experts are betting on an increase of 120% of trade between France and India over the period 2011-2025. But this is hardly impressive in the light of developments in world trade (73% expected over the next 15 years). China, by comparison, has tentacles ten times faster.
The guarantee will be given to the bad bank Dexia should not lead to questioning of the note debt of France by the three U.S. credit rating agencies, Standard and Poor's, Moody's and Fitch. The rating agency Standard & Poor's has lowered a notch Friday, August 5 sovereign rating of the United States, from "AAA" to "AA +".
The rating agency Standard & Poor's said Monday that the AAA rating of France, the best possible, was "justified", with a stable outlook, according to Moritz Kraemer, head of European states in an interview with Bloomberg TV.
Triple A is "justified", he said, adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective", said Mr. Kraemer, which is therefore now not the case in France.
Mr. Kraemer was questioned the ability of France to maintain its triple-A given the state of public finances and debt. "However, we continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio," he detailed. He added that "the main challenge lies in public finances," a major problem in the euro zone for him. Mr. Kraemer said that France has already taken steps to control its spending and reduce its deficit and found particularly "solid" pension reform.
These words occur while the representatives of the Belgian, French and Luxembourg have agreed Sunday to provide a guarantee of 90 billion euros to Dexia's funding to facilitate its dismantling.Moody's, one of the competing U.S. S & P, said Monday that the impact of this guarantee on the note of the French state will be "limited".
As for Fitch, she believes that "exposure to Dexia is quite modest relative to GDP (gross domestic product) and does not in itself a significant risk to the note of France," said Maria-Mroueh Malas, Director the division rulers.
The agency also believes that the government's commitment to stabilize the banking sector is beneficial because it removes uncertainty and helps to resolve the crisis in the euro area. "France still enjoys an exceptionally strong financial flexibility and prudent economic management, strengthening its ability to withstand economic shocks," said Fitch.
The Minister of Finance, Baroin ruled Monday that the decommissioning has an impact on the sovereign rating of the Hexagon, the three major rating agencies. "For the rating agencies, we are one of the best worldwide brands and will remain" thanks to structural reforms and the policy of reducing expenditures and compliance with the schedule that the French government has become, at he promised.
The French trade deficit narrowed to less than 5 billion euros in August, against more than 6 billion in July. But he reached the summits Enco: January 1, the accumulated balance in the trade balance was -48.5 miliard. Assembly plant of Airbus A380 in Toulouse
The trade deficit of France was a switchblade in August. It fell to 4.97 billion euros, 6.36 billion after July when adjusted for seasonal variations. The decrease was due to a sharp rise in exports of transport equipment, Customs said Friday.
"In August, the implementation of major aerospace contracts causes a sharp increase in exports of transport equipment. In addition, industrial supplies remain firm.In the end, the deficit is entirely due to the transport sector ", have they said in a statement.
The accumulated balance in the trade balance since 1 January but still reached record highs. He came to indeed -48.560 billion euros, against -33.184 billion in the first eight months of last year. And over the last twelve months, the gap between imports and exports widened to 66.8 billion euros, against 51.5 billion for 2010. Exports reached on August 37.42 billion euros, up 2.9% at three months. Imports have risen to 42.387 billion euros from 41.628 billion in July.
In August, France sold its 16 Airbus reported 1.345 million euros against 20 in July to 1.183 million.In addition, France has delivered two satellites, one in China (112 million) and the other in the United States (130 million). The performance of aerospace and aeronautics, powered shots of large contracts, are very volatile from one month to another.