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.

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.

Decisions taken on 21 July to control the debt crisis of the Greek are not sufficient, the judge in the Financial Times Deutschland a group comprising a committee of "wise men" German business, an adviser to the French government and an official of the Economic Review International Monetary Fund (IMF).

"Creditors should give about half of the nominal value of their Greek bonds," they write."So it would be possible for Greece to reduce its debt to a sustainable level by yourself."

The leaders of the euro area agreed on July 21 with a discount of 21% on Greek bonds by an exchange of indebtedness in Athens more time to repay loans. But many players still consider it inevitable failure wider Athens on its debt.

The authors of the platform of the Financial Times Deutschland ask it possible for banks to exchange securities against Greek bonds issued by the European Financial Stability (EFSF), to ensure a smooth restructuring process.

"In addition, banks holding large amounts of Greek sovereign bonds need special support," we read in the gallery."This is especially true for Greek banks."

Greek bank stocks Monday fell more than 6% to a low of 19 after news reports indicating a discount greater than expected on the debt of Athens, despite the denial of the Greek government.

Greek Prime Minister George Papandreou on Tuesday traveled to Berlin to meet German Chancellor Angela Merkel and discuss the progress of Athens in the implementation of fiscal reforms required in return for international aid.

Greek MPs should approve the meantime in the day an unpopular property tax, a new austerity measures intended to pave the way for the return of the inspectors of the "troika" – IMF, EU and European Central Bank – responsible for assessing whether Athens will receive the next tranche of aid decided in May 2010 and thus avoid bankruptcy.

"The Franco-Belgian bank crystallizes the difficulties of his peers: its viability through the sale of assets too fast cash customers for nearly 20 billion euros," reads one in the business daily.

"Another lever is to externalize 80 billion of loans to local governments, but the modalities of this operation are still in limbo," the newspaper without elaborating.

A Dexia spokesman was unavailable for immediate comment this article.

Le Figaro wrote Saturday that Dexia, Caisse des Depots and Post Bank negotiated the creation of a new public to fund local government, an operation that would allow Dexia to reduce its balance sheet.

Requested by Reuters on Friday night, the three banks did not comment.

The governor of the Banque de France, Christian Noyer, said about Dexia that "the model faces a number of problems," in an interview with Journal du Dimanche.

"It must continue to restructure," he says.

The French authorities said Sunday that the system created in 2008 to help banks following the collapse of Lehman Brothers was always available on event "extraordinary".

However, they insisted that French banks, whose market value has shrunk in a few weeks, were strong and they did not need injections of public capital demanded by some stakeholders in the financial markets.

Valérie Pécresse said on Thursday, September 22 France 2 that the deficit of social security would be reduced to "14 billion" in 2012, adding that "for the health sector, the deficit will be less than 6 billion euros". The budget minister in the day to present the project financing of social security for 2012 (PLFSS). She said that the deficit of the health insurance was $ 12 billion in 2010. She assured that the deficit of social security would "fall in two years by 40%."

On pensions, "expenses are contained" through the "efforts of the French" and the pension reform of 2010, she said.Regarding the health insurance, the government decided to "delisted" certain drugs, but "very little, only the drugs useless." A list will be established by the Authority for Health and the Ministry of Health. This should bring 40 million euros. It is also envisaged that "over 600 million savings on drug prices." "We will ask the laboratory to lower drug prices," said the minister.

According to information obtained by AFP, the deficit all branches (sickness, old age, family, work injury / illness) is expected to decline by one billion to 18.5 billion in 2011 down to about 14 billion or slightly less in 2012. The deficit of sickness, most importantly, will fall below 10 billion in 2011.The government intends to pass it under the 6 billion next year, according to a source familiar with the matter. The latest available figures, given in June by the Commission of Audit of the Social Security (CCSS), reported a "hole" in the social security of $ 19.5 billion for 2011.

In a wider area, adding the deficit in the Old Age Solidarity Fund, which funds the minimum pension, the deficit would reach a total of just over 22 billion in 2011 and around 18 billion in 2012. In early September, in its annual report on Social Security, the Court of Auditors, taking the broadest scope (general, diet and other small FSV) was alerted to a deficit of close to 30 billion (29.8) .

The president of MEDEF, Laurence Parisot, ruled Friday that there was "some micro-signs" pointing to a tightening of credit to businesses, but little else, while the current reduction of bank balance sheets is likely to cause dry credit.

"There are some micro-signs but no more than that. The banks have increased their credit to the economy in a fairly regular basis. The latest figures we have are rather reassuring. It is 4%," said Ms. Parisot on France Info.

"Of course we will be very careful.I call on the French banks today to maintain the effort they have undertaken since 2008 to support our VSE (very small) and our SMEs (Small and Medium Enterprises), "she said.

The prospect of entry into force of the new regulatory framework and Basel III said the current tensions in financial markets causing some difficulties in short-term funding of banks encourage institutions to strictly control and often reduce the size of their balance sheets . This can be done through asset sales or a reduction commitments, that is to say loans.

This leading indicator of consumer sentiment, calculated on the basis of a survey of about 2,000 people, spring down to 5.2 in September against 5.3 in August, but in line with the expectations of the analysts interviewed by Reuters.

The component of macroeconomic expectations fell to 13.4 against 44.6 the previous month.But the purchase intentions were up, supported by a strong labor market.

"The deterioration of the debt crisis and the sharp fall in stock markets around the world at the moment weighs only slightly on consumer sentiment," said the institute GfK said in a statement.

"The domestic setting extremely positive, unemployment down and wages up offset these negative factors."

The unemployment rate in Germany came out in May and June to 7.0%, its lowest since the reunification of the country.

But recent statistics have fueled doubts about the ability to Berlin to continue playing its role as a locomotive of the euro zone, amid debt crisis and fears of a global economic slowdown.

In the second quarter, Germany posted a slower growth to just 0.1%, weighed down by a lowered consumption and low investment in construction.

German business morale has meanwhile posted a dip in August marked the most since the 2008 crisis, according to figures released Wednesday.

In this context morose, German households now fear being asked to contribute to increasing attempts to resolve the budget crisis European, is the institute GfK.

Largest economy in the euro zone, Germany pays more than a quarter of the invoice bailouts granted by the region to try to stem the debt crisis.

The CAC 40 index dropped 1.92% to 3016.99 points, but varied between a low of 2947.91 points (-4.2%) and a high of 3078.28 points (0.07% ).

For the week the index lost 6.13%, after falling 5.48% Thursday, bringing its slide to 17.82% since the beginning of the month.

"Above all, the anticipation of 'double dip' recession in the double way early 1980s, which haunted investors.This contraction is somehow accepted and caused by the austerity budget set up by European politicians, "said Eric Galiegue, president of Valquant.

Other major European markets, London has sold 1.01% 2.19% Frankfurt and Milan 2.46%. The European indices EuroStoxx 50 and 300 respectively Eurofirst fell 2.15% and 1.66%.Since the beginning of the month, the EuroStoxx 50 loose 19.15%, 13.32% and the London Stock Exchange German 23.45%.

On Wall Street, the S & P 500 fell by 0.15% and the Dow Jones 0.33% at midday in New York.

"The second quarter growth was well below expectations on many aspects: sluggish domestic demand, external demand risk and a clear concern about the financial variables, crystallized by market volatility," recalls Erick Muller Chief Investment Officer of Fidelity bond range.

The situation remains very FRAGILE

The implied volatility of the Eurostoxx 50 has remained virtually unchanged Friday (0.29%) but jumped 71.29% in three weeks.

"The month of August will bring real improvement on any of these points.The overall situation remains very fragile for the second half and the markets have adjusted the valuation of assets as a result, but suddenly long term, "said Erick Muller.

In this context, cyclical stocks and banks have once again suffered, Renault (-4.69%) showing the greatest decline in the CAC 40 lost 4.27% BNP Paribas in Paris.

Elsewhere in Europe, banks Unicredit and Lloyds fell 4.8% and 5.8%, while car manufacturers Porsche and Fiat gave up 4.45% and 4.3%.Their respective sector indices ended lower by 1.81% and 2.86%, the car even accusing the largest decrease sector.

Since the beginning of the month, European banks have unscrewed from 21.85% and 27.74% of the car.

The same causes leading to the same effect, investors fled to the assets with the least risk, such as gold, which recorded a new record of 1,877 dollars an ounce and earns nearly 14% since late July, or Yields on government bonds rated.

The rate of the 10-year Bund and of the French OAT maturing well remain virtually unchanged in late afternoon around by 2.1% and 2.77%, after falling in the morning at 2.031% and 2.713%.

"Despite the deterioration in the rating of the United States by Standard and Poor's, despite concerns in general about the astronomical amounts of public debt, interest rates on government bonds with very broad market fall," Valquant said in a weekly strategy note.

"This is a sign that investors are in full 'flight to quality', and they seek refuge in government debt," says the company.

We asked you to ask us any questions you may have about the debt crisis. Here are those for the euro area and the public debt in general and our responses.

Why European states can not they borrow from the ECB, rather than through private banks?

Historically, central banks have indeed been created to fund the States. But now, states are required to obtain financing from capital markets. It is officially recorded in France since 1973 and is primarily in the Treaty of Maastricht.This rule is justified by the idea, questionable, that would reach more markets to discipline the poor performers: if a state is too extravagant or too much debt, the markets by requiring the sanction of the highest interest rates. And Germany is the assurance that states will not abuse the printing press which could lead to hyperinflation.

Which countries of the European Union who are under the risk of their score to deteriorate?

Greece, first. The country is already one or two notches of default. The rating agencies have already announced that the Greek note will rise to D (default) upon entry into force of the new rescue plan, which provides for an exchange of maturity and interest rate debt of the country, either losses for investors. Spain and Italy next.Both countries are under pressure from financial markets for several weeks, they feared a contagion of debt. Weaknesses: low growth prospects, a fragile banking system and a high unemployment rate for Spain, a high level of debt and a structural lack of competitiveness in Italy. Spain has already seen its rating (AA) degraded twice since 2009. Rating of Italy (AA2) is itself placed on negative watch by Moody's since June. The United Kingdom then and maybe even France. The austerity policy implemented by the country London is currently protected from cyclones in the financial markets. But the negative impact of the austerity of the British growth worries. As for France, S & P said that his "AAA" was stable. The agency has even praised Paris for its fiscal policy.This does not preclude some analysts to express concern. Because France has the worst fiscal ratios of the European Group of triple A.

ECB eases Italy and Spain by buying their bonds. But with what money? Who pays?

Nobody pays. As the central bank creates money in the refinancing of commercial banks, it is also to buy the debt of distressed states. If one country fails, it passes in provisions for losses on its balance sheet. Except that the ECB reluctant to pursue such purchases, pushing the European financial stability to take over, as provided by the latest aid package to Greece. To do this, the EFSF will issue bonds on financial markets.If Greece fails on these loans, the countries involved in the EFSF will repay creditors and there will be much the taxpayers who pick up the bill.

And if the debt was owned not by markets but by citizens, such as in Japan?

This is one of the solutions proposed to reduce dependence on markets and to guard against the loss of confidence that may arise, for example, a deterioration in the sovereign rating of the country. On the left, is defended by such Montebourg Arnaud and Jean-Pierre Chevenement. Japan's debt, which exceeds 200% of GDP, is considered more stable because it is owned approximately 95% by domestic investors. The postal bank converts debt including the vast majority of deposits. Some believe that 17% of the French savings rate, one of the highest in the EU, would make this system possible.Strong supporter of the re-nationalization of the debt, the journalist Jean-Michel Quatrepoint Tribune suggests the issue of treasury bills perpetual, paid around 4.5%, part of which would be recovered by the levies and the remainder reinvested in the economy. Economist Jean-Pierre Petit, interviewed by Expansion. Com, think instead that "saving the French would not have sufficient absorption capacity": the end of 2010, 1149 billion were placed on life insurance and 199 billion of the savings books, when the government debt exceeds 1.6 trillion. "It would not change the nature of the problem, said he, too, since these borrowers French-insurance companies, institutional investors, etc .- have the same fear of repayment capacity that international investors."

Electrabel would split its operations and supply power to promote competition, says the head of the Creg François Possemiers in an interview published Friday by the newspaper L'Echo.

"If we have one side of producers and other suppliers can set prices in a completely free (…) it will be real competition," he says.

The electricity prices in Belgium are among the highest in Europe and François Possemiers noted that his proposal would benefit companies such as green energy company Lampiris, which must buy its electricity.

As for electricity suppliers, the proposal goes further than the rules of the European Union today, that simply separating the producer and the network operator.

The plan was sent to Belgian authorities and the Creg plans to raise the issue with his European colleagues in the coming weeks.