The Community budget of the European Union will increase to 129 billion euros in 2012, an increase of 2% in line with inflation, according to the agreement reached Saturday morning after fifteen hours of negotiations.
The agreement is a victory for European governments, struggling with the financial consequences of the debt crisis in the euro area, rejected the will of MEPs to increase the Community budget of over 5% next year .
But by linking the progress of Community resources on expected inflation in 2012, the EU could find itself unable to meet certain expenses, prevent some European officials.
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The European Central Bank lowered its key rate to 1.25% against 1.5% so far. The new president of the institution Mario Draghi must hold a news conference this afternoon to justify this choice. The Governor of the Bank of Italy, Mario Draghi, should succeed Jean-Claude Trichet for the presidency of the European Central Bank.
The European Central Bank (ECB) decided on Thursday to the surprise of lowering its key rate a quarter point to 1.25%, it had noted in the same proportion there is barely five months.
Since the launch of the euro on 1 January 1999, the ECB changed its rates 34 times (18 increases and 16 decreases).
Professionals solar electricity on Thursday presented their general condition. They believe France is capable of producing 20 gigawatts by the age of 10, which would allow it to interfere in an expanding global market.
Do not waste the potential of the photovoltaic sector. That's essentially the message that wanted to pass Thursday industry professionals gathered as part of the presentation of their general condition. According to them, photovoltaics can create 100,000 jobs by 2020. They argue that the solar electricity market is exploding worldwide, and that within 10 years will weigh between 79 and 129 billion euros a year in revenue. They believe this type of energy could begin to be as efficient as electricity from the grid by 2016.It provides for a reduction in production costs by 50% by 2020, following the industrialization of the sector. And a boom in sales following a European directive which induces that all new homes to be energy self-sufficient over a year since 2020.
The professionals ensure that France has the means to take advantage of this expansion. To do this, it must be able to install a power production of 20 gigawatts (GW), which happens according to professionals with an investment of 800 million euros per year and the establishment of a "regulatory framework visible and stable. " "Instead of the objective of the Grenelle 5.4 GW in 2020, we offer 20 GW, which will create 100,000 jobs of which 12,000 can not be relocated in the industry," said Loïc de Poix, responsible of the Association of French industrial PV.
After several months of the States General, all industry players have submitted their proposals to the press for the future of a sector that has suffered greatly from the moratorium imposed in 2010 by the government, which resulted in the removal some 10,000 jobs. These proposals focus on four areas: defining a stable regulatory framework with measures to support demand and supply meet the production target to 20 GW by 2020 against 5.4 GW currently adapting the rates redemption of the solar electricity and regionalization. If nothing is done, the sector could be a deficit and a half billion euros in 2020.
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.
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%.
The government today introduced the project financing of social security for 2012. The deficit of the general expected to decline by one billion to 18.5 billion in 2011 down to about 14 billion or slightly less in 2012.
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 specialist management software database Oracle reported Tuesday a quarterly revenue slightly exceeded expectations, despite a context of weak prospects for spending in the technology sector.
In after-hours trading, the value gained 1.3% after closing down 2.31% the Tuesday meeting.
The American group, which has diversified in the last year by buying the equipment server manufacturer Sun Microsystems, has a turnover of 8.37 billion dollars in its first fiscal quarter ended in August, an increase of 12% over the previous year.Wall Street expected $ 8.35 billion.
Sales of new software, guaranteeing revenue to come in the area of maintenance, increased 17% against a 15% increase expected.
Net income rose to $ 1.84 billion, or 36 cents a share, Cutter $ 1.35 billion, or 27 cents per share a year earlier.
Excluding items, the profit amounted to 48 cents a share against 46 cents expected by the Thomson Reuters consensus I / B / E / S.
Quarterly dividend of six cents per share, payable on November 2.
Still reeling from the worst three weeks that the U.S. markets have been in two and a half years, investors should seek from this Monday a break.
The blow by Standard & Poor's debt to the United States now behind them, the market should turn to the outlook for the U.S. economy and also look for evidence that policy makers in the euro area are able to limit the crisis debt.
The meeting Tuesday of Nicolas Sarkozy and Angela Merkel in Paris should therefore be decisive for the markets.
The movement of widespread sale last week's losses increased in the S & P 500, which fell by 12.4% since July 22.If there is no indication that this trend is over, the sessions Thursday and Friday, however, ended up with lower volatility.
The week begins would be quieter, especially if the expected economic indicators still away the prospect of a return of U.S. recession.
"Each number indicates that the economy is not heading into recession will be a calming factor for the market in the coming weeks," said Peter Cardillo, economist at Global Rockwell Capital in New York.
Indicators next week will be closely monitored, including regional studies conducted by the Federal Reserve Bank of New York and Philadelphia on manufacturing and sales in real estate.
The manufacturing sector is currently one of the stronger U.S. economy, but the ISM report for the month of July, published on 1 August, reported an unexpected slowdown.
However, other more recent data, including sales to detail () suggests that the U.S. economy manages to stay the course.
The results of the distribution groups are also clear from the horizon, and quarterly giant Wal-Mart, expected Tuesday, are eagerly awaited in this regard.
According to data compiled by Thomson Reuters, earnings for the group should have increased by 11.8% in the second quarter.
Several other major retailers as well as computer must publish in the week, including Dell and Home Depot on Tuesday, Wednesday Target and Gap, and Hewlett-Packard on Thursday.
Why do countries in the euro area they not borrow directly from the ECB? Who pays to save Greece, Ireland, etc..? Which European countries are likely to see their score worse? The responses of the writing of L'Expansion. Com. The logo of the euro to the European Central Bank in Frankfurt.
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."
The Federal Reserve said Tuesday it would keep interest rates at a record low at least until mid 2013, without announcing new measures to support the economy.
The statements of the U.S. central bank were eagerly awaited after the lowering of the sovereign rating of the U.S. Standard & Poor's Monday has resulted in a rout of financial markets.
Investors are struggling to interpret the possible impact of this commitment by the Fed on U.S. growth since the Dow Jones operates in a very volatile from the statements by the Fed.
The Federal Reserve, which reduced its growth forecast at its June meeting, continued to be pessimistic for the first global economy, saying that the increase in gross domestic product this year will be lower than expected.
"The release of the Fed is very negative outlook for the economy," said Omer Esin, market analyst at Commonwealth Foreign Exchange.
"By committing to maintain interest rates at an extremely low level until far into the future, the Fed implied that it anticipates a period of slow growth much longer than expected."
Following a meeting of its Monetary Policy Committee (FOMC), the U.S. central bank, as expected, kept the fed funds rate within a range from 0% to 0.25%.
The Fed had reduced interest rates at that level in December 2008, in a financial crisis.
THE FED SAYS HE WILLING TO DO MORE
"The committee believes that today's economic conditions – including a low utilization rate of resources and moderate outlook for inflation over the medium term – are likely to ensure an exceptionally low level of federal funds to at least mid 2013, "said the Fed in a statement.
Three members of the monetary policy meeting – Richard Fisher (Dallas Fed), Narayana Kocherlakota (Minneapolis) and Charles Plosser (Philadelphia) voted against this commitment to keep rates low for two years, suggesting a monetary policy committee divided.
Not since a November 1992 meeting, three members of the Monetary Policy Committee had opposed the decisions taken by the committee as a whole.
The Federal Reserve also suggested it was ready to do more to support the economy, saying it still had tools to do it and would use them if necessary.
Some believe that it can be concluded from this estimate that the Fed has not closed the door to a third repurchase program obligations or "EQ3", which was highly expected by many market participants.
"Sixty percent of the market had anticipated a form of EQ3. But there is no QE3 but there is an explicit commitment to low levels until 2013 (…) This is a factor of certainty and that should help to generate higher levels of lending activities, "said Alberto Bernal (BullTick Capital Markets).
The Fed also reiterated its policy of reinvesting the proceeds of maturing bonds in its portfolio without specifying the calendar in the matter.