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France and Germany have given themselves until the end of January to reach a fiscal union strengthened the euro area, a project that could go through the quarantine of several countries and has generated negative reactions Monday from members of the single currency.

According to sources familiar with the exchanges between Paris and Berlin, the two countries are considering a revision to bypass formal European Treaty – a process that would last 18 months as a minimum – by working on a mini-treaty outside the Community more flexible and quicker to implement.

The Polish Minister for Finance said that the ECB should act as lender of last resort to fragile countries "to ensure stability in the euro area, its mandate". A position that faces the reluctance of the institution and Germany. ECB

The Polish Minister of Finance ruled Monday that the Europeans had a choice between "a massive intervention of the ECB" to save the euro area, "the catastrophe" of a "historic economic disaster," in an interview with the Frankfurter Allgemeine Zeitung. "The dangers of contamination are now greater than ever, and the money we need to stop them have grown because we have not acted quickly enough," said Jacek Rostowski everyday German. The implementation of the stabilization fund financial EFSF long overdue for its role as a firewall and the ECB must act now, "to ensure stability in the euro area, its mandate".

"We are faced with a choice horrible. In order of horrors, the alternative is: either a massive intervention by the ECB or the catastrophe," he said. The minister, who in September had raised the risk of armed conflict in Europe if the euro crisis would lead to the collapse of the EU, in a speech to dramatic accents to the European Parliament in Strasbourg, s' Monday is called "less reassured" after two months. "The risk is that of a historic economic disaster like the Great Depression of the 1930s, lead to the final of Europe in war," he added.

The European Central Bank (ECB) refuses to act as lender of last resort of the European states by buying an unlimited sovereign bonds, as it acquires dropper and on the secondary market.

A year ago the head of state has big plans for the G20 in Cannes, hoping to legitimize its position as world leader and presidential candidate. But on the eve of the summit, Nicolas Sarkozy saw his hopes dashed. The European Council President Herman Van Rompuy, Nicolas Sarkozy and Angela Merkel in Brussels.

It must have been a great moment for France. And especially to Nicolas Sarkozy. Arriving to obtain the presidency of the G20 and G8 in 2011, with the help of his friend Gordon Brown, the head of state hoped to do two things at once: to become the great president of the International that he has always dreamed of being, and credibility for election in 2012. "In a way, it is served by the crisis," he said in November 2010, so do not hide its ambitions.At the time the French president harbored grandiose plans for the world economy: reforming the international monetary system (set the dual problem of the dollar and the yuan), limit the volatility of commodity prices, agricultural, or modernize the governance world. It will not happen, or not much. Already because of Nicolas Sarkozy's ambitions were too ambitious … But also because since November 2010, things have changed for France and its President.

Europe is no longer inspires confidence

It seems a long time since Germany and France landed at the G20 with the design, a bit peremptory, to moralize the financial world. At the time – at the G20 London in particular – the plight of the markets appeared to be the cause of all evil in the world economy.Today, on the verge of drowning, Europe assumed the costume of the responsibility for the crisis, wasting less time than it takes to say its capital credibility.

And it is likely that the G20 is a great opportunity for other states to remind him. All actors have to say good conscious "support and rebalance the global economy face significant risk of deterioration," for most, nothing can be done before that Europe treats his own evils. It is for this reason that the Europeans, Nicolas Sarkozy in the lead, have both hastened to find a solution for Greece. Alas, the great promises of the European Union will not be at the rendezvous.

Tuesday, to everyone's surprise, the Greek Prime Minister George Papandreou decided to submit the European Agreement on Greece in the popular referendum and drawing a large question mark over the future of the euro area.

Wall Street opened the session sharply down Monday after four consecutive weeks of gains, including a fold related to the decline in commodity prices, hurt by the strong dollar.

In early trade, the Dow Jones lost 1.05% to 12.10,05 points.

EDF shares fell more than 5% Friday afternoon in Paris Stock Exchange, market participants have cited an article in Le Monde that the Socialist Party and environmentalists are about to sign an agreement providing for election closures nuclear power plants.

Interviewed by Reuters, the two sides, however, said no such thing had been decided yet and that negotiations for the presidential and legislative elections of 2012 in France continued.

The electrician public asked the Financial Markets Authority (AMF) to investigate the collapse of the course.

"Discussions are at this stage, more general," he told Reuters Michel Sapin, former economy minister, Francois Hollande close and involved in these negotiations.

As for Yannick Jadot, spokesman Eva Joly, candidate of Europe Ecologie-Greens, he felt that the article in Le Monde shows a vision "a little fictionalized" reality.

"Should there be an agreement between the two, Fessenheim shut fairly quickly.(…) We are still at an output of nuclear power including actual closing fast enough for the older plants, "he said.

He hoped that negotiations with the Socialist Party end up in the next 15 days.

François Hollande, Socialist candidate for president, wants a drop from 75% to 50% of the share of nuclear in electricity generation.

The central Fessenheim is the oldest in France and has two reactors of 900 megawatts each.

Last summer, the Nuclear Safety Authority (ASN) found that the No. 1 reactor of the plant was capable of being operated ten years older.

Between the peaks decisions that decide nothing and unexpected twists, difficult to navigate in the soap extension to the rescue of the euro. L'Expansion. Com reported on what appears achievements and problems that appear before the appointment-critical? – Wednesday. European leaders meeting in Brussels.

While the EU summit Sunday was to end months of indecision and too limited solutions, the world was offered a new appointment on Wednesday to see whether the euro area will finally be saved. Back to what appears to finally being resolved and the problems that remain … or emerging.

What is clear

The discount massive Greek debt

The banking lobby is hoping for a discount of 40%, Brussels wants instead to 50 or 60%.But if negotiations continue on the final figure, the principle of a very significant effacement of the Greek debt appears to act for both parties. To justify this level, Europe is based on a report of the troika, which includes the country's creditors, European Union, ECB and IMF. According to the report, banks must accept losses from 50% to 60% for the country's debt is sustainable. This prospect terrifies but investors in Greece. The Athens Stock Exchange fell Monday. Concerns focus on the consequences of such a discount to banks and pension funds in the country, who hold 15% of Greek sovereign debt. Local employers in turn denounced a decision that would lead to a "devaluation of financial assets and real estate" of the Greeks and "suffocation of the private sector."

The recapitalization of banks

To absorb losses arising from the discount and deal with a possible extension of impairment to Spain and Italy, banks are encouraged to recapitalize. With two options. Either they agree to promote their sovereign debt to market, whereby they are set a target to achieve a capital ratio of hard 9% by mid-2012. Either they refuse, and then have to meet a higher target of 9.5%. According to a European source, this would represent a comprehensive effort to recapitalize "107 or 108 billion euros."The scenario always favors a priority call to the private sector and the public opening of windows and finally, in case of failure the use of a solution through the EFSF.

On French banks, Baroin reiterated on Monday that Europe 1 "may not need to open this window public" and that they would carry out this recapitalization "at the expense of dividends and bonuses" . Christian Noyer, Governor of the Bank of France, for his part spoke of a limited effort at "least ten billion euros."

Strengthening the EFSF

It is unclear exactly how the European financial stability but we know it will not be converted into bank, as called Paris. Berlin vetoed because it would require the fund to refinance with the ECB, that "treaties do not allow," said Chancellor Angela Merkel.Options to leverage the capacity of intervention of EFSF without increasing resources have been reduced to two. First possibility: make a guarantee fund for the obligations of troubled countries (Greece, Italy and Spain) that protects owners up to 20 to 30% of the loan amount. This insurance should put downward pressure on interest rates. Second option on the table: create a special fund to accept contributions from outside investors, and could be backed by the IMF. But as the EU president, Herman Van Rompuy, both options could ultimately be chosen. "Combined, these two models could have a cumulative effect," he said Sunday.

The new problems that emerge

The non-European contribution to EFSF

The proposed involvement of outside investors – outside the euro area – raises some reservations.The fear of other states to mix with European desnquiétudes rise. "The Chinese said they were interested, but some member states are skeptical about the idea of ​​integrating a Chinese contribution to the EFSF," said one diplomat. Which could ultimately leave the field open to the German proposal as EFSF Guarantee Fund.

The payment of the IMF to Greece

To avoid suffocation in the country, the creditors of Athens must pay the sixth installment of the loan of 110 billion euros. But if Europe accepted Friday the payment of its share (5.8 billion), the IMF still has not cleared the release of funds. The Secretary General of the IMF, Christine Lagarde, said Friday she would recommend the Fund to pay the remaining share (2.2 billion).But for this it will be another meeting of the Board of the IMF in November …

The use of Italy EFSF

Italy is under pressure to further reduce its debt and deficits. Prime Minister Silvio Berlusconi was ordered to reach the European summit Wednesday with a detailed road map for further reforms of its economy, particularly on pensions. "This is not to appeal to the solidarity of partners if we do not effort," even said Nicolas Sarkozy. Now Italy has indeed need that help. She is a candidate to benefit from new support program called "precautionary" developed in July. The tool is expected to be able to provide credit lines or to allow the EFSF to buy government debt from one country to investors in the market "secondary" to influence interest rates.Relief Fund would replace the ECB and redeeming debt from the Italian August but warned that it would not do it forever. Except that Europe now poses its terms. Silvio Berlusconi has already given some pledges by suggesting that it might raise the retirement age to 67. It could also speed up privatization to relieve the huge debt the country to 1,900 billion euros.

For André-Yves Portnoff, prospective and strategy consultant, Director of the Observatory of the Revolution of the mind (Futuribles Group International), it is finally time to help SMEs to boost growth. Will be right at the end of Europe?

Yes, because the "baseline scenario" is always catastrophic. If nothing is done, Europe will accelerate its decline, with many catastrophic scenarios that may occur locally at the same time. Scenario brown, xenophobic governments, more or less fascist, with here and there an alternative left-wing populist. Black scenario, governments taken over by organized crime, mafia Italian and Slavic holding hands. Italy shows a partial combination of the two scenarios, all involving a collapse and worsening the economic strength and quality of life of Europe.And the Italian example shows that corruption is too expensive in a recession.

What is the economic model of a virtuous Europe?

A virtuous Europe rependrait confidence in its strengths, culture and a level of unparalleled quality, with a message but not ego-centered universal, that of humanism, of human rights, real democracy, not just formal. We argue in to action, citizens! for a Europe of the Enlightenment able to support Indignant over the world, offer them to overcome the rebellion and build together. This Europe would value its culture tolerant, secular, united, ingredients necessary for creativity, innovation, therefore, as history confirms Alexandria since the fall of the USSR. Europe is setting an ambitious industrial targets and strategy development.Far from closing on itself, it nouerait the necessary alliances in the world. It could, for example, rely on the last European champion Telecom, Nokia, Linux, free software also European in the beginning, the school computer teacher's Negroponte to start equipping our schools a European network computing Free. Instead, it subsidizes Microsoft and Google are bought shelves for our students. We think small!

Innovation, the salvation of the industrial countries?

The choice is simple: either maximize immediate profits of a few, as is the hold-up neo-liberal, and too bad if we destroyed the business and desertification territories. It removes grease staff is relocating, employees are demoralized, whatever is more than innovating.Thus, the industries of radio, TV Americans died, and Hewlett Packard, No. 1 worldwide PC just follow suit, he will abandon the PC, 32% of its turnover, 42 billion of revenue.

Either you bet on the future as many companies continued success we describe in action. Investing in people, loyalty is a friendly management's personal loyalty in turn clients. It stimulates creativity by listening and recognition. We innovate in products, services, processes, organization, partnership, it is different to escape the deadly competition on cost. And it does not seek to maximize immediate profits by killing the goose that lays golden eggs. Production, distribution must remain physically close to the essence of design and innovation, offshoring does not warrant that to get closer to markets.Repeat that innovation is not technical and can find its source at all levels. The company Favi thirty years of productivity gains three points thanks to innovations from its workers …

Why in France for decades no longer creates enough growth?

We know that large groups are destroying jobs, it is entirely generated by SMEs. France and Europe, the fabric of large companies is not renewed. Large innovate less and less but prevent the growth of young champions, particularly in France, less so in Germany. Collusion among elites out of the same schools, electioneering and mental models are the bulk of state aid going to a few large groups.The situation has not improved since that July 1987, a report by the Ministry of Industry drew up an alarming picture of the French situation: "Our exports of high technology are insufficient. France is the only major OECD countries whose exports are dominated by sales of products with low technological intensity. The state aid is concentrated on a few sectors and companies. Large companies are the main beneficiaries of aid: 73 companies received 71% of total aid, more than their weight in the number of researchers (46%) or the volume of R & D (52% ). "

We must break with the "Republic of Buddies" or accept a costly meltdown. We know the solutions, we must stop talking and act effectively.The shock of the crisis and the pre-election period are favorable policies to require that they become serious, they simplify and focus the procedures, they open de facto or de jure public procurement for innovative SMEs by creating a affirmative, the first step towards the proliferation of French and European ETI and the formation of French and European world leaders, especially in high-tech sectors, high-growth, all that is the daily life of tomorrow in a massively interconnected .

Ipsen, whose sales rose 5.3% in the first half, said Tuesday it had raised its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

The pharmaceutical company said in a statement that it now expects a decline in sales in general practice between 3% and 5%, against an initial forecast of down 8% to 10%.

Ipsen said target and a recurring operating income adjusted from 190 to 200 million euros for the year.

For the first six months of the year, its recurring operating income stood at 143.9 million euros, up 27.1%, while its consolidated profit rose by 21.4% over the period to 91 , 7 million.

Ipsen also announced it has appointed Susheel Surpal Columbia, a former CFO of Sodexo, the position of executive vice president of pharmaceutical company, in charge of finance and administrative affairs.

In their research note, analysts office analysis Potzamparc have described the interim results of "publication quality that could give color to the title."

"However, there are still key issues to be addressed before proceeding further on the sale of general medicine in France and the future of the production site of Evreux," they said.

Earlier in the morning, Ipsen and Inspiration Biopharmaceuticals announced in a separate statement to have strengthened their partnership in the treatment of hemophilia with the creation of a commercial structure.

"Ipsen and Inspiration will establish and train a sales team highly specialized to become the exclusive network for the marketing of drugs Inspiration brand in Europe," indicate the two groups.

"The sales organization will take the form of a Business Unit Hemophilia backed by the trade organization's current Ipsen," they continue.

Oil prices have closed up Monday, while Brent has however declined, while the progress of the rebels Libyan suggests a possible resumption of oil exports of the country.

On the Nymex, the contract to September U.S. crude (WTI), which expired at the end of the session, ended with a gain of $ 1.86, or 2.26% to 84.12 dollars a barrel.Brent has in turn sold 26 cents, or 0.24% to 108.36 dollars.

Italy's Eni, which was the main foreign producer of oil in Libya, is back in the country, while the entry of rebels in Tripoli Libyan suggests a possible resumption of exports of oil.

Tanks and snipers in the Libyan Army struggled Monday morning to withstand the assaults of the rebels in the capital, where thousands of opponents of Gaddafi celebrated the imminent end of a free reign began in 1969.

Before the outbreak of the uprising in Libya, the country, a member of OPEC produced about 1.6 million barrels per day (bpd), nearly 2% of world production.

The titles of French Total, OMV of Austria and Eni have closed up 2.25%, 5.14% and 6.33%, the market hoping for a return to the situation prior to the insurgency.

The Stoxx Europe 600 index of oil and gas sector was up 1.28% on his side.

Global stock markets dive back Thursday after several sessions of relative calm, rising fears of a global economic relapse accentuating aversion to risky assets and the "flight to quality".

In this context, also marked by the sovereign debt crisis, the safe havens like government bonds offer the best signature (U.S. Treasuries and German Bunds) or gold, multiply the record as is a succession of bad news .

"It puts money under the mattress.It no longer seeks the return but the absolute safety record even if out of stock losses, "said Alexandre Baradez, market analyst at Saxo Bank.

In Europe, the European stock markets saw another black day and extremely volatile, Morgan Stanley has set fire to the powder at the beginning of the session after reducing its forecast for global growth for 2011 and 2012, and fears about the liquidity of banks had increased.

In a note, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead of 4 5%.

Sealed by the values ​​of automobiles (-7.4%), the construction sector (-7.1%) and banks (-6.7%), the CAC 40 index finished in fall of 5.5% EuroStoxx 50 and has dropped 5.3%.Implied volatility index jumped pan 34.6%.

ON THE BUBBLE OR

In New York, the S & P 500 drops 4% to 6:45 p.m. ET the CBOE volatility index, also known as the "fear index", is up 29%.

The president of the New York Fed had to ensure that the Federal Reserve deal the same way the U.S. and European banks after a Wall Street Journal who raised an intensified investigation of the Fed on the subsidiaries of European banks to the States United for fear of a contagion of debt.

"We will find asset classes with security even if they do not report anything like gold, which explains the records recorded regularly by the metal end," said Alexandre Baradez, referring to the new record registered by the Gold 1825.99 dollars an ounce.

Valerie Gastaldy, an analyst at Day By Day graphics, warned in a note that a bubble is also trying to form on gold.

"Gold is the star of the summer, with new regular summits and soon the psychological threshold of $ 2,000" an ounce, said she. "We note an acceleration of the uptrend and into bubble.The objective of the current movement is between 2,060 and 2,080 dollars, "

In turn, the futures contract on the German Bund to 10 years, part of the euro zone, reached a record high at 136.26, or 211 basis points more than the end of the day, after announcement of an index of business conditions from the Federal Reserve of Philadelphia fell to its lowest level since March 2009.

Similarly, the yield on 10-year U.S. Treasuries rose for the first time below the threshold of 2% to 1.976%, before rising to 2.09%.

Down time due to possible liquidity injections from the Swiss National Bank raised by traders, the Swiss franc, seen as another safe haven, now earns 0.6% against the euro at 1.1318 francs to one euro. The euro has evolved in a range between 1.1241 and 1.1510 francs.