France and Germany step up their thoughts on a radical redefinition of the euro zone to force an economic, fiscal and tax in the short term and without necessarily the case of a slow and tedious review of the European treaties.

Paris and Berlin have agreed this week to propose by December 9 – when the next European summit – an ambitious reform of the Lisbon Treaty, but behind the scenes, preparations are being made around the tool more flexible and easily activated, as an intergovernmental treaty outside the community or a bilateral Franco-German if members of the euro area do not follow.

The second is to adopt a purely bilateral approach by including in the ongoing revision of the Franco-German Elysée in 1963 a high degree of harmonization in fiscal and social law.

The advantage of this approach is twofold for France and Germany. First, it allows to circumvent the unanimity required for a revision in formal treaties.

On the other hand, it places the responsibility to recalcitrant countries. This is particularly true of Great Britain who wanted to use the exercise to repatriate a number of powers to London.

CRISIS PLAN

Officially, the goal of Berlin is to obtain a limited revision of Article 126 of the Treaty of Lisbon on the Stability and Growth Pact.

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International creditors of Greece will press Saturday the country's political parties to commit in writing to support the austerity measures required for a new rescue plan and avoid bankruptcy.

Representatives of the European Commission, the European Central Bank and the International Monetary Fund (IMF) will meet with the leader of New Democracy (ND preservatives) was said openly reluctant to provide support for the treatment of austerity imposed by donors.

Already stung by the latest developments in euro area markets have also been faced with the announcement of a further slowdown in manufacturing activity in China and the United States has accentuated the negative sentiment in the markets.

Dexia launches finalizing its dismantling

The Board has mandated Dexia CEO Pierre Mariani to complete the dismantling of the group through the sale of the majority of its subsidiaries, said Thursday the Franco-Belgian bank in a statement.

The administrator of the banking group have also confirmed the sale of Dexia Bank Belgium to the Belgian State and the sale of Dexia Municipal Agency for Deposit and La Banque Postale.

Dexia held Wednesday evening for a board to implement the new rescue plan for the Franco-Belgian bank, bank first victim of great importance to the crisis of sovereign debt in the euro area.

Dexia has officially launched the sale of the Turkish subsidiary DenizBank, Dexia Asset Management and RBC Dexia.

Bank stocks affected by the proposed recapitalization

Securities Credit Agricole and Societe Generale are penalized on the stock market Monday by the lack of details from Angela Merkel and Nicolas Sarkozy on possible solutions to the crisis of debt in the euro zone, while BNP Paribas , which is considered the most solid rebounds.

German Chancellor and French President said Sunday that a comprehensive response to the crisis should be announced by the G20 meeting of November 3 and 4, adding that they were ready to recapitalize banks.

Asked about i> Télé, the French Minister of Economy and Finance Baroin said Monday that the terms of a capital injection would be discussed with Germany prior to the G20 in Cannes.

Some investors awaited more specific ads.

"By asking the calendar, French and German leaders have given a road map without further guidance on how," commented strategists of CM-CIC Securities. "The two leaders seem to agree on the finding of the crisis and the importance of providing a comprehensive response by the end of the month.However, no further details filtered from the summit. "

"We still do not know how Europeans have recapitalize banks and, above all if they wish to recapitalize so that some are stigmatized" they added in a note to clients.

At 1:11 p.m., Societe Generale lost 0.49% to 20.410 euros and Credit Agricole 5.331% to 0.54 euros, while BNP Paribas resistance with a gain of 2.20% to 32.250 euros.Since early July, SocGen fell more than 52% and Credit Agricole of almost 51%, while BNP Paribas has lost about 41%.

At this stage of the session, the CAC 40 index rose 1.14% and the index of European banks in Europe is 0.3%.

BNP Paribas, considered the strongest of the three major French banks, particularly in terms of capital ratios, this morning also benefits from its inclusion in the list of preferred values ​​in Eastern Europe through CA Cheuvreux.

BNP Paribas has weathered the crisis better than its rivals thanks to its limited risk profile, and yet it is trading at a discount compared to its peers, the broker said, adding that the bank has gained share including substantial market in the investment bank and Fortis acquired in very good condition.

Franklin Pichard, director of Barclays Bourse France, agrees that the discount on equity warrants remedial BNP Paribas in the short term the bank.

"We recommended last September 16 to return to the purchase of the banks.If we have only one request, it is BNP Paribas, "he wrote in a note to clients.

"While we can not control the political decision to recapitalize French banks (recapitalization targeted or general amount?). But the discount on equity is large enough (70 billion in equity to capitalization of 39 billion euros) look for the file in a logical short-term catch-up, "he said.

Stability of producer prices in August

The producer prices of French industry in the domestic market increased by 0.5% in July before stabilizing in August, show figures released Friday by INSEE.

These figures are consistent with the consensus estimate of economists polled by Reuters.

In one year, the index of producer prices on the French market shows an increase of 6.3%.

Prices of petroleum products fell 2.2% in August after a 3.5% increase in July, Insee said.

The food prices have remained stable in August as in July.

"In August, prices of electrical, electronic and software grew by 0.6%, including the prices of components and circuit boards (1.0%), driven by commodity prices," says INSEE .

Prices of industrial products for foreign markets, unchanged in July, fell 0.3% in August.

For all markets, prices of industry production was down 0.1% in August after 0.3% the previous month.

More women work, they are more children

Contrary to popular belief, fertility is higher in countries where the participation rate of women is high. When the wife works, the household can more easily provide the extra cost to the arrival of a child.

Contrary to popular belief, most women work, more fertility is high, say demographers at the National Institute of Demographic Studies (INED) in a study published Thursday. "Fertility [the number of children per woman of childbearing age, note] has decreased significantly in all OECD countries between 1960 and 2008 to be below the replacement level of generations of 2.1 children per woman, "the researchers write in their investigation of the relationship between births and economic progress in rich countries.

However, "there is decreased until after 1995, fertility has been slightly increased back in a majority of countries," they said."In all OECD countries, it rose by an average of 1.69 children [by women] in 1995 to 1.71 in 2008," a "rebound particularly marked in Spain, France, Belgium, United Kingdom and Ireland. "

Additional revenue needed for the arrival of a child

The researchers first examined the relationship between fertility and wealth, and observed "an increase in fertility when the level of economic progress, from a per capita GDP of about $ 30,000." But the link does not work for all countries, Scandinavia and Anglo-Saxon, and of France with such "a much higher fertility than expected given their GDP.""Differences in GDP per capita does not suffice to explain differences in fertility of one country to another," conclude the demographers.

By cons, "in most of the richest countries, the rise in fertility is associated with a high employment rate among women," they said.In particular, "the possibility for them to balance work and family is seen as a key rebound in fertility." Thus, if "the relatively early stages of development" of a country, women can postpone childbearing because they are more and more studies, thereby lowering fertility, "At some point, if the woman works, the additional income it brings to the household secures its economic situation and makes the extra cost to the arrival of an additional child support ", says the study, which also refers to" any help provided by the state s' there is a family policy. "

The Dow Jones gained 0.07% Nasdaq 0.86% yield

Wall Street ended Tuesday in a dispersed a volatile session, as investors await the outcome of a two-day meeting Tuesday and Wednesday, the Monetary Policy Committee (FOMC) of the Federal Reserve.

The Dow Jones Industrial 30 closed up 0.07% or 10.65 points to 11,408.66 points.

The S & P-500, wider, has lost 2 points, or 0.17% to 1202.09 points.

The Nasdaq Composite fell on its side of 22.59 points (-0.86%) to 2590.24 points.

Faced with strong pressure on financial markets and fears of a relapse of the economy in recession, the Federal Reserve prepares to influence long rates to support economic activity, an action similar to that conducted in the years 60 and then christened "Operation Twist".

With an eye on the sinking of the crisis of sovereign debt in Europe and another on an unemployment rate fails to fall below 9% in the U.S., the Fed should gradually change the composition of its balance sheet to increase the share of long-term securities.

Some traders, however, warn that the rise could be short term, investors may be tempted to take profits after Wednesday's strong performance last week.

The International Monetary Fund (IMF) has also reduced its growth forecast for the United States in 2011 to 1.5% and 1.8% in 2012 against 2.5% and 2.7% respectively, projected in June.

The IMF, Europe and the United States may plunge into recession next year, said the International Monetary Fund lowered its forecast for global growth to 4.0% this year and in 2012, against 4, 3% for 2011 and 4.5% for 2012 projected three months ago.

The housing starts have also declined more than expected in August, falling 5% to a seasonally adjusted pace of 571,000 units, according to the Commerce Department (consensus: 590,000 units).

Values, the way Google Inc. has closed almost in equilibrium after adding Visa (3.12%) to the list of contributors to its proposed electronic wallet for mobile under an agreement that will allow customers Visa to conduct transactions from their mobile phones smartphones.

DSK calls for a debt relief Greek

For the former director of the IMF, governments and banks must accept the losses incurred by it. He said Greece can not get by without a massive reduction of its debt. The former director of the International Monetary Fund Dominique Strauss-Kahn was the guest of JT 20H TF1 Sunday, September 18.

The former director of the International Monetary Fund (IMF) Dominique Strauss-Kahn called on Sunday for the outright deletion of the debt of Greece, accusing the Europeans not to "take the measure of the magnitude" of the crisis that shakes the whole euro area. Asked on TF1 on whether to wipe out debt Greek DSK said: "It's a little idea." "The debt, it is clear that it is massive and it must be reduced at all costs, except at the cost of stagnation and recession," he said.

"The road is narrow peak and European governments are struggling to follow him because they do not want to take the measure of the magnitude of the problem," he said. He criticized the hollow of the euro zone leaders to "push the problem to" by matching their lending requirements in Athens in draconian austerity. "The snowball grows and makes the difficulty in growing and growth is less there," he said.

For the former boss of the IMF, "we must agree to recognize the need to take the loss." "Everyone should take it, states and banks," he said, calling also for greater solidarity and a "fiscal convergence" in the euro area.Dominique Strauss-Kahn also criticized the slow pace of Europeans in the implementation of their decisions, after the agreement of July 21 on a new bailout of Greece close to 160 billion, noting that "the time of economy is faster than the time of the policy. "

"I do not believe that the euro is in trouble, but I think the situation is very serious. If we do not act quickly, in 25 years, Europe will be a land of desolation with high unemployment rates and protection systems to drift, "he warned. "To avoid this, we must act quickly (…) The problem is that Europeans are often too little, too late, is often too little and too late," he added.

Dominique Strauss-Kahn was speaking in his first television interview since his resignation in May of the IMF, after questioning the United States for sexual assault.Criminal proceedings have since been abandoned.

Do you live better or worse than before?

According to a survey, three out of four Fançais observe a decline in their standard of living. And you? The basket of essential goods for households with small budgets

Three in four French people think life worse than before, a decision that had never reached such a level for twenty years, according to a survey by TNS Sofres for the association of mayors of major cities in France.

To the question "Did you feel that in recent years people like you live better or worse than before," 75% of respondents answered "less". This feeling is a "historic high in the evolution of the personal situation of the French" in the TNS Sofres survey, conducted since 1981, said the institute.

It manifests itself particularly in the 25-49 age group (81%) and among the employees (87%) and workers (82%).Only 14% say their side "better life", while 10% see no change (1% undecided).

With an unemployment rate of 9.6% according to INSEE, and generally 3.3 million people, who are not working but want to work in France, the fear of becoming unemployed grows in the opinion, according this investigation. Two out of three French (66%) fear of "risks of unemployment", for themselves or someone in their household. A result in increase of 4 points from last year and 16 points since 1988, said the Sofres.

And you, your standard of living has deteriorated there? How do you explain it? do you fear unemployment? Give us your opinion in the comments.