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The European Bank for Reconstruction and Development (EBRD) has a new president: the senior official of Indian origin Suma Chakrabarti, currently serving in the Ministry of Justice UK. The candidate endorsed by London was elected last night at the general meeting of the bank on the third ballot, with some 52% of the vote. He was then still opposed to the French Philippe de Fontaine Vive Curtaz (23% of the vote), Vice-President of the European Investment Bank (EIB), supported by Paris, and German Thomas Mirow (18% of votes) , the post of chairman since 2008, candidate to succeed him – who had the favor of Berlin.

This is the first time in the history of the EBRD, the presidency of the bank escapes to France or Germany. A result largely due to the impossibility What had the countries of the European Union to agree on an upstream joint application.

The EBRD was created in response to the fall of the Berlin Wall in November 1989. While the Soviet bloc fell one by one, Western leaders had been seized by the fear of emptiness. And it took them just six months to organize an international conference at the Elysee, in the month of May 1990, the treaty establishing the EBRD was signed by 40 heads of state or government, plus the European Commission and the EIB .

Expanded mission

Less than a year later, in April 1991, its headquarters was in working in London in a building of marble, with a little too flashy luxury that will require Jacques Attali, its first president, to resign two years later . The latter, as "special adviser" of Mitterrand, will not remain forever under his real designer.

"A third World Bank, two-thirds Lazard," was launched Attali, who wanted to avoid the rigidities of official development assistance. Today, with a capital of 30 billion euros, it never occurs alone but in partnership with private operators, mainly banks. In principle, its participation in financing projects should not exceed 35%.

His second feature, which distinguishes it from all other international financial institutions, its mission is to promote the market economy, but with intervention only in countries that are subject to "democratic principles", according to terms of reference. Its scope is vast, ranging from the restructuring of public enterprises and SME support to nuclear safety and decommissioning of old plants, including the Chernobyl site.

More original still, the EBRD is defined as deliberately "a bank of Transition" (sic). It is not intended to stay on forever, she believes. "Once the mission is to support the market economy accomplished in a country, we close representation," we said Jean Lemierre, who chaired the EBRD from 2001 to 2008. Initially, she had to withdraw in 2010 the countries that joined the EU in 2004, and it may seem paradoxical that the EBRD remains in Slovakia and Slovenia, which joined the euro area. But because of the financial crisis of 2008, it was agreed that she would remain until 2015.

While the volume of its loans reached a cruising speed of 9 billion euros a year (a quarter in favor of Russia), the shift in the South has been the hallmark of the mandate of Thomas Mirow. He believes that the EBRD is now able to "attract 7.5 billion euros of investment per year in North Africa and Jordan."

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The new president, Francois Hollande, he will see in the figures released Thursday one more reason to fight to include a growth component in the European priorities? He will find anyway confirmation that we will have to roll up their sleeves for the activity to return to France.

The Banque de France (BDF) has announced a forecast of zero growth of the economy in the second quarter 2012 – INSEE, it provides a small rebound in the spring, 0.2%. The BDF had previously announced a steady growth for the first quarter. That is to say that the French might be sluggish activity in the first six months of the year.

The unknown Greek

To quote the head of its program, Michel Sapin, a few days ago, Francois Hollande will have no state of grace on the economic front! The latter based his economic program on a growth forecast of 0.5% this year (followed by 1.7% next year and 2% in 2014 and 2% to 2.5% thereafter until 2017 ). A hypothesis that remains credible, unless the Greek turbulence does just weaken the entire euro zone.

In tests conducted by the Banque de France, the prospects in the services today are estimated by "slight erosion". As for industry, they indicate that the order books do not evolve and are also counting on "a slight decline in activity for the coming months easy payday loans."

The National Institute of Statistics, parallel, published a study that confirms this gloom. In March, the production of the entire industry declined (-0.9%), consumption of electricity and gas has "declined sharply with the warm weather." Production of manufacturing industry, it has increased over one month (1.4%), but it is only to offset the decline in February.

Judgment of the Petit Couronne refinery

Moreover, throughout the first quarter, production fell 0.5% in manufacturing. A sharp decline (-1.7%) compared to what the production of the first quarter of 2011. In one year, some areas have suffered more: the production has fallen sharply in electrical, electronic and computer (-1.7%) and to a lesser extent, transport equipment (-0.6%). Refining, marked especially by cessation of the Petit Couronne refinery, fell sharply (-18.4%), also stresses the INSEE. Conversely, the agricultural and food industries have their own in the game

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LE FIGARO. – The Netherlands seems to suddenly become Eurosceptics. Why?

Luuk van Middelaar. – In reality, they have always been skeptical about some aspects of the European Union. The Netherlands were among the six founding countries, but their motivation was primarily economic, unlike France, which favored the political dimension. The Dutch have always fought for measures that represent an economic interest, such as the European patent. Then the country became a net contributor to EU budget around 2000, which is not conducive to enthusiasm! As for the current debate over the stability pact, we must not underestimate the impact of the crisis of 2003, when Paris and Berlin have violated common rules: it has reinforced the inferiority syndrome of small countries.

Failure in the referendum on the constitution has he not been exceeded?

France and the Netherlands voted no, but for very different reasons. The French were especially opposed to Europe "neoliberal" characterized by the Bolkestein directive on services, named after the Dutch commissioner … In the Netherlands, by contrast, we did not want an "other" Europe, but "less" Europe, if at all! The Dutch were not opposed to a political Europe.

The debate on the return to national currencies is more violent than elsewhere in the Netherlands. Why?

In the Netherlands, the euro has always inspired mistrust. These fears are now confirmed by the mismanagement of other member countries. Dutch MPs debated the creation of two variants of the euro, the "neuro" for the North and the "Zeuro" for the South. But this debate has remained economically, while the euro has a geopolitical origin: it is a concession of the Germans at the time of reunification.

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Vivendi confirmed Monday, after market, the departure of Frank Esser, CEO of SFR, revealed by Le Figaro. This departure will be effective from the end of the week. Jean-Bernard Levy, CEO of Vivendi, this function takes live indefinitely. No other redesign teams SFR is expected. The announcement of a smooth transition reassured the 10,000 employees of SFR, where the announcement of the departure of Frank Esser, who presided over the destiny of the group for twelve years, has been a bombshell.

Vivendi wants to take the time to find a new boss for its subsidiary SFR, a pivotal moment in its history. Greatly shaken by the arrival of Free in the mobile sector, Vodafone is obliged to rethink its economic model. And why the research group "rare bird". Several names of potential candidates circulate: Bertrand Meheut (current CEO of Canal +), Thierry Breton (CEO of Atos), Didier Quillot (former CEO of Lagardère Active), Michel Combes (CEO Vodafone Europe), Gilles Pelisson (ex- Accor CEO) and Jacques Veyrat (Direct Energy) … But none is needed.

One thing is certain, the chosen one will have a profile of "cost killer" while SFR expects a decrease of 12% to 15% of its EBITDA margin in 2012 and Jean-Bernard Levy said at the Vivendi earnings presentation in early March, the need to "tighten the bolts." The future head of SFR should be able to reassure financial markets, while the declining profitability of SFR weighs on Vivendi. The stock has lost 17% since the beginning of the year.

The departure of Frank Esser was decided Friday afternoon during a supervisory board of Vivendi, and presented Monday at 5:00 p.m. in the Board of SFR. It does not seem to be a coup as often in the wars of succession, but a decision by mutual agreement. Friday, same day that his fate was sealed, Frank Esser was attending a lunch with the entire executive of Vivendi, in which Jean-Rene Fourtou, director of Vivendi, and Jean-Bernard Levy have sent him some very complimentary. Frank Esser, Mannesmann's German came (acquired by Vodafone), is indeed recognized and appreciated by both teams by his peers.

Free to adjust the face

But, before the onslaught of Free Mobile, it was essential to give new impetus to SFR, which lost 200,000 customers between 10 January and late February. "Jean-Bernard Levy knows SFR. We are confident in its ability to revitalize all appear the beginnings of a stabilization of the situation. After the initial excitement, Free began to experience a certain loss, "said a spokesman for Vivendi.

The task does not look easy. We'll have to cut some expenses without burdening the future. "In the hundreds of service developments underway at SFR, it will have to choose between those that are essential for the future and those who can be stopped, says an inside source. Always painful choices that force teams to redeploy réinternalisant projects that were previously outsourced to external service providers. "The suppliers and providers of SFR should be the first affected by this clampdown.

Add paid features

It will also have to rethink the positioning packaging opportunities. Free Mobile face, all operators have launched entry-level offerings, sold only on the Web at very aggressive prices. But where Bouygues Telecom, the first chopping last July, has managed to impose "B & You", followed by Orange with "Sosh" SFR has not really enticing with its brand "Red" launched in late September.

But offers low-cost, direct response to Free, are not the only priorities. The operators were able over time to all-inclusive packages (visual voicemail, MMS, mobile Internet …). We must now all unravel for a basic package comparable to that of Free, which you must add a number of services at extra cost. A vast perspective.

The French beheaded their king. Do they want to behead the richest of them? One might think that it is in the order of things and words. "King" in Latin rex, and "rich" that just in Gallic rix (as Vercingetorix), share the same etymological family. Both mean "powerful". To cut down?

Francois Hollande and plans to impose 75% income in excess of one million euros, at the risk of appearing confiscatory and unconstitutional. Nicolas Sarkozy wants to tax the tax exiles, threatening implication of deprivation of nationality, and is also limited vis-à-vis the Constitution. The both are attacking a minority that is the envy. Paradoxically, the rich more concerned about public opinion that the poor in the Hexagon. Poor little rich girl, sang Claude François.

Who do we speak? In the U.S., the debate on the "1%" has become a dominant theme of the 2012 presidential campaign. It was launched by the movement Occupy Wall Street ("Wall Street deal"), with the slogan "We are the 99%" ("we are the 99%"). It is stigmatizing growing inequality. Today, 1% of the population accounts for 17% of national income, according to statistics from the Internal Revenue Service (IRS), IRS. This proportion more than doubled since the early 1980s throughout the country. It even reaches 44% in the city of New York, according to the Fiscal Policy Institute, an independent body to observe the living conditions of the city.

To be part of the "top 1%" across the Atlantic, he had declared to the tax authorities .927 343 dollars of income in 2009 (before various exemptions, ie "tax loopholes"), about 265, 000 euros. In France, the club's ticket is much more modest. According to INSEE, it was enough for a single person to have a "stated income" of 88 200 euros in 2008 (latest figures available) to be among the 602 most successful French .500 (1% of the 60.250 million population metropolitan France which reports income). Paradoxically, the threshold is proportionately much lower for a couple (132 euros exactly .300), as INSEE reason in what he calls "consumption units". Example, a two-person household accounts for only 1.5 units of consumption: statisticians feel they have less to spend, if only because they share the same roof

. The rich must prove they are effective and useful

The "rich French", the "very high income" in the language of INSEE (at least 7 .350 euros per month for a single), are three times less than Americans. The main reason is that in France the club "of 1%" focuses 7% of national income annually, instead of 17% across the Atlantic, where the overall wealth of the country is also higher (by about a quarter capita) low fee payday advance. Another major difference from both sides of the Atlantic, nine-tenths of the French who are part of the "top 1%", ie 540, 000, with annual sales revenue of less than 239, 000 euros, according to INSEE. This does not allow them to figure in the American Club!

More and more observers believe the criterion of 1% insufficiently selective and that the group is too heterogeneous. It would be more appropriate to focus on the cream of the crop, "one thousandth" of the highest incomes, we believe more in the United States. We are 99.9%, "headlined last fall Paul Krugman, columnist featured in The New York Times, also Nobel Prize in Economics in 2008.

In doing so, it intends to develop two arguments. First of all this "super-elite" – whose annual revenues are on average 5.3 to 7.5 million – has seen its resources after tax increase by 400% since 1979 (increase in real terms, net of inflation and after taxes). But for the average American, who is in the exact middle of the income distribution, purchasing power has increased by just 21%.

Paul Krugman denounces especially the claim of "super-elite" to justify its gains by descréations job. "Very few of them are innovative type of Steve Jobs," he said. He noted that 18% are from finance, 12% are lawyers or real estate industry, "professions where there is no evidence of a clear link between income and contribution to the economy." The rich must prove they are effective and useful. Today more than ever when growth just to leave.

The debate is as old as time. "What the rich have they more than others?", Asked in the 1920 F. Scott Fitzgerald, author of The Great Gatsby. "Money," replied his friend Ernest Hemingway. As if the wealthy had neither merit nor talent. The opposite attitude is that of the famous parable of the talents: "The master gave five talents to one of his servants, who knew them for profit and is rewarded, while those who did not receive that one hastens to bury in the earth … "This is the origin of the word" talent ". He pointed coins, it became "the gift that is made fruitful." The ability to create jobs for example.

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1040 new aircraft worth $ 145 billion. This, according to the latest Airbus market research, the need for airlines in India in the next twenty years. Of these, the vast majority of planes (860) will be ordered to meet the growth in air traffic – to + 7.2% per year, it is already growing faster than the average in Asia (5.9%) . In total, the current fleet will more than triple to 1080 devices.

According to Airbus, the airline purchases will be predominantly (646 copies) on medium-haul aircraft type A320 and A320 Neo (version remotorisée). It to meet soaring domestic traffic should move quickly on a rate of 10% per year, which will make India one of the strongest markets in the world. The European manufacturer estimates that the market for 308 long-haul A350-type and 66 copies of the ultra-high capacity aircraft type A380.

Two giant orders

Airbus hopes to win a beautiful place in this promising market. Already, the European manufacturer claims "70% market share of new orders," his "ambition is to retain its leadership in the Indian market." To support its strategy to win business, Airbus has established local partnerships for forty years. It is manufactured locally A320 passenger doors, his best-seller. It is also recruiting Indian engineers in its Engineering Center opened in 2006 in Bangalore. The manufacturer employs 270 in total and has to hire another 180 by 2014 payday loan lenders.

Airbus' strategy has paid off. In 2011, the manufacturer has scored a major coup by winning two giant commands from Indigo (180 A 320 150 of Neo) and Go Air have ordered that, between them, 252 units.

Two threats

But the clouds on the horizon. On the one hand by the poor health of major customers such as local Kingfisher.Depuis his birth in 2005, the company has never made any money – it lost $ 90 million in the third quarter of fiscal year – and has accumulated a debt of $ 1.3 billion. Kingfisher international flights still canceled Wednesday, postponed delivery in 2014 of A 380 and ordered it does not exclude cancellations. In total, current orders are of 32 A320s, 20 A330 long-haul, long haul lonq five A350s and five A380 super-jumbo. The company promises tonight released a recovery plan within two to three days.  

Moreover, the implementation of the carbon tax by the European Union in January, also poses a threat to aircraft orders. Just as Beijing has frozen the purchase of 45 Airbus A 380, including 10 of its airlines, New Delhi is opposed to this tax. India may decide to retaliate. It threatens to bar its airlines to fly to Europe.

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After Greece, out of bankruptcy risk through the release of a second bailout of 130 billion euros, it was Spain who finds himself in the crosshairs of the Eurogroup, meeting on Monday evening in Brussels. The Spanish finance minister will have to explain on the skids deficits Spanish before his peers, the European Commission and the ECB President.

The prime minister, Mariano Rajoy, had a surprise, on March 2, alongside the European Council, stating that Spain would build his 2012 budget with a deficit target of 5.8% of GDP, while that agreed with the EU was 4.4%, to reach 3% of GDP deficit in 2013.

The market reaction was not long in coming. Following this, the cost of borrowing from Spain to 10 years jumped to nearly 5% more than for the first time in months, that of Italy. Guardian of the future "fiscal pact", the European Commission ordered a "serious blunder", brandished the threat of financial sanctions and sent experts to Madrid to assess the fiscal situation. Last year, the Spanish public deficit soared more than expected to reach 8.51% of GDP in late 2011.

Threat of sanctions

"There is no questioning of objectives," says the Spanish Minister of Economy, Luis De Guindos, in an interview Sunday on ABC newspaper. "Spain is a loyal member of the EU who feels bound by the European fiscal rules," he says.

Engaged in a very severe austerity measures, faces a general strike in late March because of its reform of the labor market, Spain is weighed down by losses of its regions, which have slipped to 2.9% of GDP against only 1.3% under-the Madrid region meets its objectives, which weighs heavily on central government accounts.

Barely out of the Greek crisis, "the euro area can not afford a new speculative attack," recalls one in Brussels. The Commission will ask the government to submit a plan "credible" to bring deficits to 3% in 2013, implying a say in Brussels on the draft budget 2012 Spanish.

Monday night, finance ministers from the euro area will give the green light to launch the second program of aid to Greece. Of 130 billion euros, the IMF should be involved up to 18 billion, said Christine Lagarde.

Even the Germans say they are reassured about the situation in Greece. "I am confident that the measures taken hard by the Greek government will put the country on the road to recovery," said German Finance Minister, Wolfgang Schäuble, unwilling to speculate on a third plan to help … To parry , the European Central Bank will continue its buybacks of bonds on the secondary market, ensures Coeuré Benedict, a member of the Executive Board of the ECB to Japanese newspaper Nikkei.

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Sluggish start to the year for consumers. The French have reduced their spending by 0.4% in January, reports the INSEE. In December, consumption had fallen by 0.2%, a figure revised up 0.5 point. Compared to January 2011, consumption fell 2.2%.

Household spending fell in virtually all sectors. In particular, they continued to crumble in clothing (-2.3%), despite the sales and after falling 1.7% in December.

This is especially the collapse of automobile purchases by 7.6% in January from 2.8% in December, which sealed the figure released today. Registrations have also unscrewed 20.7% compared with January 2011. "Households may indeed have anticipated their purchases of cars face of tougher no-claims bonus on 1st January 2012," INSEE advance.  

Among the few sectors rising, the food recovers (1.4%), after declining steadily over the past six months. "This decline is expected to continue as households are turning to cheaper goods in shops cheaper", the BNP Paribas economists. Energy costs have in turn bounced (2%) with the return of cold. This trend should continue and thus provide some support consumption in February, economists expect Societe Generale CIB.

Rising unemployment and uncertainties related to the crisis in the euro area seem to continue to weigh on household spending. This traditional driver of French growth had stalled in 2011, dropping by 0.5% over the year.

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As of March 1, homosexual employees of the operator SFR will be eligible for paternity leave, like any heterosexual spouse. Eleven days will therefore be available to lesbians and gay employees of the company, whose partner had a child. This decision was taken by Marie-Christine Theron, Director General Human Resources SFR, after an interview Jan. 31 with HomoSFèRe, the association of lesbians, gay, bisexual and transgender group SFR.

The company can do better than the law

Informal meeting at the request of the association, it was that first issue of commitments around the fight against discrimination, to establish for May 17 at the International Day of struggle against homophobia. Then, referring to leave "paternity" for lesbians, claim already before the Board equal professional women / men in November 2011, the DHR has accepted this request, it has even extended to gay fathers.

"This is a first for the association gratefully acknowledges the general direction of SFR for this spirit of openness and dialogue," enthuses HomoSFèRe. "The company can always do better than the law says Marie-Christine Theron. Our company is very proactive on diversity and equality in the workplace. With 20 million customers, I think it is this diversity in our staff. "

She said the gay community is not especially important in the group but "accede to this request was consistent with a normal evolution of our society, so why refuse it?" She asked.

The social partners have already "given their approval," commented the director of HR. The end of negotiations is under way and the social benefit might even be born as this February.

Greece appears increasingly at an impasse. Last night, the various parties in the governing coalition failed to agree on the establishment of a new austerity plan, after five hours of discussion, and despite the urgency of the situation . Greek Prime Minister, Lucas Papademos, said the meeting would resume today. He announced advances on the magnitude of the savings (1.5 point of GDP), bank recapitalization and reforms to reduce production costs. In contrast,. Antonis Samaras, the leader of New Democracy (right), leaves little hope on the fact that a consensus could be reached soon: Troika "demand more austerity, that the country is unable to bear, I 'm fighting to prevent this, "he said last night.

The European Union and the International Monetary Fund called on Athens to make more efforts and implement a new fiscal tightening if the country wants to receive the necessary new loan of EUR 130 billion at least. And time is short because without that money the country will be unable to repay the 14.5 billion euros in loans it owes to its creditors by 20 March. Without this payment, the country will have no choice but to declare themselves insolvent.  

Saturday night, the Greek finance minister, Evangelos Venizelos, said that negotiations should be concluded on Sunday evening that Greece could ignore the threat of bankruptcy next. Similarly, the leader of the Eurogroup, Luxembourg Jean-Claude Juncker, has also increased pressure on the Saturday night party leaders Greek citing the risk of "bankruptcy" of Greece in March if required reforms were not carried out. Athens must indeed conclude negotiations as soon as possible, so that the exchange of Greek sovereign bonds held by private banks can be operated around February 13. With the key, the deletion of 100 billion euros of its debt.

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