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The day after a jump of 2.46% which allowed the Cac 40 to exceed the 4000 points, the index is still up: 0.29% to 4016.19 points in ouerture. Last night Wall Street has ended sharply higher and higher over the past three years, supported by the technology sector, and this morning, Asian markets are doing well. The London Stock Exchange opened higher by 0.26% from Wednesday's close at 6037.71 points. The DAX index of the Frankfurt Stock Exchange shows him, up from 0.62% to 7294.58 points.

Side currency, the euro continues to rise inexorably. This morning, it still takes 0.32% and 1.4568 dollar rating, a level not seen since December 2009. The next resistance is at $ 1.46. On the commodity front, oil flies: the classes were still on the upside this morning, boosted by gains on Wall Street the previous day.In morning trading, a barrel of light sweet crude for June delivery took 53 cents to 111.98 dollars. That of Brent North Sea crude for June delivery gained 38 cents to 124.23 dollars. Wednesday, the price of a barrel of oil jumped more than three dollars in New York, under the effect of an unexpected fall in stocks of petroleum products in the United States and a sharp weakening of the dollar.

On Thursday, the economic program, we will now German Ifo barometer at 10 am, followed very investors.United States, the traditional weekly claims for unemployment benefits fall to 14.30, then 16 hours, the composite indicator of economic activity will be unveiled in March, and the figure very important activity in the region Philadelphia in April.

Schneider, Lafarge and Plastic Omnium in top billing

Side values, Schneider Electric (3.41% to 118.15 euros, higher up) has published a turnover up 26.5% in the first quarter to 4.94 billion euros and confirmed its objectives of growth and profit for the year 2011. According to its chief executive Jean-Pascal Tricoire, interviewed by Le Figaro, there are no talks with U.S. giant Tyco.

Just behind Lafarge rises from 2.87% to 47.74 euros. Goldman Sachs noted in his advice on the purchase value, which was previously neutral.Then comes Plastic Omnium (2.70% to 65.50 euros), whose turnover grew by over 36% in the first quarter, estimates that its activity should remain good in the second quarter due to production global automotive always supported.

Scor climbed 2.61% to 19.48 euros). Nomura has begun monitoring the reinsurance industry in Europe with a conservative view but has positioned itself to purchase at Scor.

Debt Eiffage (2.18% to 43.63 eruos) is not a concern, said in an interview with Les Echos published on Thursday Deputy CEO of construction group and concessions, while stressing that the goal was to reduce the debt of 300 to 400 million for each of the years 2011 and 2012.

The French group Alstom (1 make quick cash.93% to 44.57 euros) and China's Shanghai Electric together through the creation of a joint venture their boilers from coal, creating the market leader.

Accor, Sodexo Bénéteau and shunned

Conversely Accor disappoints sharply (-4.39% to 30.07 euros): the hotel group has seen its business grow by 5.8% in the first quarter and remains confident in the continued recovery in the hotel cycle in 2011 .Turnover totaled 1.354 billion euros in first quarter (+5.5% organic) with respect to 1.359 billion provided by Reuters.

The manufacturer of pleasure boats Beneteau (-4.06% to 14.89 euros), has announced a reduction by more than half its operating loss in the first half of 2010-2011 compared to the same period last year and confirmed its performance targets throughout the year. [

it was discovered this morning that Sodexo (-1.49% to 52.07 euros) has revised upward its forecast for annual revenue: the world's second largest catering, now thought behind Compass do for 2010 – 2011 a growth of around 4.5% so far it expects a growth of 3 to 4%.

Publicis (-1.59% to 38.27 euros) this morning publishes an organic growth of 6.5% over the period to 1.286 billion euros, against 3.1 in the first quarter of 2010 and the chairman of Publicis, Maurice Levy anticipates that 2011 will be "good or very good."

The wine and spirits group Remy Cointreau (-1.46% to 53.90 euros) Thursday announced revenues for its fiscal year 2010-2011 (ending March) up 12.4% to 908 million euros, with demand still very strong for its cognacs, particularly in Asia.

APRR (0.45% to 50.92 euros), whose activity increased by 4.1% in the first quarter, expects a less favorable trend in the second quarter mainly due to higher prices fuels that could affect the traffic of cars and trucks.

Safran (+0.88% at 24.53 euros) holds a general meeting at 10 o'clock during which shareholders have entrusted to Jean-Paul Herteman a second term and appoint the CEO, while Vivendi will be held at 10:30. Jean-Bernard Levy, "Vivendi saw a major turning point" means the Chief Executive has explained to Le Figaro in an interview the group's strategic direction. Meanwhile, technology stocks, widely acclaimed yesterday, should still be viewed on Thursday. The record results from Intel, the giant high-tech, support the entire sector in the world.

The Director General of the transatlantic exchange operator NYSE Euronext (-0.96% to 26.78 euros), Duncan Niederauer, on Wednesday defended its proposed merger with Deutsche Börse, the finding most relevant to the strategic plan as a redemption the Nasdaq and the ICE documentation of decommissioning.

After-hours trading, we take note of the quarterly results from Michelin, Boiron and BioMérieux.

The U.S. futures are well oriented on Friday at midday, heralded an opening up. The Nasdaq 100 future appears up 0.35% and the S & P500 future ahead of him by 0.39%. The future of Dow Jones gained 0.57% to 12,322 points.

An optimism that should be confirmed at the opening, whereas recruitment remained high and accelerated in the U.S. in March, allowing the unemployment rate to decline for the fourth consecutive month. This fell to 8.8%, its lowest level since March 2009 (8.6%). The market was expecting an average 8.9% stability. The U.S. created 216,000 non-farm jobs last month when observers were waiting an average of 190,000 new posts after 194,000 (revised) in February.

Economists suggest that new posts are developing in many sectors of the U.S. economy, which suggests a general recovery.

Already on Wednesday, the firm ADP unveiled the net creation of 201,000 jobs in the U.S. last month. Moreover, the weekly claims for unemployment benefits came out lower at 400,000 during six of the last eight weeks.

As for currencies, the euro traded at 1.4096 dollars in early afternoon. Oil-type light sweet crude odds higher at 107.28 dollars a barrel. A barrel of Brent is 117.71 dollars.

War of the exchanges is relaunched

ICE and Nasdaq have officially announced Friday it had sent a joint offer for the acquisition of NYSE Euronext for $ 42.50 per share, paid in cash and stock, e gives a total of approximately 11.3 billion dollars (7.98 billion euros).This proposition therefore shows a premium of 19% over the offer from Deutsche Boerse.

Logitech should loosen the opening. The title forfeits nearly 20% in pre-market trade. Yesterday, the technology group warned on its revenue and operating profit 2011.

Berkshire Hathaway should again be observed after the resignation of David Sokol, the most likely successor to Warren Buffett.

Office Depot will revise downward its results for fiscal 2010, due to a reduced tax credit of 80 million.

BP could benefit from a recommendation by JPMorgan.The broker believes that the title is "seriously downgraded," and reiterated his recommendation to "overweight" value.

Boeing confirmed Friday an order for 15 737 aircraft made by compage Turkish Airlines for more than $ 1.2 billion based on list price. The aircraft manufacturer said that this order includes delivery of 10 737-800 and five 737-900ER.

After a session of ups and downs, the leading index is rising again in Paris on Friday. In mid-session, he won and 0.55% to 4083.11 points. Yesterday, Wall Street has ended on a high note. For their part, the Asian financial centers are all clearly trending up. Despite rising pressure on the price of a barrel of oil, investors should follow the trend. The publication of results, generally of good quality, also maintains optimism.

Even finding on other European financial centers, the index Foostie 100 of the London Stock Exchange and the Dax in Frankfurt Stock Exchange, respectively, advancing 0.59% and 0.84% at 6040.34 points and 7286.74 points halfway through.

Oil prices resumed their upward movement on Friday morning, the market doubts that Venezuela's proposal to find a solution to the crisis in Libya could succeed, analysts said. Libyan oil production has fallen by half because of the violence sweeping the country, announced Thursday the head of the government oil company NOC (Libyan National Oil Corporation) Shukri Ghanem. In mid-session in Paris, a barrel of light sweet crude gained 0.25% to 102.16 cents dollars.That of Brent North Sea was up 2.68% to 114.88 dollars.

On the macroeconomic front, all eyes should be turned to the U.S. this afternoon are expected when two important indicators that will give an overview of health status across the Atlantic, namely the employment figures and unemployment for the month of February (1430) and industrial orders for January (1600). After some encouraging signs in recent days on job creation in the private sector and the weekly jobless claims, figures Mensula employment should be good, say most analysts.

The euro at its highest in four months

As for currencies, the euro rebounded sharply against the dollar and the yen after ECB President Jean-Claude Trichet, hinted he might raise the rate by the European institution.At its monthly monetary policy meeting, the ECB has maintained, as expected, the rate at 1%. But the President has adopted to the press a very firm tone about inflation, stating that "strong vigilance" was needed.

Last night, the euro climbed to its highest level in nearly four months to nearly $ 1.40. Around 23 pm last night, the euro bought 1.3965 dollars against 1.3867 dollars on Wednesday at the same time, after climbing to 1.3974 dollars, a level unprecedented since Nov. 9. The European currency also climbed against the yen at 115.08 yen against 113.50 yen late Wednesday, after peaking at 115.15 yen, its highest since early November.In mid-session, the euro was worth 1.3966 dollars.

Areva more confident for 2011

Legrand – 4.90%, to 28.80 euros

Wendel (+ 2.29%, to 74.18 euros) jointly yield and KKR, as part of an accelerated placement, 40 million shares, or 15% stake in specialist electrical and digital infrastructure of the building. Yesterday the share closed up KKR of 1.61% at the New York Stock Exchange, to 1.61%.

Areva: 5.65% to 35.44%

The nuclear group has accused an operating loss in 2010, mainly because of a provision for the construction of the EPR reactor in Finland, but the specialist's public nuclear aims to grow its business in 2011.The Chairman of the Executive, Anne Lauvergeon, also said that the group did not need additional funds, especially after its capital increase to finance its development.

Hermes International boosts results

Hermes International: 1.49%, to 153.6 euros

The luxury group has announced an annual net profit up sharply from 46% to 421.7 million euros while its operating margin reached 27.8% of sales, "Best recorded performance by the group since its entry into scholarship in 1993, "says the label. Operating income also flies from 44.3% to 668.2 million euros. Sales, already known since early February reached 2.4 billion euros.The group psoposera a dividend of 1.50 euros, 1.05 euros under cons of fiscal 2009.

Eurotunnel: -1.02% to 7.24 euros

The operator of the Channel Tunnel was charged last year with a net loss of EUR 57 million which he attributes largely to the lack of insurance payments related to operating losses after the fire 2008. The dividend is still maintained at 4 cents, and management stated that if the recovery appears to be confirmed, it should remain as progressive segments. Eurotunnel expects its passenger traffic increase of about 3% in 2011.

Veolia Environnement: -1.89% to 22.56 euros

The company said net income fell slightly by 0.5% for annual sales up 2.5%. It aims to increase its recurring operating income 4 to 8% in 2011 by continuing its program of cost reduction (250 million euros of savings anticipated in 2011).In addition, 1.3 billion euros of asset sales are announced for the current year.

Renault victim of manipulation?

Renault: -0.28% at 42.84 euros

The spy case that led to the dismissal of three senior executives of the group seems to deflate, the management track now evoking a "manipulation", due to lack of evidence on the existence of the bank account 'étranger.Christine Lagarde, Minister of Economy, promised "consequences" in this case that has shaken the manufacturer for several months. A demand that Patrick Pelata, the No. 2 at Renault would be willing to bend.

Ingenico: +1.85% at 27.87 euros

The Grou announced its successful bond issue of 220 million euros, could be increased to 250 million, ocean-type.

IMS: 2.67%, to 15.4 euros

The group suffered an operating loss in 2010, a year marked by heavy charges, particularly related to the reorganization of the group and disposals of non-strategic stocks following the acquisition in July of Jacquet Metals.

EADS: 1.01%, to 19.98 euros

The parent company of Airbus, is close to deciding not to challenge the award of contract to Boeing $ 30 billion for the supply of tankers to the U.S. Air Force, said Thursday folder.The sources close to the European aerospace group could announce the decision on Friday, putting an end to a battle of ten years on this contract.

Carrefour – 3.07%, to 32.7 euros

The supermarket group has seen its vice president resign on March 1, due to disagreement with the strategy, according to the Tribune. For its part, the boss of the distributor, Lars Olofsson announced it would deploy its Carrefour hypermarket concept Planet throughout Europe from April.

Societe Generale: 0.27%, to 48.92 euros

Lebanese Canadian Bank (LCB), a private Lebanese accused the U.S. of laundering money, will merge with Societe Generale said Thursday the governor of the Lebanese Central Bank, Riad Salameh.

Note that the calculation of the new composition of the CAC 40 and the reorganization of other evidence, confirmed yesterday, have left unchanged the 40 companies in the benchmark index in Paris.Moreover, the general meeting of shareholders of Euro Disney could be an opportunity to learn more about the reasons for the surge in prices in recent weeks, including rumors of a capital input of a new shareholder.

U.S. equity markets remain subdued on Tuesday. After gaining 0.57% on Monday, the Dow Jones evolves close to equilibrium, losing 0.04% to 12,157 points. The Nasdaq was down 0.25% to 2777 points and the S & P 500 0.16% cowardly to 1317 points. Monday, reassured Egypt U.S. markets ended in green.

Announcements of mergers and acquisitions have also supported the U.S. markets. The internet portal AOL (-3.11% to 20.53 dollars), has announced the resumption of the most famous American newspapers online news, the Huffington Post, with $ 315 million in cash.

For its part, the diversified industrial group Danaher (2.37% to 50.19 dollars) has announced a friendly takeover bid of 6.8 billion dollars on the company specializing in medical diagnostics Beckman Coulter (+0.05% to U.S. $ 82.69), while Ensco drilling specialist proposes to acquire Pride International for 7.3 billion dollars.

On the foreign exchange market, the euro remained slightly higher against the greenback on Tuesday, remaining just above the threshold of $ 1.36 after its decline yesterday, the traders regaining confidence in the hope German industrial production rebound. To 16 hours in Paris, the euro bought 1.3623 dollars against 1.3581 dollars late Monday.

On the macroeconomic front, there is no any major indicator on the agenda of U.S. investors on Monday.Investors await a new salvo of results on Wall Street with figures including Walt Disney for the first quarter.

Earnings down for NYSE Euronext

The side of values, on Tuesday, the transatlantic exchange group NYSE Euronext (-1.21% to 33.35 dollars) posted net earnings down 21% in the fourth quarter, to $ 135 million, affected by a particular adverse currency effects. Operating income, excluding merger expenses and exit costs, amounted to 188 million, down 10% year on year short term personal loan.For its part, the turnover has fallen from 4.21% to 613 million, due to unfavorable exchange rate, which weighed up to $ 19 million, the group said in a statement.

Always on the side of values, a former scientist has been convicted by a federal jury of stealing U.S. secrets to the Dow Chemical (0.74% to 37.90 dollars) for sale to Chinese firms said here Monday with prosecutors. Chyu Liu Wen, also known as David Liu, a former Dow employee aged 74, was found guilty of having gone to China to sell confidential information relating to synthetic materials manufactured by the giant chemistry and biotechnology used in the automotive and construction.A federal jury in Baton Rouge, was found guilty of conspiracy to steal trade secrets and perjury. Arrived in the United States from China as a student, he then worked for Dow Chemical from 1965 to 1992.

Microsoft (+0.29% to 28.28 dollars) would prepare a big bang. According to Bloomberg, CEO Steve Ballmer group will announce a major reorganization of its management team in February.Steve Ballmer wants to promote profiles with high technological expertise.

Sanofi-Aventis (0.87% to 34.90 dollars) on Wednesday expected to show profits in 2010 similar to those of 2009, despite competition from generics, but the presentation of group results Wednesday is likely to be overshadowed by the finalization expected imminently, the purchase of Genzyme (-0.12% to 73.93 dollars).

Also note, the U.S. authorities on Monday presented their proposal to regulate bankers' bonuses and suggested they would do if some institutions attempt to circumvent the reforms. According to the proposal of the Federal Deposit Insurance Corp. (FDIC), half the premiums of leaders of major U.S. banks would be subject to a deferred for at least three years.

After walking along the peaks on Tuesday, the ACC 40reprenait his breath yesterday. And the consolidation continues on Thursday in a context of extreme caution. At the close, the CAC 40 dropping 0.74% to 4 036.59 points. Even in England where the mood Footsie loses 0.28% to 5983.34 points. In contrast, the German Dax stands out by showing an increase of 0.14% to 7193.68 points, the good news for companies taking precedence over concerns about Egypt.

Wall Street opened disorganized Thursday.

Fears escalate the situation in Egypt resurface when violent clashes between pro and anti-Mubarak, in Cairo, have already killed three people and wounded hundreds.

ECB: "interest rates are appropriate"

They keep an eye still on macroeconomic indicators of the day.On this side, a busy day with:

– In France, growth in activity in the services sector accelerated further in January to its highest level in four months and now exceeds the average long-term, final results showed Thursday in the monthly survey with Markit purchasing managers.

– In the euro area, also growth in the services sector accelerated at a faster pace than expected in January, according to data released Thursday, but these figures do not reflect persistent differences between member countries.Also note, always eurozone retail sales decreased 0.6% in December compared to the previous month after falling 0.3% in November, according to data released Thursday by the EU statistics office Eurostat.

– European Central Bank has not surprisingly left its rates unchanged Thursday, but investors are alert to any indication of the ECB said it is prepared to act to contain consumer prices in view of inflationary pressures.

– United States: New jobless claims fell more than expected, when 415,000 applications for grants were submitted from January 23 to 29, according to official figures released Thursday.

Business productivity rose 3.6% in 2010, after rising 3.5% in 2009, according to official figures released Thursday in Washington and testifying to the fact that economic recovery has not led to genuine recovery employment.

Note that the side of the oil, oil prices continue to surge. In London, the price per barrel for the month of March gained $ 1 Low fee payday loans.03 to 103.37 dollars, its highest level since September 2008. Brent has broken the technical resistance of 102 dollars.

Values to follow

Bonduelle: -2.26% to 68.42 euros

The food group on Thursday posted a turnover up 16.4% to 884.6 million euros in the first half of fiscal year 2010-2011 (ended June). But exchange rates and constant perimeter, growth is reduced to 1.6%, according to a news group.The group also confirmed its objectives for 2010-2011: a 30% drop in operating profit for the full year.

Hermes: -0.70% to 149.15 euros

The luxury giant has reported a very strong organic growth in the fourth quarter, boosted by sales of Christmas and has said it expects an increase of over 40% of its annual profit before tax.

France Telecom: + 0.64% to 16.52 euros, Bouygues: -0.56% to 33.62 euros, Vivendi: -0.66% to 21.10 euros

Orange, Bouygues and SFR join forces to Atos to create a joint company called Buyst to provide a platform for e-payment before the summer, reports the newspaper Les Echos.

Societe Generale: -2.30% to 46.85 euros

The Federal Reserve announced Wednesday it had accepted the bank in the small circle of investment banks and brokerage firms allowed to operate in the primary market.

NRJ: + 2.25% to 8.65 euros

The group reported a turnover in excess of expectations for all of 2010, boosted by renewed investment in advertising and dynamism of DTT channels.

Vicat: -0.73% to 56.81 euros

The group anticipates a recovery in 2011 sales volumes in France, its largest market, after a year 2010 saw stabilization and further internationalization of the business.

Bolloré: + 0.12% to € 161.50

The group announced the acquisition by its energy division of the remaining 49% stake in LCN (Les Combustibles de Normandie).

Partouche: -4.12% to 2.33 euros

The group announced Wednesday the launch of a new capital increase of EUR 30 million, guaranteed by Butler Capital Partners (BCP), during which the private equity firm will enter the capital of the casino group.

Maurel & Prom published its annual results after market close.

The contenders are scrambling for the door Promovacances. The online tour operator valued between 180 and 200 million euros has been put on sale by the current shareholder, Barclays Private Equity. Fund capital investment would particularly soft eyes at the number one national on sale for the third time in five years.

The Tribune cites in particular the names of the investment fund Sagard created in 2002 by the Canadian billionaire Paul Desmarais Duke Street or the British who had already tried to get their hands on the Opodo site at its sale easy payday loans. Big names in the tourism sector would not be free of interest to the image of Thomas Cook and TUI and the round of contenders is just beginning, predicts the daily. Indeed, the rate of growth of the sector by 21% this year, is a pull factor.

A first wave of candidates should make themselves known mid-January 2011.The eyes have already turned to Axa Private Equity and Permira, the respective owners of Go Travel and eDreams.

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Given the success of Apple AppStore that led to pay more than a billion dollars to developers of applications for iPhone, iPod touch and the iPad, the Cupertino company will decline its model for its computers Macintosh.

"We hope to do the same for applications of computers with the Mac App Store, allowing to find and buy PC apps simple and fun. We look forward to starting this January 6, "said Steve Jobs, the cofounder of Apple. Nearly 300,000 applications are available on the AppStore shop for mobile devices that have generated close to the download of almost 7 billion small software.

Before Google

This business model has been popularized by Apple.But there are already over the past ten years, including the first personal digital assistants such as Palm, HP acquired this year.

By opening its application store for computers, Apple will launch its service before the one just announced Google. The Internet giant has just announced for future notebook PCs, including Acer and Samsung promised in the first half of 2011, which will use the operating system OS Chrome.

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»Download the iPhone app of the App Store Figaro.fr

Recycled waste bins collected every day, who refuse these services? The problem is that this has a price. A prize of increasingly burdensome for taxpayers. To finance waste management, municipalities and intermunicipal tax rise garbage collection (TEOM) or, more rarely, a variant, the fee for garbage collection (REOM).

The TEOM is paid only by households own their homes. As it appears on the same tax notice that property taxes, it often goes unnoticed. Yet, on average, the TEOM exceeds 100euros per year per household. Above all, it is constantly increasing: it rose by 7% in 2009, and 66% between 2001 and 2008. An increase due to recycling, more stringent environmental standards."We are far from the days when a truck while discharging filed," said Nicolas Garnier, director of the primer, an association of local authorities and professionals specializing in waste management custom business cards. Add to this the rise since 2009 of the general tax on polluting activities (TGAP) for incineration and landfilling. "These are companies who pay waste treatment TGAP. But this extra cost is billed to local communities, "said Senator UMP Dominique Braye, an expert on and spokesperson of the Assembly of Communities of France (ADCF).

Still, this derives from the TEOM is beginning to worry mayors, concerned about the reaction of their constituents. "We want companies that are responsible for paying more for waste recycling," said Dominique Braye.They already do in many fields, such as packaging, electronics, appliances, etc.. Manufacturers pay a contribution to an eco-organism, which then transfers substantially all the funds collected to the communities. "But the payments of these eco-organizations cover only 10% of the cost of waste management supported by the municipalities. It is too little, "said Nicolas Garnier.

The battle of the packages

Problem: The industry does not see things the same way. "The levy is passed. Ultimately, the consumer pays, "says Jerome Bedier, president of the Federation of Commercial and distribution (FCD). "The contribution of eco-packaging is only one or two cents on a soda bottle to 1.50 euro," retorted Nicolas Garnier.

Precisely, the issue of packaging is now the subject of a pitched battle.According to the Round Table, they will be recycled to 75% in 2012 against 65% today, which will increase costs unique business cards . "The agency believes that eco-packaging envelope of 640 million euros a year is enough. Elected officials call 700 to 750,000,000 and will not fall below 680 million, "says one to ADCF. An agreement has not been found. "Communities that want to finance independently of their ability to manage. We do not want to pay for waste treatment cathedrals! "Defends Jerome Bedier. "Mayors must ensure control costs. But residents should not be absurd demands, "says Gilles Carrez, UMP rapporteur of the budget to the Assembly and Mayor of Lagny-sur-Marne. Otherwise, the bill, whether paid by the taxpayer or consumer, will rise again.

When you think of the recurring criticisms of Axel Weber vis-à-vis the ECB and its decision to buy Sovereign debt, the face of Jean-Claude Trichet freezes, the voice becomes more serious: "No. This is not the position of the Governing Council with an overwhelming majority, "he replies.

This development, the president of the ECB has long preferred to be between four eyes. He ended up making it public last month, in an interview with La Stampa: "There is only one monetary policy and a president who is also the spokesman of the Board of Governors." President the Bundesbank was returned this time in its goals urbi et orbi. Better, Jürgen Stark, one of six board members, and its best ally in the house, took the final blow to his compatriot: "The organization must speak with one voice," says he end October. Weber continues his comments.

Hostilities between the boss of the ECB and its counterpart in the Buba back to the famous night of Sunday, May 9 Trichet met by phone, the 22-member Governing Council (the Executive and the 16 governors of central banks). On the stroke of 3:50 am is an awkward published: "In the current circumstances … the Governing Council has decided … to conduct market intervention of public debt securities."

Seems lifted a taboo: the ECB bailout failed states. "We just crossed the Rubicon," proclaims soon Helmut Schlesinger, who had chaired the Buba from 1991 to 1993, at the time of reunification. Axel Weber opposed all night, with Juergen Stark to the "vast majority" of other governors.Trichet's argument, whereas purchases of Greek or Irish only intended to "ensure market stability," prevailed.

Weber did not admit defeat. The day after he expressed his doubts. The decision "poses significant risks" and he objected, he said on television. A second taboo is shattered: the absolute prohibition of unveiling the "minutes" discussion board. "Alex Weber feared that the ECB will become a" bad bank "that would take on its balance sheet securities rotten, and it behaves like a bad boy," quips a senior official in Frankfurt, who admits to his "disorder".

Weber no longer has the support of Paris

It is enough: the very foundations of the institution are questioned payday loan. "Weber is an academic who has convictions and his outspokenness contrasts with the jargon of public servants.The ECB should better explain its decisions. It pays its lack of transparency and debate, "cautions Charles Wyplosz, a professor at the University of Geneva.

Respected economist of all, Weber, 53, is a latecomer to the world of central bankers. By accident, when he had to find a successor in 2004 to Ernst Welteke forced to resign for corruption. The German is proud of her positions trenches: "It is important to be diplomatic for the diplomatic corps, it is not so important for a central bank," he said in August. Even.

A few days later, Jean-Claude Trichet, no less, is "frightened" by the case Sarrazin, this member of the Executive Board of the Buba, which poisons the German political life by his racist statements.Yet it took more than a year for the skipper of the Buba finds a way to get rid of it!

With a quarter century of service to the European monetary construction, the current ECB president, whose term expires October 31, 2011, is instead a consensus maker, "His favorite item is the resolution crisis, when it comes closer to divergent views, "says Olivier Garnier, who was his adviser at the Treasury, now chief economist at Societe Generale. Repeated crises of the franc to those subprime, who is present in Germany as "the Ayatollah of the franc fort" was pretty well served.

For his imprecations, "Weber grilled his candidacy for the presidency of the ECB. He no longer has the support of Paris' slice MEP Pervenche Berès."To force to assert its position as Falcon, it has become so predictable that his statements no longer have any effect on markets," says an economist at the headquarters of the ECB. In the jargon of the markets, "hawks" argue for monetary tightening when the doves are more lax. Great poetry lover, Jean-Claude Trichet has endorsed this verse of Paul Valery: "The world is only by the ultras and lasts only by the moderates." Axel Weber thinks he can win without Trichet and consensus.

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The threat of President Lee Myung-bak has borne fruit. The South Korean leader promised to prevent the G20 finance ministers to return home if they did not find an agreement this weekend to defuse the war of currencies. In Gyeongju, the twenty largest economies in the world have given birth by forceps of a truce, which clears the road of Seoul Summit on 11 November. "We arrived in Korea apprehensive, we leave with great hope," summarized Christine Lagarde, relieved at the outcome of negotiations that lasted until dawn. Finance ministers and central bank governors of the G20 pledged to establish exchange rates "more market-determined" and "to resist all forms of protectionism."

A victory for the U.S. and the Europeans who have been denouncing for months without result, the undervaluing of the yuan.And a warning of other exporting countries in Asia like South Korea or Japan involved for several weeks to stem the flight of their currency, and thereby promote their exports.

Check the accounts of each country

A timid breakthrough made possible by the new U.S. strategy orchestrated by Timothy Geithner has muted his frontal attacks against the yuan. The Secretary of the Treasury has circumvented the explosive issue of exchange rates, to move the debate on the issue less contentious trade surpluses, in a letter to its partners at the opening of the meeting. And explain the need for major exporting countries cut their surpluses to rebalance the global economy payday advance online. An indirect way to push countries to revalue their currency without undermining their sovereignty.

With the support of the South Korean presidency and France, the U.S. delegation will propose to limit to 4% of GDP current account surplus of a country. A real bomb for China, Japan and Germany, as well as producers of raw materials such as Australia and Saudi Arabia immediately put their veto.

"The Americans knew very well that numerical targets would never be accepted. But it helped get the new principle of monitoring trade surpluses in the G20, "said one EU diplomat. For the American bluff opened the door to a compromise acceptable to Beijing, satisfied to see the issue of yuan into the background. In the absence of target figures, the G20 has asked the IMF to monitor the accounts of each country to ensure that trade surpluses are maintained at a "sustainable".

A fuzzy criterion to define and announcing the next battle that could start as early Seoul. Because the agreement Gyeongju could remain a dead letter since the IMF has no binding power as recalled Dominique Strauss-Kahn. The IMF Managing Director was immediately pushed into the breach to claim a broad mandate.

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