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Pending the arrival of his eagerly awaited first smartphone with the Windows operating system Phone at the end of the year, and production "mass" in 2012, we have to wait markets and customers. That Stephen Elop, president of Nokia strived to do during the CommunicAsia exhibition in Singapore. "Our main strategy in the field of smartphones is to focus on the Windows phone," he said, for its next billion mobile.

For Nokia, it is urgent. Last month, the group issued a warning on its sales and results, giving even to make predictions, as the period is difficult.Its sales continue to decline, it would hold more than 13.1% of the smartphone market in the first quarter against 25% a year earlier.

But maintaining a strong presence of the Symbian operating system in its range and choice of Microsoft at the expense of Android leave many doubts cast. While the number of applications available on a smartphone is a paramount requirement, the Finn is not in the race. It strives for the time to catch up in smartphones, highlighting the N9 in Singapore, expected to outdo the iPhone and Android to its competitors. To do so, Nokia boasts jumble "three home pages," his "handy user interface," "better voice quality," connectivity … The N9 (under platform Meego) is also equipped with a NFC connection, which enables contactless payments.With this feature, shows that Nokia is still able to board the train for a new technology, not to watch the competition from without it.

With the launch of three new models (N8, E7, C7 and C6-01 will be sold in July) Nokia has pushed the highlight of its commitment to Symbian OS. These terminals will be equipped with the new update system Symbian Anna. Novelty of this new version, it will be downloadable for those who have already bought one of these phones. And over the next twelve months, Nokia will market up to ten new smartphones based on Symbian. From there to imagine that the Finnish and protects against possible setbacks of its U.S. partner, there is only one step.It also reaffirms its loyalty and its customers, accustomed to its operating system, and that it might lose by abandoning it completely. Hence the idea to favor a smooth transition.

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Farmers do not easily repay the aid they have been illegally paid between 1998 and 2002. "Do not pay!" They were still directed Beulin Xavier this Sunday, the president of the FNSEA, micro Europe 1. "We want to continue the discussion on the subject. The current situation also requires some restraint, "he said, referring to the dual crisis that farmers currently, due firstly to the exceptional drought they suffered, and secondly to the fall in sales of fruit and vegetables following the discovery of a bacteria killer in Germany. "So far, 2011 is probably the toughest year to live for agriculture since 1949," Xavier held Beulin.

European Commission demands since January 2009 the repayment of French subsidies paid to producers of fruits and vegetables between 1998 and 2002.Received a complaint from a French farmer who felt aggrieved, the European Commission finally ruled that these subsidies distort competition in the market. It is therefore around 600 million euros that France is committed to be reimbursed by the farmers. The Minister of Agriculture, Bruno Le Maire, confirmed this week that the first claims had been issued to operators.

A plan of assistance deemed insufficient by the operators

Farmers are even less inclined to pay as they deem insufficient aid plan deployed by the state to help them during this difficult time payday loan. While compensation from the national guarantee fund for agricultural disasters (FNGCA), with 200 million euros, should not be paid until mid-September, operators were waiting on the part of the state allocation direct subsidies.But the move by the Charente Thursday, the head of state has rightly refused to "fall into the bad habit of giving allowances that would be declared illegal in a few months." Nicolas Sarkozy has decided to offset a one-year repayment of loans to farmers in 2009 as part of an exceptional level of support, $ 1.6 billion.

"The billion euros of measures [announced by Nicolas Sarkozy], I still trying," said Xavier this Sunday Beulin Today is a little over 500 million euros. " A sum that compares to the heavy expenditure that farmers will face this year. Between the difficulty to find fodder to feed the animals because of drought, rising grain prices and lower meat prices, which could amount to "much more than a billion euros, said Chairman of the FNSEA.

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The Center for Strategic Analysis (CAS) will publish tomorrow Tuesday an interesting note on employment and unemployment among youth. "After much reduced between 1995 and 2008, youth unemployment has not been more sensitive to the crisis in France than in the average OECD country," says the CAS.

The number of under 25 unemployed has increased by 4.3 points in France in 2008-2009 to 23.2%, against an increase of nearly 6 points in the OECD countries.Nevertheless, France still exceeds the three-point average of industrialized countries and is located "halfway between countries that have rates two to three times lower, as the Netherlands (7.8%) and Germany (8.3%) and those where they are approaching double the average, like Spain (43.1%) or the Baltics. "

If the best trained are best protected, the higher qualification of youth did not prevent their conditions of entry into active life to deteriorate. One third of 15-24 year olds have jobs of limited duration, against 11% of all employees. "There is no single answer to youth unemployment, otherwise we would have found it," insists Vincent Chriqui, head of the CAS.

No "youth minimum wage"

Former Plan Commissioner made four proposals in line with government policy no teletrek payday advance.He suggests "developing a wide range of alternative tools to schooling 'for 200,000 young" dropouts "listed by year: alternate pathway" second chance ", strengthened support … To further reduce the number of young people without qualifications, CAS argues that "the development of learning is more beneficial than in the past for training of secondary education." It should even be "a shared priority" prefects, regional councils, presidents or partners.

To reduce labor costs in the commercial sector – as France has not introduced, unlike other countries, a "youth minimum wage" – the CAS proposes to expand the number of assisted contracts in the private and make "a management tool and counter-cyclical support to young people most in need."The advisory body to the Prime Minister finally suggests to "enhance the experience of young people in the nonprofit sector by transforming a share of subsidized jobs in the public sector apprenticeships.

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They look at china dogs, waiting to see who will shoot first. Impacted by the recent surge in cotton prices, most major brands of apparel and ready-to-wear still refuse to raise their rates. At H & M for example, the waltz of the labels is not on the agenda. Despite a profit decline, to 291 million euros over the period from December to February (-30% from last year), its CEO, Carl-Johan Persson said that by "a deliberate maintain prices. "

And even if some of its stores saw their sales pitch down, as the new complex on the Champs-Elysees in Paris."While it should be 200,000 to 250,000 euros in turnover per day, it is only about 100 000 euros, or less than the store on the Boulevard Haussmann," said BFM Radio last month, light- where the limits "of a model of disposable fashion, low prices," which "seems to have a lame duck."

At the national level, INSEE made the same observation. According to the institute, purchases of textiles and leather have fallen 2.2% in March versus the same period last year. Moreover, even if the month of February received a slight improvement, with sales up 4.1%, it did not make "a very bad month of January," dissects Charles Tillard-Head in charge of statistical studies at the French Institute of Mode (IFM).

A hypercompetitive market

For specialists, this will keep prices at the same level due to the widespread decline in purchasing power.In a context of "incompressible increases of food prices and gasoline at the pump," the clothing market "could not support an increase of 5 to 15%" following the surge in cotton prices, said Jean- François Limantour, President of the Cercle Euro-Mediterranean leaders in textiles and clothing no teletrack payday loans. Same analysis for Charles Tillard-head, who feels that large retailers still prefer to "cut back on their margins." "There is a sense of expectancy, there analysis. The first to perform an increasing losing out in this hypercompetitive industry. Or in other words, would see its market share erode.

However, uncertainty remains about the ability of big retailers to maintain such a course."The professionals are in a phase where they do not really know how to pass on higher cotton prices," says Emmanuelle Butaud, secretary general of the Union of Textile Industries (ITU). In fact, its price, which peaked at 2.14 dollars per pound on April 7, increased on a year of almost 160%. Since then it has certainly packed (see box below). But as pointed Emmanuelle Butaud, the sector did not benefit because "it runs in cycles of one year to 18 months."

Cotton appears down

Since early April, the fiber has "consolidated" at around $ 1.54 a pound at the New York Stock Exchange, according Djillalid Hacid, an analyst with X-Trade Brokers. According to Jean-François Limantour, the decline should even "grow" in the coming months, referring to the latest figures from the U.S. Department of Agriculture (USDA).In 2010-2011, the institution expected to increase global production by 10.6% to 127.5 million bales, due to better weather than last year and the increased area of ​​plantations.

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The cold shower! Between January and March, the amount of money bet on sports online paris tumbled 26.5% in France compared to last quarter of 2010. According to the Regulatory Authority online games (Arjel), they accounted for 147 million euros for all 16 sites de paris sportifs allowed (BetClick, Bwin, PMU, … FdJ).

"This is a significant decrease, but this does not mean that athletes will put Paris down more than 20% this year, according to Jean-Francois Vilotte, president of the Arjel. The market just opened and we have no referent for the first quarter of 2010. We are attentive. It should not be the legal tender, for lack of attractiveness, the lead players trying to reconnect with the illegal sites. "

Football remains the supreme discipline of bettors

Several factors explain this lack of enthusiasm of the punters, starting with the sports calendar.There was no unifying event as a World Cup football, capable of boosting demand. Football remains the supreme discipline of punters, with 54% of stakes, to tennis (24%).

That said, the end of 2010 had not been richer in big tournaments. Operators are responsible for what happens to them. "To reconstruct a portion of their margins and respect the average rate of return to players imposed by law, they have degraded their ratings, making them less attractive to paris players," said Jean-Francois Vilotte. Indeed, if the bets were down 26.5% in the first quarter, gross gaming revenue has increased it to 33 million against 27 million last quarter of 2010. "Operators have underestimated the lack of culture in France paris sport and have not adapted their supply, said Jean-Francois Vilotte.Italian and English are long accustomed to paris sports, often to excess. But bet on Beckham's haircut is not necessary for sports! "

Missing operators

However, fans of horse racing and poker paris are themselves remained at the rendezvous. In the first quarter, the amount bet in paris horse has reached 241 million euros, in the last quarter 2010 and still much more than this summer. In poker, they are also stable at 1.9 billion euros, while the activity of tournaments grew another 4%, entry fees from 261 to 271 million in three months. One thing is sure, Jean-François Vilotte concluded: "Quite naturally, some sites will disappear or be absorbed." Already, Canalwin, a subsidiary of Canal + and Ladbrokes gave its approval.TF1 and prepares to throw the towel in Eurosportbet.

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The NYSE will start Thursday's meeting in sharp rebound, while Japanese engineers are trying everything possible to cool the reactors at Fukushima and avoid a major nuclear disaster. The Dow Jones climbed 1.09% to 11,738 points, the Standard & Poor's 500 and Nasdaq 100 advancing 1.33% respectively to 1274 points and 1.40% points to 2653 points.

Thursday's meeting, however, promises once again to be febrile given the uncertainties surrounding the nuclear disaster in the archipelago. Wednesday on Wall Street, the Dow Jones dropped 2.04% to 11,613.3 points and ended at its lowest since Dec. 31.

The VIX volatility index, also called "fear index," jumped over 20% Wednesday and flew more than 45% since the beginning of the week.And according to analysts at PFG Best "it is not impossible that the Vix found record levels at the height of the financial crisis, the index could well triple.

In Tokyo on Thursday, the Nikkei closed down 1.44% moderate, affected by the surge in the yen and suspended the efforts of Japanese technicians near the nuclear power plant in Fukushima. For the first time since the nuclear crisis, the Japanese army helicopters dumped in the morning about 30 000 liters of water reactors 3 and 4 of the plant. The results of this operation are not yet known.Moreover, to support the Japanese economy, the Bank of Japan injected 6,000 billion yen (about 54 billion euros) Thursday on the money market, bringing to 34,000 billion yen, its total contribution since Monday.

Inflation at the highest

On the currency markets, the euro continued its rebound against the dollar on Thursday, while the yen was changing to levels not seen since the Second World War against the greenback, buoyed by speculation of remittances in Japan following the devastating earthquake on Friday. 111H00 to Paris, the euro bought 1.4053 dollars against 1.3906 late Wednesday, its highest in four months.

On the macroeconomic front, the meeting was punctuated by the publication of numerous U.S. indicators.The weekly jobless claims were initially declined more than expected in the United States during the week to March 12, at 385 000 401 000 cons (revised) the previous week, said Thursday the Labor Department.

Higher oil prices is being felt in the United States on consumer prices, which have experienced in February their largest increase since June 2009, according to figures released Thursday by the Washington Department of Labor faxless pay day loans.

The industrial production fell unexpectedly in February cons, largely due to mild temperatures that have weighed on the sector of services to communities, according to official statistics released Thursday.According to the U.S. Federal Reserve, production fell 0.1% after an increase of 0.3% (revised from -0.1%) in January.

Guess and FedEX published

The values ​​listed after the close Fifth Third Bancorp has repurchased $ 280 million contract warrant issued to U.S. Treasury for the bailout of banks.

The mail group FedEx (4.91% to 89.47 U.S. dollars) Thursday raised its forecast for revenue and margin for the current quarter and next, an announcement that pushed its way in the exchange pre-market trading. "We expect a continued positive trend increases turnover and margins in the fourth quarter and fiscal year 2012," said Alan Graf, chief financial officer.

Guess (-9.07% to 39.89 dollars) posted net earnings rose to $ 105.4 million, or $ 1.11 per share in the fourth quarter ended Jan. 29, against $ 87.9 million , or 93 cents per share last year.

By contrast, Qualcomm (4.36% to 52.70 dollars) said its deliveries should not be affected by events in Japan, noting that the supply and production within the company was sufficiently diversified in this such situations.

Renaissance Re Holdings (-1.77% to 62.77 dollars) said the floods in Australia will have a negative impact 30 to $ 190 million on first quarter results 2011.The earthquake in Japan should also have a significant effect on the accounts.

For his part, Rollins (1.01% at 19.01 dollars) has announced that its subsidiary, Orkin had opened a new office in Shanghai.

Also note, Apple (2.55% to 338.42 dollars) lost 4.5% Wednesday after an analyst from JMP Securities has degraded the value of the first degradation by an analyst since October. 90% of analysts remains to buy Apple. But, clearly, the group's growth could be affected by events in Japan and greater competition, especially in the segment of mobile phones, experts say Aurel BGC.

ON Semiconductor announced that its turnover in the first quarter 2011 could be affected by the situation in Japan at 2% to 4% of its turnover, due to disruptions in logistics.

This is not the form of real estate sales the most common. Figures from the Higher Council of Notaries, selling life, which provides that the purchaser pays an annuity to the seller, while the latter may continue to occupy the property it sells, even in decline for several years. According to the latest available statistics, notaries recorded 779 sales in 2009 Life in the provinces, that is to say 0.2% of transactions. Numbers declined sharply relative to those published in the 1990s: the number of lifetime would then exceed the threshold of 1500 or 0.7% of all sales. Moral restraint buyer betting somehow the death of the seller or unfortunate experiences of life such as signed by a notary with the former dean of the French … Calment French buyers have opted for more conventional transactions.

A revival

Yet in some regions, the Ile-de-France and Côte d'Azur in particular, selling life experiencing a resurgence. Some agencies specialize in the niche, and on the websites of real estate there are currently more than a hundred offers and much Paris to Nice. The quota is significantly lower in the north and east.

According to professionals, such sales may have several avantages.Pour the seller first, which can thus remain in place, pocketing most of the time part of the sale in fixed capital and the rest of the bunch as annuity. The annuity may also benefit from a tax reduction from 30% to 70% depending on the age of the seller.

For buyers the life is a way to buy a property hoping for a better price than the market.Real estate agents see it as a way to put property on the market that suffers from the shortage. Finally, selling life can be seen as a response to the problem of pensions and dependency by allowing seniors to live in their homes but are living better thanks to the additional income. These benefits would also not escape the government is currently seeking the expertise of solicitors on the record to revive the form.

Warranty too low

For if life is less common than before, also because the notaries prefer … to discourage sellers. "The purchaser is a kind of bet he can do a good deal. If in the end, it pays more than expected, it is part of the game The seller is not in this context, he wants to play and win get the right price for his property, "explains Pierre Lemée the Supreme Council of Notaries .Yet for him the procedure is not secure enough. "When selling well in life and that the purchaser, called debtor, dies, the burden of paying rent to the seller, the annuitant is transmitted to the heirs," he says. Heirs of the seller does not know and who are perhaps not creditworthy. If Débirentier can not ensure payment, the guarantee that the seller is not always sufficient. "The seller has no lien to recover its dues before other creditors. If the debtor is implementing a procedure for debt, the annuitant is featured on the list, the same rank as a banker, "says the lawyer.Especially since the termination of the contract of life can be complicated.

Another drawback of the formula put forward by Pierre Lemée: the risk to the seller to be the victim of an "arrangement between friends," the purchaser pushing the owner to sign a life with knowledge of his fragile health. A notary has thus been removed pourune similar case in La Baule, Loire-Atlantique.

Given these uncertainties, preference goes to the Pierre Lemée reverse mortgage. Founded in 2006, this formula also allows the owner of a property to obtain resources without having to sell it. The owner can get this loan from a credit institution and choose to collect the money as a lump sum or an annuity. The refund is the death of the borrower, the sale of the property, or earlier if the owner decides to leave her home.If the sale price exceeds the debt, the heirs recover the balance. Otherwise, however, the debt is not spread. The latter may also prefer to repay the loan and keep the property at the estate. A less risky.

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Red, always red and even red. That should expect the CAC 40 on Wednesday for the third straight session. On both days, the Paris index has lost 2.59%, equivalent to just over 100 points. The figure of 4,000 points is dangerously close. The CAC 40 index opened down 0.14% to 4044.53 points.

The London Stock Exchange is changing down from 0.29% to 5979.65 points and the DAX index of the Frankfurt Stock Exchange lost 0.32% to 7295.12 points.

Closed Monday because of "President's Day, Wall Street has followed the general trend Tuesday dropping 1.44% to 12,213 points. On Wednesday morning, Asian stock markets mostly recorded a third consecutive decline, losing about 2.5% since the beginning of the week.The reason? Libya and its political crisis, which is growing, and whose power is crumbling oil markets worried about the world.

On the macroeconomic front, consumer prices fell 0.2% in January, monthly changes, but still up 1.8% year on year, INSEE said on Wednesday.

At 12 hours, will be published index prices in the supermarket in January.

For the euro area are expected new orders in industry in December 2010 (11:00).

Finally the United States, are scheduled home resales in January (16 hours) and the intervention of the President of the Philadelphia Fed Charles Plosser, on the economic outlook (19:30).

The euro starts again from the front

On the currency markets, the euro found colors against the dollar, gaining 0.23% to 1.3686 dollar.

In morning trading, a barrel of light sweet crude for April delivery gained 4 cents to 95.46 dollars.That of Brent North Sea crude for April delivery has appreciated by 22 cents to $ 106.

Total, which announced Monday that it repatriated the majority of its expatriate employees in Libya, said Tuesday that its production there was suspended in part because of the violence in the country.

The letter rogatory to Switzerland on the existence of bank accounts belonging to the three Renault executives suspected of espionage has not worked for one of them, according to Le Canard chains.

The Food and Drug Administration (FDA) has issued a double warning to Sanofi-Aventis for a contamination problem on a German site and for gaps in reporting of side effects in the United States.

A U.S. federal court issued Tuesday a decision in favor of Vivendi in greatly reducing the number of complainants and accused him of having misled shareholders about the state of its finances.

Natixis finished with losses

Natixis: 6.13% to 4.38 euros – greater in the SBF 120

Natixis bank has returned to profitability in 2010, generating a net profit of 1.732 billion euros against a loss of 1.388 billion a year earlier, thanks to lower the cost of its illiquid assets at a lower cost and risk with tight control of expenses.

Maiso his mother, BPCE, will finalize contributions to reimburse the state, the balance reached $ 2.2 billion by the end of the first quarter, said Wednesday Chief Executive Perol during a conference call in conjunction with the presentation of results.

Accor: -1.08% to 34.82 euros

The hotel group Accor said on Wednesday 2010 net profit of 3.6 billion euros, primarily due to the non-cash impact of the demerger of the group, against a loss of 282 million in 2009, and declared will accelerate its divestiture program for 2011-2012.

Rhodia: -2.66% to 21.37 euros – the largest drop SBF 120

Rhodia announced Wednesday that it doubled its dividend to 0.50 euros for 2010, achieved a net profit in 2010 "record" of 259 million euros, against a net loss of 132 million the previous year.Turnover rose 29.6% to 5.23 billion euros.

CNP Assurances: -0.06% to 15.81 euros

The CNP Assurances has grown by 4.6% in net income in 2010 to 1.050 billion euros, offsetting a slight decline in turnover by 0.8% to 32.3 billion euros.

Technicolor: 3.13% to 5.28 euros

Technicolor (formerly Thomson), specialist equipment and services for media and telecommunications, has won the tender launched by France Telecom for its next generation of boxes in France, according to Le Figaro.

Nexity: 4.44% to 33.40 euros

The developer Nexity said target for 2011 an operating margin (OMC) more than 8%, excluding charges related to his project Nexity Tomorrow, after a year 2010 marked a decline from its weaker than expected sales and a return to profitability.An earnings conference is scheduled Wednesday at 8:45.

Imerys: +0.25% to 49.98 euros

The Anglo-Australian mining group Rio Tinto said Wednesday it received a firm offer of Imerys, a group of industrial minerals for its production subsidiary Luzenac talc, set at $ 340 million, or about 250 million euros.

APRR: +0.04% at 52.02 euros

APRR is a continued growth in its turnover in 2011 under the double impact of rising prices and increased traffic, heavy head.

Transgene: -12.84% to 12.90 euros

Transgene announced that the Swiss laboratory Roche had terminated the license agreement that bound him to the French company to co-develop the TG4001, a therapeutic vaccine against cervical cancer.

Spir Communication: 3.27% to 41.32 euros

Spir Communication is planning an EBIT profit in 2011, after regaining the year 2010, as predicted, a quasi-equilibrium.

After market, it was the turn of Ipsos, Dexia, Vallourec, and OL Toupargel of Group E to submit its annual results, interim results and Vilmorin.

Also note that the bid for Axel Springer Seloger.com ends on Wednesday.

The partnership between Nokia and Microsoft sounds like the choice of last resort. Both groups have accumulated failures in mobile telephony in the past twenty-four months.

"By adopting a clear strategy, we will give teams the Nokia want to fight," said Stephen Elop on Friday, Canada, formerly of Microsoft, called the head of the group six months ago to save the sinking . This is the first time in its history that Nokia has a non-Finnish president. Without clear direction, Nokia was going to drift. The group is cornered. Its global market share is steadily declining. Its range of a hundred phones covers almost all market segments, but has lost its coherence.

Worse still, Nokia has completely missed the turn of smartphones, the high value segment."The first iPhone was released in 2007 and we still have no product whose experience comes close," said Stephen Elop in a memo sent to his troops. Symbian, the operating system house, enjoy a nice installed base of 200 million users, it is not up to its competitors. Sony Ericsson has also waived late 2010 in favor of Android. Meanwhile, the group has dangled for almost two years the arrival on the market for a new operating system, Meego, who will probably never happen, despite spending. Finnish remained strongly committed to the idea that it was the manner of an Apple or RIM to both control the production of equipment and software design.A page now touring with the choice of the Microsoft alliance.

Battle of applications

Small consolation prize for the world leader in telephony, beautiful business performance achieved in countries with strong growth in entry level easy payday loans. Position weakened by the emergence of new actors. "Some Chinese brands hitherto completely unknown compete with Nokia in emerging markets," said Carolina Milanesi.

However, the battle is far from won. The picture is much brighter at Microsoft.The software company launched last year its operating system Windows phone with a lot of advertising and marketing expenses for an inconclusive result, only 1.4 million phones sold in three months.

The two giants have another problem in common: the number of applications on their platform does not allow them to deal with Apple or Google. "We have 8,000 applications, has again reminded Steve Ballmer on Friday. The Nokia Ovi Store has thousands, "according to the brand that is careful not to disclose a figure. Apple is approaching 300,000 and Google applications exceed 100,000. However, the number of applications available is a selection criteria of consumers. In alliance, Microsoft and Nokia hope to catch up in attracting developers advantage. For this, they should offer them a more attractive form of compensation than their main competitors.

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The year 2010 was the year of improvisation in crisis, 2011 should mark a reordering that we hope soothed. Without taking any formal decisions, the bloc will draw on Friday the contours of their anti-debt strategy, before stopping in the coming weeks the overall plan for deciding the future of the euro.

A year after Greece has triggered the alarm, a cautious optimism has returned. It is fed by the release include the "spreads, interest rate differentials that have brought forth last year scenarios bursting of the euro area. "The markets are turning around," we welcomed Thursday at the Elysee.

Striking Force strengthened

The lull depends largely on the hopes invested in the "total package" of relief as the Europeans have announced the end of March, but failed again to agree on the content.This overview is based on a short notice on a strike force for the enhanced relief fund for insolvent countries. And in the medium term, to a serious reordering of national policies to ensure the future competitiveness of Europe.

The second chapter, and policy is driven largely by Germany, has dominated the debate until Thursday. Question of credibility. France weighs for the "economic government" of the euro. She proposed Thursday that the seventeen countries in the single currency will meet at the summit at least once a year. It would, they say at the Elysee, to take "concrete commitments to which all Member States subscribe.Clearly ensure consistency in depth, beyond the areas of EU competence.

But it is a more technical aspect that the markets expect the euro to its immediate evidence: the reform of the European financial stability, the first line of defense of the single currency. After having dragged their feet, Germany has just signaled it is prepared to endorse an increase in enrollment to 440 billion euros in the response capacity of FESF. It remains to determine the practical arrangements for the rise.

Nine months after the rescue of Greece and ten weeks after that of Ireland, it also becomes necessary to permanently reduce the interest burden for two countries that are struggling to keep their heads above water. In the closed session of the summit, it will be the essential issues.Without neglecting course neither Portugal nor Spain, to which Angela Merkel Thursday awarded a certificate of good conduct.

To ensure the efficiency and flexibility of the relief fund, it is lacking in Europe nor scholars nor financial arrangements feelers: Flexible credit lines, purchase obligations of debtor countries on the primary and / or school, targeted cuts in interest rates. "There are so many ideas that could take months to explore them all," said one European official. The real question will be chosen at the appointed hour, he says in substance. That is to say the decisive summit on 25 March.