Angela Merkel likes the cons-feet. After the victory of Francois Hollande in the presidential election on 6 May, the German Chancellor had said it would host "open arms" the president-elect. Thursday, it proved inflexible in the Bundestag, rejecting any policy of increasing public spending, policy advocated by the Socialists.

And this Saturday, one that supported Nicolas Sarkozy during the presidential campaign, tried to calm things down, three days before his meeting with Francois Hollande, in Berlin. When asked, by withholding his weekly video podcast, a "possible steady partnership with the new French president," Merkel said, "Yes, that's what I think, because we know since the founding of the Republic Germany a good Franco-German relationship is just very important for both countries. "

Angela Merkel isolated within the EU

By his attitude changes, the Chancellor irritate Francois Hollande. Before his colleagues, the president-elect would not hesitate to declare that "this is not a good method" to be so inflexible. In Berlin, the president apparently intends to say to Angela Merkel, "politely but firmly," according to a close this week quoted by Agence France-Presse savings account payday advance.

For now, the latest forecasts from the European Commission for the French economy, published Friday, give reason to Angela Merkel and fall ill for Francois Hollande. According to Brussels, France's public deficit should reach 4.2% against 3% anticipated by the new president. Growth of gross domestic product to 1.3% in 2013, far from 1.7% target by Francois Hollande. For its part, the German economy should continue its momentum. The five major economic research institutes across the Rhine anticipate a 2% increase in 2013 GDP growth of Germany.

But sixteen months of laws, the government of Angela Merkel is in trouble. Having already lost power in Schleswig-Holstein, the Chancellor will test again on Sunday in one of North Rhine-Westphalia, the most populous regional state of Germany and bastion of the left. Especially, that which formed a duo with austerity in favor of Nicolas Sarkozy, now seems isolated within the EU since the latter has lost the presidential election. And while many European capitals have welcomed the growth pact advocated by Holland.

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Angela Merkel will host the new president of the French Republic "with open arms," ​​but firmly defend its rigorous design of economic policy in Europe.

The Chancellor reiterated on Monday that it intends to oppose the limits to the will of Francois Hollande to enrich the fiscal pact of measures to support growth. "The Growth Pact is not negotiable. [...] It is not possible to renegotiate everything after each election ", otherwise" Europe no longer works, "said Merkel at a news conference. "Greece could also ask to renegotiate" the austerity plan that it implements in exchange for international aid, for example, she warned. The spokesman for Angela Merkel, Steffen Seibert, also reiterated on Monday that 25 out of 27 countries had adopted the pact in the snatch a few months ago, and it was therefore "impossible" to renegotiate. Greece, Portugal and Slovenia have already ratified.

Angela Merkel, provided, opened the door to the adoption of a new Growth Pact for the euro area, which would add to fiscal pact. But it has clearly defined the limits between what is acceptable and what is not. "Germany is not a growth deficit, but growth through structural reforms", said Steffen Seibert on Monday. In line with about Mario Draghi, the chairman of the European Central Bank (ECB), German Chancellor intends to primarily boost growth in Europe through increased competitiveness, notably by reforming the labor market.  

"Working well and intensively"

For his part, Francois Hollande called for a resumption of growth through capital investment in infrastructure, new energy and industry bad credit pay day loans. The Socialist would draw upon the European Investment Bank (EIB), he wants to strengthen, and remount the EU tax on financial transactions. The contrast with Chancellor Angela Merkel would be so much more frontal Francois Hollande wanted to introduce shared Eurobonds, or reform the statutes of the ECB. The two countries should compare their respective growth strategies in the coming weeks. Chancellor, who invited the new president on Sunday in Berlin, said she was ready to "work hard and intensively" with him. According to Pierre Moscovici, former campaign manager Francois Hollande, one visit may be scheduled "shortly after May 15."

The subject should also be an informal meeting announced by the President of the European Union, Herman van Rompuy, to the end. This meeting will aim to prepare the EU summit on June 28 and 29 devoted to growth and employment. Paragon of austerity in Europe, Germany is on this point more and more isolated. Several countries have called in recent weeks to further stimulate growth in Europe, without their strategies converge systematically. In addition to Greece, whose austerity policy has been sanctioned by the urns, Italy, Belgium and Ireland, in particular, were pleased on Monday to see growth back at the heart of the European agenda.  

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Chambers of commerce and industry want to work with the new president and new government on major economic issues: SMEs, industry, international business development, training and learning. "We are a driving force. We are not in the claim, "said Jacques Pfister, Senior Vice President of the Assembly of French Chambers of Commerce and Industry (ACFCI) and President of the Chamber of Commerce and Industry of Marseille Provence in presenting the 22 proposals of the network of chambers of commerce and industry.

Sign of this willingness to change and to affirm their desire to play leading roles in major economic debates, chambers of commerce and industry adopt a new logo, "CCI de France." "There are not many networks of entrepreneurs also involved in the economy of the territories and as close to the territories. We are a private Datar, "says Jacques Pfister, referring to the Directorate of Planning.

Chambers of commerce are active in many areas. "They are machines to do economic development, to train young people to manage infrastructure," says Pierre-Antoine Gailly, second vice-president of the ACFCI and President of the Chamber of Commerce and Industry of Paris. They train apprentices. They welcome students into their business schools. They manage airports or ports. They support SMEs internationally. They help entrepreneurs. They look after employment. "The Chamber of Commerce Marseille Provence 1000 supports RSA beneficiaries per year for four years," said Jacques Pfister personal loans for people with bad credit.

Simplification of yarrow territorial

Anxious to participate in the economic recovery, the Chambers of Commerce argue that France gets a real industrial ambition. They want to make 2013 the year of the industry. They offer a one-stop financing industrial area to help entrepreneurs to find funding.

The launch of a contingency plan to enable SMEs to enter new markets is asked to stop the decline in the number of exporting companies that are not more numerous in 2011 than in 1995. Large groups will be forced to work with "a share of SMEs and SMIs in the French part of their contracts together abroad."

Noting that France is over-managed and that the powers of territorial and state overlap, chambers of commerce and industry urge a simplification of territorial yarrow, strengthening the role of cities and best use of ports or airports. "It is possible to create a% of GDP higher if we reflect on the cities and provide 1% of GDP higher by focusing on the ports of Marseille and Le Havre," said Jacques Pfister.

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In Rome,

Even Professor Monti can not perform miracles. In the Document for Economic and Financial (DPEF) covering the years 2012 to 2015, on Wednesday approved Wednesday by the Cabinet, it is written that Italy will experience a recession in 2012 equal to 1.20% of GDP. However, until now, the government expected a 0.4% growth this year. The activity will walk away from the front in 2013 – timidly – to double next year to 1.2% in 2015.

Logical consequence of this failure of growth, the government recognizes that a balanced budget, wielded far as priority, will struggle to be reached in late 2013. Vittorio Grilli, Deputy Economy Minister now speaks of a deficit of 0.5% of GDP next year, adding that "overall structural balance and not episodic" is reached. A scenario much more optimistic than the IMF in its forecast released Tuesday estimates that Italy will not reach equilibrium before 2015.

Another sensitive indicator: public debt, which stood at 123.4% of GDP at the end of last year. It would decline to 120.3% this year, 114.4% in 2014 and 110.8% in 2015, when the simplification and liberalization adopted earlier this year will come to full speed, generating additional growth assessed 2.4% of GDP in 2020.

In presenting these figures, the chairman, Mario Monti, sought optimistic: "Our action has demonstrated safety of the public accounts. We will have a primary surplus (excluding debt service) of 3.9% next year. " Despropos primarily for financial markets, which have recently hosted the Italian slippage. MIB30 index of the Milan Stock Exchange closed sharply lower by 2.29%.

The balancing act that requires Mario Monti has become particularly difficult fast payday loans. It must assure citizens that their efforts are, not to undermine confidence without complacency. Mario Monti has paid tribute to the sacrifices "very high" imposed on the Italians, "we are fighting every day to avoid the fate of Greece," he said, deliberately severe.

But in a country where the tax burden – 45.1% of GDP – reached a record high and unemployment was 9.3%, an increase of rigor seems now to be excluded. The salvation is through more growth. This is why the government on Wednesday adopted a national reform agenda based on five priorities, which will mobilize tens of billions of euros. The 'major projects and public infrastructure "alone include 20 billion euros in public funding per year for three or four years for priority equipment, rail, road, airport, hospitals, schools, … Another sensitive issue: the immediate payment of the arrears that the state owes to private companies, whether of central or local governments. Twenty billion euros of state guarantees will be released to allow private creditors to enforce them at banks. Six billion will also be reimbursed immediately by local governments. Tax incentives, practical support to business creation and drastic simplification of administrative procedures should also encourage the resumption of activity. An effort of three billion euros a year for twenty years will be made in favor of renewable energy. Finally, the Senate passed Wednesday on a final golden rule placing a balanced budget in the Constitution. Mario Monti handling is the core growth budget and stick.

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Cemented over the Internet and social networks, legends are built today at full speed. Especially in the "global village" of finance. Demonstrated experience in recent days by crossing Iksil Bruno, senior trader but anonymous until last Friday the bank JP Morgan in London.

The man remains discreet, understandably. Within days, he became the "whale of London", or "the Thames", or "white" – we do not know too much – or Voldemort, the terrible witch of the Harry Potter … The number of nicknames given to it becomes suspect. The story is told that then took a dramatic turn when it was revealed that the banker in question was French, a fact which would be enough to make a "trader crazy," Kerviel in a power nap.

This trader is part of the Chief Investment Office of JP Morgan in London. Mission: to cover the global credit risk of the bank. A bank, remember, which is one of the first in the world with some 2.3 trillion dollars in assets, including nearly 1 trillion of bank loans or bond companies.

Cover such a balance, that is to say smooth risk, entails putting a lot of money in the balance. And that's what the CIO of JP Morgan in London: its positions would reach $ 350 billion, according to the Wall Street Journal. A figure which should not be misunderstood. Within this volume, the positions that bet on the rise of a particular index are largely offset by positions that bet on a decline, leaving the final few tens of millions of dollars, still in danger Loss … or possibility of gain.

An aberration of market

Why the activity of this team of JP Morgan is she suddenly appeared in full light? Bruno Iksil would take very large positions on a particular index, a derivative that replicates the behavior of CDS (credit default swaps) of some 121 companies. Such large positions that its movements can only move the value of this product, regardless of the price of 121 CDSs that compose it. A market aberration which obviously was not without consequences on some hedge funds, put in losses by the orders of the influential CIO JP Morgan. It is in this context it seems that some seem to have wanted to settle accounts in the press intermediary.

Behind "the matter of the whale in London," we therefore call one of those pretty poker games including financial traders have the secret. JP Morgan, who has not the reputation of being a bank-casino chooses to treat it with discretion. She is content to know that the activities of its London office are intended to cover its loan portfolio, and that the positions taken are knowingly.

The story may therefore be short-lived. Even if it raises real questions about the functioning of finance today. The first key of course the lack of market transparency of derivatives products, and in particular credit derivatives, whose gross volume reached tens of billions of dollars worldwide. The second, current, examines the nature of transactions. When these volumes are involved, is it still just hedging strategy or can we not think that JP Morgan also plays some of his capital? Soon, this question is no longer just theoretical: under Volcker rule that will apply to U.S. banks that collect deposits, such as JP Morgan, will no longer have the right to make the proprietary trading .

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Blast furnaces Florange the Eiffel Tower, it took them a week and a half walk. The steelworkers ArcelorMittal steel plant in Florange (Moselle), left foot on March 28 of Lorraine, arrived Friday afternoon under the Eiffel Tower. The end point of "the march of steel" to "defend their jobs with people."

The 17 walkers, unionized or not, have traveled over 300 km and symbolically ended their march at the foot of the "Iron Lady", made of steel of Lorraine. "Guys, this is who?", They started showing the Eiffel Tower. "To us," responded in a heartfelt cry from the hundreds of employees to join the marchers.

After traveling their last stage, between the Place de la Republique and the Champ de Mars, the steelworkers came to forming a row, holding each arm, all dressed in orange windbreaker. Other employees have come from the Lorraine ovation. On a placard that read "the shadow of death of the steel industry, more than 3,000 jobs lost in Lorraine, Luxembourg and Belgium."

A concert was scheduled for early evening including Bernard Allison. According to police headquarters, from 4 to 500 people gathered at the foot of the podium. "The sides arrived," "Steel Lorraine will live", had earlier chanted the marchers Republic Square.

"Human Adventure"

One of them, Rudy Crestani, retired Florange 61 years, said "human adventure" experienced by the Steelworkers. "The idea was to fight to save our endangered plant and thousands of jobs. We had an extraordinary sympathy of wind and we realized that our struggle far beyond the borders of Florange, this jewel of the industry, "told AFP Edward Martin, CFDT delegate.

"Many French people are recognized and have had to say:" We're all ArcelorMittal power ", because although the company ( business cards design…) is competitive, it is not even enough to keep it running, since all these ayatollahs finance believe that it is always cheaper, "he said. The marchers slept in gyms, party rooms, received encouragement from anonymous.

Nicolas Sarkozy attacks

The previous visit of steelworkers in the capital in mid-March, had led to clashes with the police when they wanted to go to the campaign headquarters of Nicolas Sarkozy. Since the president candidate has blamed union leaders Florange, attacking the "permanent CFDT" who "betray the trust of employees." "The unionized workers are not full?, Edward Martin replied Friday.

For Alain Gatti (CFDT), "the movement was hyper-responsible" contrary to what was suggested Nicolas Sarkozy accusing the CGT and CFDT union officials to be "come (s) to insult and try to break (his ) campaign headquarters. "

By engaging their showdown in late February to keep maintaining the site and some 2,500 IDUs, including several hundred are now partially, the unions had promised to make Florange "the nightmare of the government" if the two high- furnaces in the steel plant, dormant for several months, were not given a prompt start.

This standby, "the death warrant of the site," they say, is only temporary and ensures ArcelorMittal due to global demand for steel at half mast. After "broken promises" of Nicolas Sarkozy in 2008 in neighboring Gandhinagar-industrial site finally closed in 2009 – Florange has become a political battleground, also involving trade union representatives.

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Reality is catching up a little more science fiction follows the success, yesterday, the first test flight of a flying car. The U.S. company Terrafugia has announced that its prototype small plane that runs on the road with folded wings flew for 8 minutes.

The vehicle called transition could well be marketed within a year, said the company whose name is Latin for "escape from land". The group's founder, Carl Dietrich, believes that the dream of many motorists is now within reach the steering wheel! "With this flight, our teams have demonstrated their ability to make real what was until now considered an impossible dream," he said.

The vehicle is expected to cost 279,000 dollars (213,000 euros). The company said that the new materials and a computer aided design used to reduce the price and weight of these vehicles to make them more accessible. More than a hundred copies have already been pre-ordered as well.

Failure of previous attempts

Moreover, the model approved in the U.S., has a range of 787 km and a width of 2.3 m version of the car can park in a garage classic. Once the wings, the model is 8 meters wide.

A track of 762 meters is necessary.

Regional producers of France chasing European labels. On 20 March the European Commission awarded the Protected Geographical Indication (PGI) in sea salt. "This is great news that we have awaited for a long time," says Gregory Pitard, president of the Association for the promotion of artisanal salt (Aprosela). To date, 191 French products – and some 375 wines – benefit from a PDO (Protected Designation of Origin) or PGI, a total of 1092 products. And forty cases are still awaiting a decision from Brussels, whose Livarot, mussels from Bouchut, Camembert de Normandie, chestnuts from Ardèche, rillettes of Tours or the Montbéliard sausage. "Producers voluntarily impose new constraints in their manufacturing process to protect their knowledge against usurpation and imitation," says the National Institute of Origin and Quality (INAO).

European labels have not only a protective role. "Over time, the IGP is a business advantage," said the president of the Aprosela. In fact, 42.3% of French people think that promoting products "Made in France" should be a priority in the presidential campaign, according to a study site Testntrust. "The geographic origin of a product is an important choice for consumers, although it is difficult to measure its impact," says Jean-Louis Benassi, director of the inter Unicid ciders. A view shared by Alexis Martinod Savoîcime director, representing the Tomme de Savoie. "Achieving the required level of quality has a cost that justifies the eyes of our customers, a sales price sometimes better than others," said he. For the INAO, "buying a local product is often a militant act because, in the spirit of the French, it provides a livelihood for local channels, or even a region where the context is sometimes difficult, as the Lozere or the Ardeche. "

Europe also protects Chinese garlic …

With these labels, producers sometimes enjoy support from the regions or departments to complete their development projects. Chain of Tomme de Savoie, for example, spends an annual budget of 25,000 euros to research. Regional producers can expand their markets. "Our products are particularly relevant to retailers," says Franck Pernot du Breuil, president of the inter Fraise du Périgord. In recent years, retailers have expanded their range by playing the card of the soil. Like with its Carrefour brand Reflets de France, or E. Leclerc Our Regions of Talent.

"Retailers often do not put forward our signature Fraise du Périgord because they want to promote their own brands," says Franck however Pernot du Breuil. "As a result, consumers may not know these labels and the qualitative approach they impose on our business." The boost from the European Union can also lead to unexpected setbacks. Last October, Brussels has angered producers of French, Italian and Spanish by registering as a PGI Chinese garlic Jinxiang Da Suan, facilitating the coup its import and marketing in Europe. Meanwhile, in France, smoked garlic Arleux still waiting for the distinction.

Quality labels and home: how to find

In France, nearly one in two farmers engaged in an official sign identifying the quality and origin. In 2010, these signs represented a turnover of 19 billion euros in the first market, according to INAO, which recalls the specifics of these signs guaranteed and recognized by the State: …… ..

• The designation of origin (AOC) means a product including all stages of manufacturing (production, processing and preparation) are made according to know-how in the same geographical area. For example, the St. Nectarios can not be manufactured in only part of the Auvergne from milk from the area.

• The designation of origin (PDO) is the European equivalent of the AOC. The name of a product is protected throughout the EU. Products that have earned this distinction, there is Chablis, Roquefort, Brie de Meaux, olive oil from Corsica or Bresse chicken.

• The Protected Geographical Indication (PGI) is a product whose characteristics are related to the geographic location at which occurs at least its production or processing according to well defined conditions. The ravioli of Dauphine, the Camargue rice and Bayonne ham are among the 107 products that have obtained the PGI in France.

• The traditional specialty guaranteed (TSG) is a European label that protects a traditional recipe. To date, no French product holds this sign, which was however awarded Serrano ham or Gueuze beer. The farmed mussels and Emmental filed an application with the European Commission in 2006 and 2011.

• The Red Label is a sign that French refers to products with higher quality compared to other similar products, thanks to their conditions of production or manufacture. This is awarded to agricultural and food products such as smoked salmon, chicken, cheese or sausage.

• Organic farming (AB) production method ensures environmentally and animal welfare. The rules regulating the organic production method are the same throughout Europe, and imported products are subject to the same requirements.  

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The seventeen countries of the euro reached an agreement Friday to raise 500 to 800 billion euros their "firewall" against financial crisis. Germany has dropped the ballast, but the compromise is far from meeting the expectations of the European Commission, IMF and OECD.

The envelope, which represents a theoretical capacity of loans, includes three components: 500 000 000 000 ahead for the European Stability Mechanism (SPM) which will be launched in July, 200 billion already committed by the temporary fund established in 2010 (EFSF) and 100 billion in loans already spent or pledged various EU.

This elaborate structure – and perhaps questionable because it mixes future and past – allows everyone to say it held its position. For Germany, it was essential to avoid having to raise the ceiling of the MES to avoid another vote in the Bundestag payday loan. Wolfgang Schäuble, the favorite in the race for the presidency of the Eurogroup, but agreed to keep alive a year for the EFSF, which temporarily inflate the pot.

In contrast, those that grew as the French Baroin a figure of around 1 trillion, did not get satisfaction. Discussed in Copenhagen, the project of an additional tranche of 240 billion to be used "in exceptional circumstances", has disappeared from the final declaration of the Eurogroup. Here too, Berlin has been successful. But the question remains the strength of the new firewall in the event of a major financial accident, involving, for example Spain or Italy.

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