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It is "imperative" to implement the decisions taken by Heads of State and Government of the euro zone in July to resolve the debt crisis of the Greek said Monday Jean-Claude Trichet, president of the Central Bank (ECB).

European stock markets were down sharply again Monday because of growing doubts about the application of the support plan for Greece developed at the summit on 21 July.

"It is clear that we absolutely need an immediate and imperative that all these decisions are implemented immediately," said Jean-Claude Trichet at a conference of the Institut Montaigne, a "think tank" in Paris.

"One of the strongest recommendations," he said, "is to implement the most comprehensive and rigorous as possible, so no doubt, decisions which have been taken."

The plan of July 21, supposed to give the euro area financial and institutional resources that would enable it to avoid contagion Greek throughout the euro area, must, to come out, be ratified by parliament each of the signatory countries.

But the political obstacles to such ratification have multiplied in recent weeks.Finland wishes and its contribution to the plan is guaranteed by Greek and Athens, Slovakia, the vote of the parliament could only take place in December.

These uncertainties prevent an immediate strengthening of the financial resources of the European Financial Stability (EFSF), which must be able to buy government bonds to support countries in need.

"WE ARE HALFWAY"

Jean-Claude Trichet said more broadly in the global goal to increase "resilience" of individual entities, financial institutions, banks and financial system, "we are half way" .

"We see that we have made significant progress," he said, citing the progress made in the G20, the Financial Stability Forum and the Basel rules on capital III of financial institutions under discussion.

"All our experience leads us to believe that we must implement what was decided and certainly not think that could shake the hand, it would probably be the biggest mistake we can do," he said.

"There are still many things to do, particularly at the Basle Committee, the Financial Stability Forum and the G20 level, particularly with regard to systemic global institutions and national and non-banks."

Jean-Claude Trichet referred again to the slopes for the medium-and long-term European governance.

It is thus, in his opinion, possible to imagine the future that decisions are taken "from the center of the single market to single currency" when a country is unable to implement the recommendations persistent.

Even further in the future, it is possible to imagine the creation of a European confederation, with a confederal government, including a European Minister of Finance.

Jean-Claude Trichet on the other hand raised the issue "important" the need for continuing structural reforms in Europe to increase the growth potential of the continent, citing in particular the Lisbon agenda for growth.

European banks fell Friday to their lowest level stock since April 2009, 29 months ago when the financial crisis was still felt nothing from curb investors' concerns about their short-term financing.

The European banking index lost 9.26% on the week, its fourth consecutive weekly decline, and abandons 21.85% since the beginning of the month.

In the context of economic slowdown and debt crisis, analysts and managers question the ability to rebound in the short term European bank stocks despite the collapse of their course. So much so that the value of the index that measures the 32 largest banks in the euro area currently flirting with the level of the single market capitalization of Apple.

"We do not know exactly what is a bank.We do not know the extent of the default rate that they should take in their accounts according to the scale of the crisis, according to the magnitude of the risk of peripheral countries, "said Philippe Delienne, president of Asset Management Beliefs.

Among banking stocks, Italian banks Unicredit and Intesa Sanpaolo fell Friday by more than 5%.

The British Royal Bank of Scotland and Lloyds dropped respectively 5.38% and 4.78%.

In Paris, BNP Paribas fell 4.27%, 3.38% Societe Generale and Credit Agricole 1.7%.In contrast, Dexia, which fell by nearly 14% yesterday, ended on a slight rise of 0.13%.

"Markets are concerned because of liquidity problems," said Sebastien Barthelemy, credit analyst at Louis Capital Markets, which is "a lot of elements concomitant raise the specter of inter-bank crisis in 2008."

"The U.S. money market funds are under pressure in the two major asset classes, the T-Bill (U.S. Treasury bond, Ed) and banks in the euro area, they have chosen to reduce (…) their positions in the European paper and particularly French banks, "said Christophe Nijdam for his part, an analyst at AlphaValue.

The appeal Wednesday to ease dollar of the European Central Bank, for the first time since February, had also contributed to frighten the market Thursday, causing the diving banking stocks as Barclays, Dexia or Societe Generale.

"THE CRISIS IS POLITICAL"

In a note, Deutsche Bank believes, however, that concerns about the level of liquidity are exaggerated, but stressed that the risks to bank profits had increased.

Rates on the interbank market also seem to suggest that the financial system does not flu as the main governing Euribor lending between banks fell slightly Friday.

The dollar Libor three-month reference measurement unsecured interbank lending in the euro area, is 0.29%, still far from the 4.8% level it reached after the bankruptcy of Lehman Brothers in 2008 when banks no longer willing to lend to each other.

"As the European crisis is political and that the policies do not go to the rhythm of the markets, there is concern that this crisis lasts several months," said Philippe Delienne, beliefs AM.

"The banks are 'casual victims' (victims of natural, Ed) of all this fear macroeconomic and political uncertainties," said one London-based analyst, who declined to be named.

The agreement on raising the U.S. debt ceiling was adopted Monday by the House of Representatives by 269 votes against 161 and will now be considered by the Senate.

The compromise negotiated in extremis by the Republicans and Democrats and announced Sunday evening by President Barack Obama plans to reduce the U.S. deficit of 2.400 billion in 10 years and should allow the world's largest economy to avoid being in default payment.

The Senate should vote to turn in the day Tuesday, the day the U.S. Treasury warned that it would no longer be able to pay bills unless an agreement.

Harry Reid, leader of the Democratic majority in the Senate, announced that the vote would take place at noon (1600 GMT).The text must obtain the votes of at least 60 of the 100 senators, he said.

If senators mimic representatives, the U.S. debt ceiling, currently set at 14,300 billion will be raised and the United States will escape a situation of default, which would have had any impact on the global economic system.

In the hours before the vote in the House, uncertainty still hangs over the attitude of the parliamentary basis, both right and left.

In the ranks of the Republican Party majority in the House of Representatives, elected officials close to the Tea Party had raised objections to the compromise negotiated over the weekend in Washington.

In the ranks of the Democratic Party, the left wing complained that the text does not provide immediate tax increases for the wealthiest households and corporations.

"We are very concerned that the text is to make all these cuts but does not include any contribution of the richest people of our country, no income. It's disconcerting," said Nancy Pelosi, Democratic minority leader of the House, before rallying in the final compromise.

Monday night, 174 Republicans voted in favor of the agreement, against 66 who opposed it. The group has divided Democrats, voting for 95 elected, 95 elected voting against.

The image tarnished the political class

With the vote of the representatives, a first hurdle has been crossed.But concerns remain about a possible deterioration in the sovereign rating of the United States, the Triple A allowing them to obtain financing at favorable rates.

If the world's largest economy was losing the "signature" would increase credit costs in the United States and threaten the fragile economic recovery, with implications for the global economy.

The compromise provides for drastic reductions in public spending over ten years but does not affect taxation.It also creates a bipartisan parliamentary committee responsible for defining the end of November a new plan to reduce the federal deficit.

The Congressional Budget Office (CBO), non-partisan, confirmed that the compromise would reduce the deficit of at least 2100 billion over ten years.

On a political level, hard to say who should win this long and tortuous process.

Barack Obama, who is running in a second term in November 2012, accepted cuts in public spending of a magnitude greater than what he wanted and will have to convince the electorate as he had left no other choice.

However, the Democratic president could garner points among moderate voters and "independent".

"This process was long and messy and, as with any compromise, the outcome is far from satisfactory," he said in a video message released by his campaign. "But he also launched an important debate on how we address the challenges that lie ahead."

Right, John Boehner, the chairman of the House of Representatives, won the cuts he sought and avoided an immediate increase in taxes. But it could emerge from this crisis with a tarnished image, that of a leader under the influence of too sharp Tea Party, the conservative movement that has developed in recent years on the fringes of the Republican Party.

"The process works.It may be ugly, but it works, "Boehner said after the vote.

Finally, the American political establishment as a whole could suffer from these weeks of negotiations, that public opinion could be interpreted as political maneuvering at a time when Washington expects it effective remedies to boost growth and reduce unemployment, which remains at over 9% of the workforce.

"The real loser in this exercise is Washington," said Scott Reed, Republican elections.

European car registrations rose 7.1% in May over one year, announced Friday the Association of European Automobile Manufacturers (ACEA).

Over the period from January to May, sales were down but 0.8% over the same period in 2010.

Germany, Italy and France recorded increases, but the Spanish market fell by 23.3% and the UK, sales were down 1.7%.

The number one European car Volkswagen shows an increase of 15.8% of sales in May, while the number two European, French PSA Peugeot Citroën sees his increase of 4.4%.

Renault, which has had supply problems, saw a decline of 8%.

The consumer association denounces the opacity of the costs, which would yield 172 million euros a year to banks UFC-Que Choisir claims including the passage of a so-called "semi-offline" to a system "online". A systematic check carried out by our neighbors.

The consumer association UFC-Que Choisir has criticized Tuesday at a press conference "opacity" of fees levied by banks for credit cards, as well as the inadequacy of the proposed products to actual customer needs.

"The French system suffers from archaic probably carefully maintained," said the association president, Alain Bazot.

The UFC-Que Choisir claims including the passage of a so-called "semi-offline" to a system "online" that is to say that when paying by card, the terminal automatically ensures that the money is available in the account, rather than occasionally running legacy of the 1970s when telecommunications were more expensive.

This audit systematically, our neighbors, according to the association would avoid repeated incidents with the banks. Especially since these incidents are punished, if discovered unauthorized or exceeded authorized overdraft. In addition the bank charges, commissions intervention reported 172 million euros per year for banks, according to estimates from the UFC, which promotes their removal.

Each committee is charged intervention average 8.50 euros to the customer, according to the association.This mechanism can cost several hundred dollars per year and weaken populations still struggling.

Oversized maps to real customer needs

For several committees of interventions, automated, can accumulate before the customer is alerted by his bank when he pays a maintenance fee account. "Where then is the duty of advising and monitoring of accounts?" Asked Mr. Bazot.

Moreover, "the banks are distributing cards oversized real needs of customers," who do on average 15.8% capacity of their card, deplores the association.

Many international cardholders could well be content with a national card. The UFC advocates the establishment of a "map Grow," which takes into account the type of card, debit-type (immediate or deferred) and ceilings of purchase in each situation.The association also calls for better customer information so it can act upstream of the incidents.

European stock markets ended sharply down Monday, recovering from their lowest five weeks ago, affected by a sharp rise in risk aversion with a further deterioration in the sovereign rating of Greece and fears about that of Italy.

The CAC 40 index finished down 2.1% at 3906.98 points, its lowest level since April 19 and threatens to push the bar of 3900 points.

The London Stock Exchange lost 1.89% and Frankfurt 2.0%.Pan-European level, the FTSEurofirst 300 has sold 1.73% and the Euro Stoxx 50 dropped 2.09%.

The automotive sector has suffered the largest declines in Europe, with a loss of 2.88% of the sector index, affected by concerns about global demand after PMI showing a slowdown in activity this month in Europe and China.

In Paris, all CAC 40 stocks ended in the red, including Renault, which lost 3.08% to 38.260 euros, Peugeot sold 2.66% to 28.755 euros.

Cyclicals, financials and consumer products, including luxury, led the decline, losing 3.5% to 46.420 euros for Lafarge, 2.95% to 10.530 euros and Credit Agricole 2.75 % to 115.100 euros for PPR.

The euro is back above the bar that had $ 1.40 down in the morning. At the close of European stock, it was trading around 1.4015 dollars, against 1.4131 the previous day in the afternoon.

In response to the sudden appreciation of the dollar, U.S. crude oil lost about $ 3, trading around 97.10 dollars a barrel.

Nominations for the post of IMF managing director may be filed on Monday and ending June 10, said Friday that the International Monetary Fund expects to appoint its leader by June 30.

The Dean of the Board of the IMF, Shakour Shaalan, said the nomination process had been largely validated by the 24 council members who ensured that the choice would be "an open, merit-based, and transparent. "

The number two of the institution, John Lipsky, provides the transition to head the IMF after the resignation of Managing Director Dominique Strauss-Kahn, who was accused of attempted rape by a U.S. court.

The aim is that the successor of DSK become accepted, Shaalan added.

European leaders are working hard to agree on a candidate and a candidate of the French Finance Minister Christine Lagarde seems to break loose.

Some emerging countries have estimated that the custom to assign the post of IMF Managing Director to a European was no longer appropriate and that others should also have their chance.

The Center for Strategic Analysis recommends developing alternatives while redirecting some assisted contracts. Details. The government intends to achieve the number of 800 000 contracts alternate in 2015, against 600,000 now.

As in Spain, Belgium, Portugal or Italy, one of the maxims of France could be "study first, then work". This is one of the observations gives the Center for Strategic Analysis (CAS), which publishes a study on employment and unemployment among youth. The declining number of young French assets of $ 2.1 million in thirty years is related to demography, but also the steady increase in the duration of studies.

Except that degrees do not always protect unemployment, precarious employment and low wages.Unlike Germany, often cited as a model for studies of alternating, the overlap between employment and study in France is rare: only 15% of school youth between 15 and 29 years practice, a figure that has doubled, however, in 20 years. Yet among the OECD countries is also in Germany that the rate of youth unemployment is the lowest.

The unemployment rate of under 25 is 23.2% against 20.6% in France in the European Union.

For the CAS, "the measures taken by governments in some categories are ordered relatively stable", which alternately assisted contracts for specific audiences or a reduction in labor costs.Among these devices, many could be improved to better meet their objectives.

Solutions for young school leavers

How to restrict the number of youth who leave school without diplomas or qualifications? This is one of the major policy challenges for youth employment. The Ministry of Education estimated 180 000 school leavers. Less than half of internships designed to bring them closer to employment "would lead to certification and yet very little about the resumption of studies.

To remedy this, the CAS recommends instead of developing learning to avoid leaving the road. It also calls for continuing the "second chance schools" integration contracts in social life or contracts of autonomy.All these systems allow students to voluntarily continue their education beyond the traditional route, while avoiding raising the age of compulsory education, deemed "inappropriate" to the French case.

The alternation at all levels …

End 2010, nearly 600,000 young people enrolled in Apprenticeship: 173,000 in contracts and 414 000 in professional learning. In his new job plan, the government expects a target of 800 000 alternate in 2015. But this objective could face a lack of accommodation capacities in both companies and training centers, "warns the Center for Strategic Analysis. The study authors believe that the proliferation of contracts must be accompanied by alternation with a stronger mentoring and better management of housing, transport and catering apprentices.One way to combine employment and improved living conditions. It is in the secondary tank at the WTP and pro, the alternation would most reduce the number of young people without qualifications.

… Including in associations or the public sector

In the non-profit, too, the alternation may find its place. 81 000 contracts of employment assistance are currently provided to young people in associations, communities or public institutions. But they "drive less often than regular employment contracts helped the market sector", not least because of "stigmatizing effect on the labor market."Transform them into professional contracts allow, as appropriate, to ensure a degree program in parallel to the candidates, who would then a pool for the public and even the commercial sector, where their skills would be better used.

Better use of assisted contracts

In the commodity sector, single contracts or insertion unique employment contracts allow, "temporarily" reduce labor costs to encourage the hiring of young people in difficulties. They also lead, as the case of deadweight and important "development of low-quality jobs." "These critics argue these contracts primarily for use in times of economic downturn, affecting primarily young people and especially the least skilled," said CAS.

With GDP up 1.5% in the first quarter, Germany has erased the crisis and returns to its levels of GDP in early 2008. She did better than its main European partners.

Gross Domestic Product (GDP) in Germany rose by 1.5% in the first quarter, an increase well above the expectations reflecting strong momentum in domestic demand and catch-up effect.

The growth in fourth quarter 2010 (0.4%) had been hampered by the weather, which "had a positive impact on first quarter 2011," said in a statement the Federal Office of Statistics, which published this figure seasonally adjusted.

While relying on a good start to the year, analysts were not nearly as optimistic. Those surveyed by Dow Jones Newswires had forecast a GDP increase of 0.9% only.

In the first quarter of Europe's largest economy in good shape, has returned to its level of early 2008, before the crisis in financial markets and economy, says the Office. There are less than two years, politicians and economists do not see Germany return to its pre-crisis level until 2013. The country continues to outperform its main European partners. Growth was 1% in France in the quarter, to 0.5% only in the United Kingdom.

Obviously the dynamic of 2010, when growth was 3.6%, placing Germany in the European leaders, continues despite the increased risks on the international scene, the crisis debt in the euro zone to the disaster Japanese through fluctuations in commodity prices.However, Germany has managed to make its economy less dependent on these factors by reducing its dependence on foreign trade. Between January and March, "the positive impulses came primarily from domestic demand," said Office, and particularly business investment in equipment and in construction.

After the strong first quarter, the official forecast of growth of government for this year (2.6%) appears prudent. More and more economists believe growth of 3% or more this year.

France is among the OECD countries where the tax burden on wages is highest among those in which it rose again in 2010, weighing on household disposable income, shows a report released Wednesday by the OECD.

Coincidence, this study points to the burden of levies on earned income at a time when Paris unveils major reform of the taxation of wealth.

The total share of taxes paid by employees and employers, less cash transfers, is in France, higher by at least 13 points at the OECD average, regardless of household composition, and gap with the average has widened since 2000, the survey says the Organisation for Economic Cooperation and Development.

For a single person with no children, total taxes and social contributions, whether paid by the employer or the employee, reached 49.3% and the average wage in France last year.

This rate, a slight increase compared to 2009 (+0.14) is greater than a 14.4 point average of the OECD (34.9%) and puts France in second place in the ranking of countries members of the organization, behind Belgium (55.4%) and just ahead of Germany (49.1%).

At the other end of the scale include Chile (7%), Mexico (15.5%) and New Zealand (16.9%).

The pressure is less strong for a married couple with two children and having only one income, but France ranks first in the OECD ranking category, with a pressure ratio of 42.1%, higher than most 17 points average (24.8%).

The average load carried by taxes on income and payroll taxes on wage income was weighed down last year in 22 of the 34 member countries of the organization, the report said, interrupting a downward trend observed since 2000 .

In its report, the OECD says that "governments should consider changing the tax structure by putting more emphasis on indirect taxes than direct taxes."

It calls for broadening the tax base of VAT and income tax of individuals by removing tax expenditures, the famous kennels.