A good opportunity he says with spontaneityAn inconvenience for the tourist no doubtIt increased from 9 million in 2004 to 13Person out really victorious or defeated in the battleare most often challenged as interventions on the heritageSpeculation has been widespread and disproportionateA specific version was launched on iPhoneA problem also faced the French entrepreneurseconomy in deceleration phase read also page 302 of the starts of dwellings in December 1Beat the iron while it is hot. The meeting yesterday at Bercy, and the Finance Ministers of the four largest European economies members of the g-7 Germany, France, Great Britain and Italy reflects the concern for Europeans to continue the work committed to the financial crisis this summer. The Ministers prepared the meeting to be held on 29 January in London. At the invitation of British Prime Minister, Gordon Brown, Nicolas Sarkozy, Angela Merkel and Romano Prodi must make sense to discuss, among themselves, how to strengthen financial stability in Europe (see page 29).
Prior to the G7 Finance, February 9 in Tokyo, and Washington, April 11, the European Ministers, who were profiled cyclical reassuring their respective economies, agreed to give a few ways of thinking to their heads of State or Government. "We want to give a signal clear, coherent and concerted European countries in the G7," said the French Minister of economy and finance, Christine Lagarde. But the Ministers wanted to, above all, do not relax their efforts to resolve the current crisis and to ensure that it does not happen again. As indicated, yesterday morning, the Minister of Finance British, Alistair Darling, in an interview in three European dailies, "the financial markets crisis is serious and requires rapid responses.
At this meeting, the four Ministers, accompanied by the European economic and Monetary Affairs Commissioner, Joaquin Almunia, stressed the need for greater financial transparency. It is vital that banking institutions are preparing to publish their 2007 accounts in the coming weeks, be quickly shed light on the amount of their losses, potential or actual, financial markets.
Harmonize practices
In the future, the Ministers believe essential to promote a better coordination of national banking regulators and harmonisation of supervisory practices. Must be given more ways in the different European networks of control and supervision. Whether it is for banks, insurance companies or financial markets.
The Ministers also discussed the role of rating agencies, the "weak link" in their eyes, in the current crisis. Should we not reconsider their mode of operation On this point, the France deems it necessary to improve their supervision. "Investors need to know what risks they take in purchasing financial products, Alistair Darling stressed. For his German counterpart, Peer Steinbruck, it does however not regulate these agencies.
Referred to another thorny topic: liquidity. While the Basel II agreement will allow a breakthrough in the control of the risks of solvency of the banking institutions, it is not appropriate to consider similar work for the risk of liquidity of the financial instruments.
In agreeing on a plan of action, the Ministers will now defer to the decisions of their respective heads of State or Government at the end of the month. Monday, it will be State of their progress to their European counterparts at the meeting of the Eurogroup and the Ecofin, the next day. And try to calm the grumbling of the small European countries not invited yesterday in Paris.
Armed with a common strategy, the major European finance of the G7 will continue their work at the international level. With, in particular, the question raised by the activity of "hedge funds" and funds of sovereign State markets. A theme already listed in the menu of the G7 Finance Washington mid-April.
