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Angela Merkel will host the new president of the French Republic "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 ratified the pact adopted snatched a few months ago, and it was therefore "impossible" to renegotiate .

Angela Merkel, provided, opened the door Sunday, 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 by a sucroît competitiveness, notably by reforming the labor market no fax cash loans.  

"Working well and intensively"

For his part, Francois Hollande called for a resumption of growth through capital investment in infrastructure, new energy and industry. 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 growth strategy 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.  

President of the European Union, Herman van Rompuy, announced late last week preparing an informal meeting on growth and employment, to the end. This meeting will aim to prepare the EU summit on 28 and 29 June next devoted to the same topic. Several European countries have in recent weeks called for further stimulate growth in Europe. In addition to Greece, whose austerity policy has been sanctioned by the polls, Italy and Ireland were pleased to see growth back at the heart of the European agenda.

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Financier, philanthropist, George Soros published by Presses de la Cité The Global Financial Chaos, a book in which he details the relentless chain of events that precipitated the world of the subprime crisis than in the euro area. He shares his solutions for the financial reform and save the single currency.

LE FIGARO. – How do you judge the situation in the euro area?

George Soros. – The crisis is worsening day by day. Politicians have said that it was prematurely terminated, but that is incorrect. The situation is even worse since the beginning of this year certainly intelligent and exceptional measures taken by the ECB has lent € 1,000 billion in three years European banks have helped alleviate these and indirectly support loans States, but they have only to save time. The underlying problems remain. The differences in competitiveness between countries, which have widened when interest rates were converging, remain. Furthermore, the differences between creditor and debtor countries have worsened. One of the most disturbing in the euro area is currently re-nationalization of the debt markets to which we are currently observing. Spanish banks buy debt Spanish and French banks of the French debt, but you see more of French banks to buy Spanish debt. This could potentially blow up the euro. As if we were trying to recreate eggs after making an omelette. It is however not an inevitable process and there is still time to reverse things by taking political decisions really original.

Why?

Europe must establish a real growth policy. We can not escape from a situation of excessive debt just by practicing austerity, because it causes GDP to fall and, ultimately, in nominal terms, the debt burden increases compared to the national wealth. The ultimate risk with too much austerity, it is plunging into a deflationary trap of over-indebtedness, which is the road to disaster. The best way to reduce debt is therefore parallel to the rebalancing of accounts, to maintain GDP growth.

How to sustain this growth? By stimulus measures or structural?

Structural reforms are necessary but not sufficient. We must put money back in growth projects. It is impossible for countries to have exceeded the limits of Maastricht. The only solution is to raise capital throughout Europe.

The rest of the world can he finance this stimulus?

No. If Europe makes the right decisions, they can save themselves only. She has no choice: it is absurd to be financed by the Chinese whose standard of living is one-tenth that of Europeans. How can we ask in these conditions for China to continue to pay our way of life? In addition, we should not always rely on help from the IMF, because the loans from the fund are always compared with other seniors. Mechanically, this degrades the value of other debts contracted by governments and costs more to them, which does not solve the problem of financing the fund. And do not forget that IMF assistance in exchange for drastic savings measures, the country may plunge into a lost decade, as in Latin America of the 1980s.

How can Europe pay her own recovery?

One of the problems of the common currency is that it prevents countries from issuing their own currency and that their obligations are, somehow, in foreign currency. However, we can reverse things a bit, because states have transferred their right of seigniorage – the one to beat the currency – the ECB, which draws 25 billion profit a year. According to independent studies conducted by two economists, Willem Buiter, Citibank, and Huw Piil, Goldman Sachs, the seigniorage represent a capital value from 2000 to 3000 billion euros. We could group them in a special fund to lend to states to finance their raise in exchange for serious budgetary commitments of the latter.

The Germans would they agree to such a policy?

The German people have difficulty understanding why a policy that worked in his case may not necessarily work for all of Europe. Reduce wages and profits to regain competitiveness is an expansionist policy one way he can not play consistently across an entire area. In a closed system, not everyone can be a creditor at the same time. The Bundesbank should understand but it is unfortunately prisoner of his ideology that recognizes the dangers of inflation and prevents him from seeing the risks of deflation. His situation is ambiguous because she feels that the eurozone is threatened. Proof, it is taking steps to limit its losses in case of dissolution of the euro area. This coverage is raising, asking for higher guarantees to other central banks of the Eurosystem in which it lends money, is potentially self-fulfilling.

The euro bonds are they a solution?

I agree with President Sarkozy when he said that the euro bonds may not happen at the end of the process, when better budgetary cooperation is established between the countries.

Bank regulation is necessary?

Yes, more than ever. The crisis is more a banking crisis a fiscal crisis. With the exception of Greece, all other European states experiencing fiscal difficulties have now slipped because of their banks: Ireland has cut its deficit to nationalize its financial institutions and Spain is experiencing tension because its banks suffering from the bursting of the housing bubble.

France can it be attacked by the markets after the second round?

France must prove its ability to quickly boost its economy, taking strong structural measures, but they may not be sufficient. There is a reality in any case in which France can not escape: his difficulties in reforming the place permanently in a weak position against Germany, which is only in charge of Europe at the moment.

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Less than three weeks of its annual general meeting, it is very bad news just learned that the 40,000 shareholders of Berkshire Hathaway. Buffett suffers from prostate cancer.

"This note to say that I was diagnosed with prostate cancer stage 1. The good news is that my doctors told me that my health does not put anything in my life in danger or does not weaken me enormously, "says legendary investor highly respected in the financial community, in a letter. In his message, he explains that he and his doctors decided he would undergo radiation therapy for a period of two months starting in mid-July.

This protocol will restrict its ability to move, but not prevent it to work everyday, he said. The shareholders of its holding company, Berkshire Hathaway, will be required to the evolution of his health, he further said.

However, the American billionaire sought to reassure its shareholders. "I feel very well – as if my health was perfect – and my energy is 100%" guarantee multibillionaire. More importantly, this announcement comes six weeks after the guru of finance said that the estate is already assured. He concluded: "I will inform the shareholders (Berkshire Hathaway) immediately if my health changed. One day, of course, it will happen. But I am convinced that this day is still far from us, "he concludes.

The reverse trend was apparent in January. After seven months of withdrawals exceed deposits, and a record 3.8 billion euros in net outflows (deposits less withdrawals) in December, flows on life insurance contracts appear to be stabilizing. In February, the payments for the first time since last August were higher than withdrawals, according to figures released by the French Federation of Insurance Companies (FFSA) and the Group of mutual insurance companies (Gema).

The amount of deposits has been higher than 300 million euros to the withdrawals. A level far below the record numbers in July 2011 to 2.7 billion euros. Since this rise is not due to increased payments for savers on their contract. They have instead further decreased by 14% compared to January 2012. The trend reversal is in fact due to a sharp slowdown in redemptions, which fell 24% from the previous month. They still remain higher than 21% from their level in February 2011. In fact, Bernard Spitz, president of the FFSA, remains cautious, and denies seeing a continuing trend payday loans online.

Leaded by the crisis which encouraged investors to choose short-term investments, or to deleverage rather than investing, life insurance has lost ground to rival the booklet Who is disputing the preference of the French. The latter has also continued its growth with a collection of 1.93 billion euros in February. A total of 222.3 billion euros are now placed on the 60 million booklets A possessed the French. An amount that is still very far from those placed on life insurance contracts which reaches 1.377 billion euros in late February.

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Unions of La Poste have been heard. Rocked by three suicides in six months, the postal group has taken the measure of social malaise that reigns within its walls. According to the Journal du Dimanche, its CEO, Jean-Paul Bailly, is expected to announce Monday a suspension until September of the reorganization of the branch e. A break of nearly six months during which discussions will be held with employees to improve their working conditions. At the local level, first, the regional offices of the Post Office will begin negotiations on the reduction of work patterns in post offices. At the national level, then, Jean-Paul Bailly launch the establishment of a "social warning unit" and could also release a budget to support the weakest agents, specify the sources cited by the weekly Sunday. Contacted by The Figaro.fr, the group was not immediately available for comment.

La Poste has accelerated its timetable for ending the crisis, after the suicide last Sunday as part of a group in Britain. In a folder left behind, this forty, who had been off long illness since November and was found hanged at his place of work in Brittany, had denounced a hard three years from its hierarchy. This was the second suicide in Breton Post in ten days. February 29, Jeremy Buan, a senior of 28 years, had committed suicide by jumping from the top floor of La Poste in Rennes, in the Ille-et-Vilaine. He too had reported his "outstanding work" in a letter released by his partner. Immediately, the Post Office had opened on Tuesday for talks with the unions on "health and welfare at work", promising that "proposals" would be made "before summer".

The bracketing, albeit provisional, of the restructuring of the business mail should satisfy the unions who denounced social climate "anxiety" since the suicide last September of a 52-year employee who was, also, défenestrée the fourth floor of the financial center of the 15th arrondissement in Paris. "This situation is unfortunately not unique to the post office," said Antoine Le Séguillon this week, a union representative GSC in Figaro.fr. "And it is not unique to Britain," he said hoping that the leadership would engage quickly "concrete actions".

Action plan against erosion mail

Faced with the erosion of its mail business, which it considered that the volumes would collapse by 30% over 2008-2015, the Post Office had drawn a new plan in 2009. Jean-Paul Bailly had emphasized that this branch should "reinvent themselves" by offering new services. Gradually, the schedules of post offices have been extended throughout France, robots have been installed to reduce waiting times for customers and, last September, The Post has completely redesigned its line of mail.

A strategy that has "paid off", welcomed the group during the presentation of its annual results on March 8. While lower volumes continued with a decrease of 3%, after falling 3.3% in 2010, the mail business recorded a turnover stable at EUR 11.5 billion (+ 0.3%), more than half of the total activity of La Poste. But for the unions, these good results have been costly to employees. According to the CGT, it was obtained "at a price of 10,091 job cuts" and an increase in sick leave.

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Al-Jazeera continues its sports rights market. The sports channel funded by Qatar has indeed acquired the rights for three years of the Spanish Liga. According to one expert dossier, the headquarters of al-Jazeera would not have hesitated to put the triple, or more than 20 million euro to carry the exclusive distribution of this competition previously held by Canal +. This new contract follows the co-buying last week in the Italian championship for three years. Canal + and al-Jazeera spent $ 10 million each. A few weeks ago, the chain announced Qatar had also redeem the Europa League, for an amount that would more than double the previous transaction. In all, this is currently a total budget of 260 million euros that Al Jazeera devoted to the purchase of sports rights.

This envelope is expected to rise significantly in the coming days. Industry players are in effect suspended the announcement of the purchase rights of the Euro 2012 football and Euro 2016 football. Today the negotiations between UEFA and the Qatari channel block on the number of games that the rights holder wishes to broadcast on free channels. Indeed, UEFA would like 19 games to be visible by the largest number, more than half of the competition. That does not want al-Jazeera, which until now has consistently doubled or tripled the amount of acquired rights. TF1 and M6 on their side made a direct offer to UEFA for trying to break the deadlock.

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Apple will host a conference March 7 in San Francisco at 19 am, French time. Program, the announcement of the new iPad, whose invitation to deliver the first image appears.

As every year, rumors are rife about the specifications and new features in Apple's tablet, which should be examined with interest by its competitors.

Two years after the release of the first version, the iPad indeed still dominates the market with 50 million sales, all models, against 12 million Android tablets, and is a reference to the sector payday loans guaranteed no fax.

The new iPad should propose an improved screen, displaying four times as many pixels on the same surface, but could also integrate Siri and why not, be accompanied by an iPad Mini, smaller. This graphic provides an update on the major rumors, according to their reliability.

In Rome

The volatility of prices of basic foodstuffs is likely to persist and even worsen for ten years, increasing the vulnerability of the poorest farmers in the world. It is the fear of the three UN agencies responsible for combating world hunger: FAO (Food and Agriculture), WFP (World Food Programme) and IFAD (International Fund for Agricultural Development).

In their annual report on "Food Insecurity in the World", the three Rome-based agencies denounce the vagaries of international market prices. "The small countries dependent on imports, particularly in Africa, are particularly affected," they note. Thirty-two countries now need to receive external assistance due to crop failures, conflict or natural disasters.

Commitments at risk of Kweku Adoboli have increased to 10 billion dollars (7.2 billion euros) according to the Sunday Times. Arrested on the night of Wednesday to Thursday, the trader in London the Swiss bank UBS has been detained by a judge Friday. May request bail at a subsequent hearing Thursday.

UBS said Thursday an estimated loss of 1.5 billion euros due to fraudulent transactions of its employees. Since then, the bank did not provide details on the mechanisms in question. The extent of fraud appears, however, reach gigantic proportions: it would be spread over three years since October 2008, without apparently the slightest alarm it caused internally. UBS warned regulators Swiss and British have launched a joint investigation.The bank has set up a parallel internal investigation unit called "Project Bronze" and instructed one of his best traders in derivatives, Jason Barron, to unwind positions Kweku Adoboli. While the fraud would have been discovered in the day Wednesday, all commitments have been liquidated Adoboli Friday.

Supposedly low-risk operations

The trader, who was promoted to his post in 2008 from the back office services, was a member of a small team of five people at Delta One desk. Their mission: to invest large sums to the equity of the bank's alleged market changes, via financial instruments called ETF (exchange traded funds). Generally, low profits emerged from these supposedly low-risk operations at very high volumes.Adoboli of the fault could have come from a lack of coverage of his Paris, which would have resulted in a spiral of losses since the collapse of financial markets this summer.

New to fear layoffs

The extent of the scandal poses serious threats to the future of UBS. While the bank has launched a 3500 plan job cuts, new job cuts are feared. The approximately 6000 employees of the investment bank in London feared an outright shutdown of their business, which should show a loss on the year while UBS as a whole should remain the beneficiary. Despite calls for resignations in Switzerland, head of UBS, Gruebele Oswald replied that he did not intend. "If you ask me whether I feel guilty, I say no," he told the newspaper Der Sonntag.

Concerned about its reputation with its clients it manages fortunes, UBS wrote them a letter Saturday to try to reassure them. "We fully understand that this incident may worry, says the bank. We are very disappointed and we also assure you that UBS is taking the matter very seriously and makes every effort to resolve it quickly. Your assets are safe with us. "

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No less than 7000 pages posted! This is the amount represented by the reports of its nineteen nuclear power plants (58 reactors in operation over the EPR under construction at Flamanville) EDF is currently on schedule to transmit to the Nuclear Safety Authority (ASN) . The "policeman" of the atom is committed, through the voice of its Director General Jean-Christophe Niel to publish in full on its website.

The delivery of copies by EDF and other operators of nuclear facilities is only the first step in the process of "revaluation additional security" required by François Fillon after the accident at the plant in Fukushima, and conducted in parallel with the European approach called "stress tests". Experts from the ASN and IRSN (Institute of Nuclear Safety and Radiation Protection) now have three months to publish their report.Extra work for which the ASN has even mobilized to reinforce the "three or four young retirees". Even before the peer review of these reports by experts from other nuclear countries in Europe, between January and April 2012, some foreign experts will participate in the analysis of the copy of EDF.

Alongside the work on paper, the ASN program completed in October of 38 inspections in power, focused on protection against earthquakes, floods, power loss, loss of cooling and crisis management.

During December, the ASN requested EDF as it deems necessary measures – as it has already been done to strengthen the concrete slab of the Central Fessenheim. From January to April, reports of national safety authorities will be considered by their European peers.In the nuclear environment and the hexagonal Quai d'Orsay, is expected to undergo strong pressure from Germany to close the central border Fessenheim, Cattenom and Chooz.