In his televised speech Sunday night, Nicolas Sarkozy praised the German model of a good dozen times. The Head of State made an apology for Germany to justify its economic reforms – tax shield yesterday, the TFR reform, reinforcement of learning, social VAT, employment agreements competitiveness today and rule of budget or tomorrow. "Germany comes so often in political discourse that can be asked whether the president will not be a referendum on the German economic model," writes on his blog the deputy editor of Le Figaro Pierre Rousselin. Before voting, the French need to know what's behind the brilliant success of their neighbors across the Rhine.

Germany for the second straight year was the locomotive of the European economy in 2011, with growth of 3% after 3.7% in 2010. In comparison, France has recorded growth of 1.5% in 2010 and should reach painfully 1.7% in 2011. This strong growth has allowed Berlin to reduce its public deficit to 26.7 billion euros, or 1% of GDP. The deficit lights is five times higher. The other great success of Germany, is the dramatic decline in unemployment. The number of unemployed in Germany last year reached 2.976 million on average, the lowest level since the reunification of the country, and 263,000 fewer unemployed than in 2010. The unemployment rate in the country has crude dropped him in 2011 by 0.6 percentage points to 7.1% on average. In France, the opposite: the number of jobseekers rose by 152,000 last year and the unemployment rate is approaching 10%. At our defense, the French population is growing while that of Germany decreases.

The keys to success are known: a specialization in products where global demand remains strong (automotive, chemicals, capital goods, mechanical engineering), a significant number of medium-sized companies (between 250 and 5000 employees) called "Mittelstand" across the Rhine, a tradition and know-how in new markets, a training system in favor of including in business, the massive use of short-and a good social dialogue on wages and employment. "The secret of the German model, the industry, firm size, the co-decision and competitiveness," notes Jean-Claude Betbèze, chief economist at Credit Lyonnais, which does not hide his admiration for Economic Policy the country. Left to accept the painful counterparties.

Excessive wage compression German

For this coin has several setbacks. To restore its competitiveness, which had deteriorated sharply in the years following 1990 reunification, Germany has practiced under the leadership of the former Social Democratic Chancellor Gerhard Schröder, a moderate wage policy in the early 2000. Policy that has increased sharply in 2003 and 2005 when launched an unprecedented series of reforms to the labor market more flexible. Known as the "Hartz" reforms including creating the mini-jobs, jobs that pay can not exceed 400 euros per month, which can be exercised in parallel on welfare or in more than one job "traditional".

Their goal is to encourage theoretical maximum of the unemployed to return to the world of work. Benefit to employers: "mini-jobs" are almost completely exempt from payroll taxes. Employers have tended to replace the mini-jobs to full-time classical contracts taxed, resulting in a sharp increase in part-time and an additional downward pressure on wages. Result: While Germany has expanded its exports increased between 2000 and 2010, but wages have declined in nominal terms (they have risen less than inflation). The median net monthly salary has lost 7.4% in 10 years across the Rhine, while the average annual wage increased by 10.8% in France.

"The compression of wages granted, if it were necessary because of the low productivity of the former East Germany, has gone much too far, deplores Ferdinand Fichtner, an economist at the research institute DIW (Deutsches Institut für Wirtschaftsforschung) in Berlin. This has affected the purchasing power of households and the share of consumption in GDP has contracted. Exports jumped and much faster than imports and Germany is now too dependent on foreign trade, "said he. We saw in 2009 at the height of the global economic crisis: German GDP fell 5.1% against a decline of 2.7% in France. And this year, while the euro area – which represents 40% of German exports – is on the brink of recession, the country's GDP expected to grow by only 0.3% according to the IMF.

A growing impoverishment of the population

The other side of the coin is a very strong impoverishment of employees. During the last decade, Germany has created 2 million jobs part time (and some full-time), while France has created 2 million full-time (and very few part-time). The proportion of part-time increased by one third across the Rhine in this period, while it remained stable in France. Germany is the fourth and part-time employees, including 19% (7 million) of mini-jobbers. Yet nearly 90% of these small jobs were classified low or very low wages (less than 9.76 euros gross per hour to the west and less than 7.03 euros per hour to the is). 20% of German employees are paid an hourly minimum wage below the French and 40% have a net monthly salary of less than 1000 euros.

The unemployed – 2.9 million people – are not better off. The last law passed by Schroeder, "Hartz IV", has in fact merged the long-term unemployment benefits and social assistance. Thus, since 2005, after a year of unemployment, the unemployed no longer receive an allowance of 850 euros, including housing assistance. 70% of German unemployed and live below the poverty line. More generally, Germany has 12 million poor (less than 940 euros a month, or 15% of the population against 13.5% in France. At the other end of the scale, hold 2 825 000 Germans, 6 million euros of assets, or 1% of the population who share a quarter of the country's wealth. "The policy of wage deflation conducted in Germany has led to an increase in income inequality at a speed never seen before, even during the shock of reunification after," denounced the International Labour Organization in a report published on 24 in January.

The ILO will even say that Germany is responsible for the crisis in the eurozone. "Improving the competitiveness of German exporters are increasingly identified as the structural cause of the recent difficulties in the euro area," said the UN agency based in Geneva. "In Europe, it created the conditions for a prolonged economic slump, because other countries are increasingly a policy of wage deflation even harder as a solution to their lack of competitiveness," said she . This view is shared in part, Ferdinand Fichtner. "Germany is of course not solely responsible for the debt crisis countries in the euro area, said the German economy. But it is true that the absence of inflation in Germany, due to the contraction of wages, has led the European Central Bank to conduct monetary policy too expansionary [low interest rates, note] for Greece, Spain, Portugal or Ireland. In these countries, access to easy credit Cheap and fed an artificial increase in wages and housing bubbles. "

The German model has, in the end, the virtues of which France would be right to draw, particularly in respect of industrial specialization, the ability of firms to be exported and enter new markets or the quality of dialogue social development. But every copy would be to bring down our social model, model once touted by Nicolas Sarkozy for his ability to have cushioned the shock of the global economic crisis.

The sustainable palm oil seems increasingly preferred to curb deforestation, according to the World Wide Fund for Nature (WWF). But the efforts of the major European manufacturers and retail chains involved are still too slow, said Tuesday the NGO. In a study of 132 European companies, WWF estimates that nearly a distributor of two and a manufacturer in five does not meet the charter of the Roundtable for Sustainable Palm Oil (RSPO), an association created in 2004 bringing together producers, industry and NGOs worldwide.Indonesia and Malaysia produce between them about 80% of world production of palm oil product with multiple uses (cosmetics, food, bio-fuels).

The news is almost unnoticed but it is huge. This is another step in Beijing's policy to internationalize the Chinese currency. The Chinese government seeks to ensure that the renminbi becomes progressively currency regulations of global trade flows. He also wants it to become a reserve currency, equal to the dollar and the euro.

"Dear Silvio, a new opportunity to escape with Ryanair." It is this formula that the low-cost airline has launched an advertising campaign on its website to promote its flights to 9.99 euros from Rome.

"If we find that (effective) our work is undermined by a lack of efforts of national governments, then we must ask us to question the effect (of interventions)," said he in an interview published Sunday by the newspaper La Stampa.We discuss all the time. "

This is partly because the yields of Spanish and Italian sovereign bonds in early August had reached a level considered difficult to sustain over the long term for these countries to more than 6%, the ECB had resumed its buyback program obligations.

Since the last three months, it bought for about 100 billion shares, of which over half were Italian government bonds.

Friday, the yield on Italian 10-year loans reached a new high since the creation of the euro area, 6.43% due to the distrust inspired investors in the country, where a vote of confidence in the House planned Tuesday could bring down the coalition government led by Silvio Berlusconi.

Greek Prime Minister George Papandreou on Monday decided to submit the European Agreement on the rescue plan of the euro zone to the approval of its citizens. This plan, adopted in pain by 17 members of the euro area on October 26, provides for the deletion of a portion of the debt of Athens, in exchange for austerity and still more vigorous supervision of a strengthened donor country (EU, ECB and IMF), the famous "troika".A meeting between Nicolas Sarkozy, Angela Merkel, the EU and the IMF is also scheduled for tomorrow Wednesday in Cannes, which is scheduled for the G20 summit.

Papandreou's why he called the referendum?

The Greeks "do they want the adoption of the new agreement or reject it? If the Greeks do not want it, it will not be adopted," said the Prime Minister on Monday night before the parliamentary group of the Socialist Party (PASOK ). "The will of the Greek people be binding on us," he added. What is certain is that the announcement of the referendum is a real surprise. Members of the majority, including Finance Minister Evangelos Venizelos, were not aware. Two Greek Socialist MPs already challenged the decision of George Papandreou, the one announcing his defection, the other calling for a cabinet "national salvation".A poll published last weekend showed that a majority of Greeks believe the decisions of the European Summit negative, only 12.6% considering them positive.

What will happen if the majority rejects?

This is the future of Greece in the euro area is at stake the Cypriot economy Christopher Pissarides, Nobel laureate, is not optimistic. "If no victory, Greece would fail immediately. I do not see it stay in the euro," he predicted. "The risk is that the international community shuts off the money and the country ends up leaving the euro," said Christoph Weil, an analyst at Commerzbank. The negative consequences of this event for Greece would be immense. Of course, out of the eurozone would allow Greece to devalue its currency and become competitive.

Europe will she fall back into recession?

The business environment is being degraded rapidly in Europe. This degradation affects all sectors and all countries. It was partly due to the crisis at work currently generating considerable uncertainty about the future, agrees and makes it more complicated financing and forced European states to austerity measures. However, even very poor, the level of the business climate remains consistent with a very small increase in activity, as evidenced particularly in industrial production in the euro zone, France and Germany.

How will evolve the euro?

It is undeniable that the crisis of public debt in the euro area weighs on the course of the single currency.However, the dollar is weakened by the weak economy in the United States, the concerns generated by last summer by the political debate on the budget and the debt and the expectation of monetary policy remains sustainable ultra- accommodative. In total, we expect an exchange rate of euro / dollar relatively stable beyond a very volatile as of weakness of any currency. In a broader perspective, the fact remains that these two currencies would be permanently impaired. Therefore, the pressure to appreciate the currencies of major emerging economies and countries like Switzerland would be persistent.

The announcement comes as pressure intensifies on European banks to increase their own funds.

In a document addressed to the regulators, the largest bank in the euro area states want to increase its capital by about $ 1.5 billion in Santander Consumer States.

The transaction values ​​Santander Consumer United States to four billion dollars, according to estimates by the bank.

Last month, its chief executive Alfredo Saenz was, however, said the bank did not plan to raise equity.

The consortium Sponsor Auto Finance Holdings Series subscribe to the capital increase up to a billion dollars and Dundon DFS up to $ 150 million.

Santander will retain a majority share of 65% in Santander Consumer United States after the operation, Sponsor Series Auto Finance Holdings will own 25% and 10% DFS Dundon.

The consumer credit in the United States is one of the most profitable activities of Santander, analysts said, and generated a net profit of $ 455 million in 2010.

Around 8:45 GMT, taking 2.73%, outperforming the IBEX simultaneously up 1.13%. The Stoxx Europe 600 bank and earned 2.02%.

Just under half of the 1200 ECB employees were surveyed by the union of the ECB ipso to evaluate the performance of Jean-Claude Trichet, who was replaced on November 1 by Mario Draghi.

Over 70% of respondents felt that Jean-Claude Trichet has enhanced the reputation of the ECB, 75% reporting as well as its communication regarding the bank's policy was clear and consistent.

That said, 55% think that Jean-Claude Trichet did leave the ECB's framework defined by its mandate actions – repurchase of government bonds in mind – to fight against the debt crisis.

At the same time, it also emerges a majority that the decisions made by Jean-Claude Trichet were good under the circumstances.

The ECB has set up its program – still ongoing – Redemption of debt securities issued by sovereign countries in the euro area in May 2010, at the cost of deep divisions within the bank that resulted in the resignation of his two German members, Axel Weber and Juergen Stark, this year.

Unlike the Federal Reserve, whose mission is to support as much growth as the fight against inflation, the mandate of the ECB is solely focused on the stability of consumer prices.

But with the arrival of a new president and the apparent support of the staff of the ECB's anti-crisis measures taken by Jean-Claude Trichet, a debate on enlargement of the prerogatives of the ECB could open.

The outgoing president of the ECB declined to respond to the survey results ipso.

Four in ten French believe that "the euro has been quite a handicap over the last three years of financial and economic crisis," according to a survey conducted for the FIFG UMP and made public Friday. Only 26% of respondents believe the euro has been "an asset", against 40% who describe it as "handicap" and 34% for whom it was "neither one nor the other," according to the survey presented at the parliamentary days of the UMP.

In August 2010, only 34% of French people saw the euro as a handicap, according to a survey conducted then FIFG for Humanity.Similarly, 37% of respondents wish that "France gives up the euro and the franc back," against 63% for the maintenance of the euro. Last June, in another survey FIFG-L'Humanité, only 29% were in favor abandonment of the single currency.

The French are divided into two camps face almost equivalent to European integration, "given the current crisis", 51% are for "a strengthened European integration with a unique economic and fiscal policy", against 48% preferring "less European integration and economic and fiscal policies of each State "(1% undecided).

Do you agree with these opinions? Do you think the single European currency is an asset or a liability in times of crisis? A return to the franc is it possible and desirable? Give us your opinion in the comments.

Survey conducted by telephone Sept. 23 to 26 among a sample of 964 individuals, representative of the French adult population for the UMP group in the National Assembly, Senate and Parliament.