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.

Orbeo, based in Paris, was founded in 2006 at par by the bank and the French chemist, in the context of the creation of carbon markets in 2005 and the implementation of the Kyoto Protocol in Europe.

The Solvay has already acquired half of this year by acquiring Rhodia Orbeo.When it has, by January 1, acquired the participation of SocGen, it will therefore control the whole.

"Rhodia Energy wishes to strengthen its commitment to the fight against climate change by making full use of industrial know-how of Rhodia and Solvay and expanding its offering in the integrated management of energy and CO2 emissions," said Solvay in a statement.

The terms of the agreement were not disclosed

An analyst with SocGen said the agreement had no connection with the collapse in prices of units of certified emission reductions, which reached Friday morning a new record low of 4.40 euros.

"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.

What is a happy retirement? For a large majority of French people (seven out of ten) is to be financially secure before health, reveals a study by HSBC on the future of pensions published Wednesday. The survey found that 42% of French people associate retirement with financial difficulties, against 38% in the UK and 35% in the United States. 70% think that their standard of living in retirement will be worse than their parents, against only 37% of Americans and 22% of Britons. "Overall, in all developed countries, where growth is low, assets are worried about their retirement, said Jean-Pierre Wiedmer, Chairman of HSBC Insurance.But the extreme pessimism of the French! "

How to explain it? "There is a structural reason, argues Jean-Pierre Wiedmer: French are world champions of pessimism, according to a BVA poll published earlier this year. And one reason more cyclical: the public debate on pension reform in 2010 has alerted the French that the future of the PAYG was not insured. In fact, the ratio between active and inactive will worsen in the coming years. Today, France has 2.1 active Inactive for 60 years and over. In 2060, the ratio will be 1.5 or 1.4 for an idle asset, according to INSEE. This is because the number of seniors in the labor market does not increase enough to offset the increase in life.

Especially as senior on the labor market does not mean senior employment.The crisis and the deterioration of the labor market have indeed violently hit the elderly: the number of registered employment center for over 50 grew by 60% since 2007. The employment rate of older workers in France (41%) is thus one of the lowest in Europe. And the French questioned by HSBC do not envisage improvement: only 8% believe that the pension reform of 2010, which pushes two years the legal age of retirement, will solve the problem of unemployment of more than 55.

Increase the contrast level of pensions

That's why 57% of the French think that the amount of pensions paid by the system of national solidarity (general system of pension insurance and supplementary pensions Agirc-Arrco) will decrease in coming years.Yet in 2030, pensions paid by the general will average above 2% to 2.5% they would have been without the pension reform of 2010, according to a study of NACHA. Indeed, the decline in the age of retirement will allow some policyholders to increase their pension rights, with more qualifying period and new wages, generally high end of their career and therefore probably included in Top 25 annual salaries used to calculate the pension.

The average percentage, however, masks significant heterogeneity according to the profile of the insured. If nearly 35% of the insured should receive a higher pension than 6% on average, 18% have a pension lower by about 5%. In fact, an insured who left at age 63 with 3 years premium before the reform would leave always at the same age but with only one year of premium.In addition, almost half of the insured would see their pension amount unchanged with the reform. These are mainly inactive.

Finally, the most interesting in this study HSBC is the paradox between fear and actions. As they anticipate the majority of financial difficulties in retirement and they are concerned about a decline of public pensions, only 30% have set up a financial plan to make additional income in retirement, against 50 % in the rest of the world. And when we ask the French what they will do if the level of public pensions decline, 43% say they are willing to work longer and 27% to take additional paid work.

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%.

Concerns are growing stronger with the approach of the EU summit to be held this Sunday. Around 10 am, Paris lost 1.6%, London 1.3%, Frankfurt 1.5%. At the same time Milan fell by 1.8% and 1.3% in Madrid. The Nikkei of the Tokyo Stock Exchange finished Thursday's session lower by 1%, investors fear that the summit of the European Union this weekend does not solve the crisis in the eurozone.

These concerns were reinforced by the Wednesday night meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.The two leaders met for nearly two hours in Frankfurt around the future of the euro area. Nothing filtered out of the interview but the discussions have included the lending capacity of EFSF, the relief fund in the euro area, which must be set up to help countries in trouble. According to the German press, Berlin would be in favor of strengthening the EFSF to 1.000 billion euros, but more like Paris. In addition, Nicolas Sarkozy wants to transform this new instrument in the bank, which refused Angela Merkel and Jean-Claude Trichet, President of the European Central Bank (ECB).

Rumors about the amount of its capacity should continue to circulate in the markets, which should make the stock markets volatile."As we approach the summit, nervousness increases and investors away from equity markets," said the note IG Market Analysis, adding that the latest results of companies from the United States are often disappointing and not conducive for optimism.

The rating agency Moody's Investors Service gave the first Monday penknife to the sacrosanct "AAA" rating of France, announcing that it gave three months to determine whether his perspective "stable" was still justified in view of the deteriorating economic situation."Over the next three months, Moody's will monitor and evaluate the stable outlook (the note of the country) in the light of progress made by the government to implement" the measures announced to reduce the budget deficit, said the agency rating in a statement.

France has currently the highest rating possible from Moody's (a "Aaa"), as from its main rival Standard & Poor's and Fitch Ratings. This high rating allows it to borrow on the markets in very favorable terms to finance its budget deficits. If the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months).And France would become the new big country, after the United States to lose the precious talisman financially.

The agency is careful to note that this review is part of its annual study on the accounts of France and that it is not – at this stage – a decision on the note country. But it is the first of three major rating agencies and to cast a shadow on the "Aaa" French. Last week, Moody's had yet to confirm the strength of the French note, after the announcement of the restructuring of the bank Dexia.

Keeping the promise of deficit reduction

In addition to the ability of the French government to meet its budget commitments, Moody's says it will consider in its deliberations "new negative developments in the economy or financial markets."In its statement, Moody's notes that the financial strength of the French government, although still very high, "has weakened, as is the case for other countries in the euro area, as the economic and financial crisis in the world has led to a deterioration in its debt ratios, which are now among the lowest rated countries Aaa + + ".

For Moody's, so it is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unforeseen challenges."Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments that must support the country's budget, "said Moody's.

"The deterioration of debt ratios and the ability to see new potential liabilities are putting pressure on the prospect of stable rating Aaa + + of the country," said the agency. For Moody's, the French government now less room for maneuver in 2008 (…) "during the crisis of" subprime "." The continued commitment to implement economic reform measures and budgetary and visible progress in the goals "for reducing debt" will be important for maintaining the stable outlook "of the note of the country, the agency warns.

Saab, which has hardly produced a car for six months, is in receivership.A loan of EUR 70 million guaranteed by the Chinese Zhejiang Youngman Automobile Lotus is still not activated.

According to Dagens Nyheter, Youngman would withdraw and abandon its commitment to put money into Saab over the long term.

"But Geely is interested in everything, in terms of production and development," one told the newspaper.

Geely, which acquired another Swedish Volvo cars in 2010, approached the administrator of Saab, is there still told the newspaper.

But Lawrence Ang, executive director of Geely Automobile Holdings, a subsidiary of Hong Kong-listed Geely, denied the information.

"As far as I know, we do not have that kind of project," he said, stressing that Geely was very busy after its acquisition of Volvo cars.

A Saab spokesman declined to comment.

Ian Fletcher, automotive analyst at IHS, sees no interest in such an alliance.

"Volvo and Saab, in fact, fighting for the same space for years. I think in the end, Volvo would be happy with the release of Saab."

He recalled that Geely does not need additional production capacity in Sweden and he can do without technology from Saab.

"I see simply no reason they could intervene," said the analyst.

Saab has gone from crisis to crisis this year.It closed in April, unable to pay its suppliers to whom he owes more than 150 million euros. In August, it was no longer able to pay salaries.

Saab was bought by Spyker, now Swedish Automotive, General Motors in early 2010, as he was leaving another period of bankruptcy.

The sale of the Spyker sports cars in the Swedish Automobile Vladimir Antonov Russian investor has also failed. These cars must now be sold to a private equity investment.

A spokesman for the Greek government has denied reports the newspaper Ta Nea and Ethnos, which state that the other two scenarios are disordered or defective, or the implementation of the second rescue plan 109 billion euros agreed on 21 July.

Citing witness a speech given by Evangelos Venizelos, Ta Nea reported that the Greek Finance Minister would also have considered "very dangerous" for Athens to claim a discount of 50%."This would require a large coordinated effort," would have said.

A spokesman for the Ministry of Finance said not to be able to comment on articles, but a spokesman for the Greek government, Angelos Tolk, has denied.

"What we choose (for Greece) is to stay in the heart of Europe with the implementation of the decisions of July 21.The big challenge is to avoid failure or collapse. "

The Socialist deputy Tzakri Theodora, who says he listened to the speech of Evangelos Venizelos cited by the press, also denied that he had discussed the scenario with a discount of 50%.

Greek Finance Minister is on his way to Washington for a meeting with the inspectors of the mission the European Union and International Monetary Fund, European Central Bank in Greece.

Some European banks have agreed to contribute to the second bailout of Greece set July 21 by passing a 21% discount on bonds maturing before 2020.

The CEO of Deutsche Bank Josef Ackermann said earlier this month that many European banks would not stand a discount of these securities at the current market value.

The group of telecom, entertainment and media identified in the first half EBIT (operating income, net of amortization of goodwill), to 3.36 billion euros, up 4, 6% at constant exchange rates, sales of 14.25 billion, up 2.4% and adjusted net income of 1.83 billion.

The market on average expected a turnover of 14.24 billion euros, an EBIT of 3.31 billion and adjusted net income of 1.73 billion, according to estimates by seven analysts.

"Despite a troubled economic and financial environment, our operational indicators are up," said Chief Executive Jean-Bernard Levy said in a statement.

"We therefore confirm our outlook annual adjusted net income in excess of 3 billion and dividend growth," he adds.

The stock closed Tuesday up 0.78% to 16.1750 euros, giving a market capitalization of 20 billion euros. Since the beginning of the year, it was down 19.9%.