Tomorrow they are invited to modify one to not lose on the otherThis is of course should not relax its effortsIt is this scenario to be proposed in December6 Of GDP end of 2005 public debt returned to 65by chains that undermine entrepreneurial State and regulatory structuresYesterday at the meeting François Fillon attempted to hold the two endsThe European Commission does think about nothingBut the time is not yet in the balance sheetThe stagnation of the application does notNew York City to the miséance the title practical 28Encouraged by the victory of the Barack Obama Democrat presidential American, deemed more open that his predecessor Bush to the idea of increased surveillance of financial markets, the Europeans should now adopt a common approach on the reform of the international financial architecture. It's less to propose a series of measures detailed in the partners of the g-20, at the international Summit of November 15, in Washington, to display a series of positions on the principles and objectives of the future reform of the global financial architecture.
To prepare for the extraordinary Summit of the 27 European leaders that will last today time to a luncheon in Brussels, the French Presidency has prepared a new version of the text which had been submitted at the beginning of week to European Finance Ministers and criticized on some points by the Germany and the UK. Thus, the idea of organising a "coordinated international response" to the economic crisis already occurring was removed from the new version of the French proposals, without a minimum consensus. However, the new version of the text gives a role vital to the international monetary Fund (IMF), built in monitoring of financial stability. It is to make "the main organization in charge of global financial stability." It would have the upper hand on the work of other forums and institutions: Forum for financial stability (FSF), Bank for International Settlements (bis), Committee on Basel, etc, would be at the heart of a network of information streaming of all oversight bodies, and would be responsible for an early warning system as a risk would appear to macroeconomic and financial stability world. It should make recommendations to the States and the relevant forums, should strengthen its monitoring of the financial sector and would have the obligation to perform evaluation programs of the financial sectors of the Member States, a mission that they could refuse to receive so far.
"Hedge funds".
Britain did had not hidden, earlier this week, its reluctance to what the IMF "interfere in the production of regulation" and intervene in the supervision of financial markets, preferring to confine it to a more political role of macroeconomic surveillance. The France, supported by many European countries, including the Netherlands, persists and signs however, believing that it is the multilateral organization best placed to play this role.
The German Minister of finance Peer Steinbrück would have liked it that the French project is more policy on "hedge funds", hedge fund against which the Germany leads a somewhat lonely struggle for more than a year. The text has not changed and proposes that for these funds escape regulation and monitoring mechanisms, expected a "stricter surveillance" but not necessarily "rules in matters of regulation".
Twenty-seven should agree, more generally, on the principle that no financial institution, no market segment must in future escape the regulation or supervision... The November 15 Summit should "stop immediate guidance on international governance" on credit rating agencies, accounting and prudential standards, systems of remuneration of the financial actors and will develop a specific agenda for a Summit to be held in February.
