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The global gathering of outraged this weekend has not gathered the crowds in France. The political context partly explains this failure. The "outraged" Place de la Bastille, May 10, 2011.

The numbers speak for themselves: 50,000 outraged gathered this weekend in Lisbon, 6000 in Frankfurt, 5000 in New York and … no more than a thousand in Paris. The movement which started on the Puerta del Sol square in Madrid to extend to many countries never really took off in the hexagon.But why mobilization is struggling to develop in France, whereas it is a French, Stéphane Hessel, who inspired the movement with his book "Unworthy you"? Several answers.

France is less badly off than its neighbors

"Here we do not have a gun to his head like the Greeks may have with their crisis and the Spanish with their real estate market," said Julien Bayou, co-founder of the collective generation and precarious present in the meetings of the "outraged" French held each week. He said the crisis is felt in France, but not the same as in some countries. It is also the opinion of Robi Morder, Chairman of the studies and research on student movements (germ). "Many young people, especially graduates can expect to enter the world of work without going through the uncertainty," said he in the daily La Croix."It is more complicated in southern Europe, where unemployment is higher among graduates than non-graduates," says researcher Monique Dagnaud to Liberation. The rate of youth unemployment to 45% in Spain when he was 23% in France.

Unfavorable political context

The arrival of the next presidential captures media attention for weeks, and the recent Socialist primary did not help. This reduces the echo can have the movement in France. In addition, it is optimistic about the possible alternatives that demobilizing troops, said Julien Bayou. "In Spain, Greece or even the United States, we have leaders that could be called the left in power. And we know that at the polls, the alternation will not work. So it is mobilized in the streets" , said he."While in France we have a right to be making a right-wing politics, and people in the head the next election." It is against this background that would explain the very high participation in the Socialist primary according to Julien Bayou. "We have seen other profiles went to move to vote in the second round of elections, especially young people," he adds.

The refusal of the "recovery"

In France, social movements are generally handled by the unions and some political parties. But the outraged French refused this form of "recovery", preferring a spontaneous movement. They realized soon and should change their modes of action. "It is true that initially we were quite aggressive vis-à-vis the associations and parties," recognized Delia Fernandez, the collective indignation, of Liberation."This has slowed the mobilization and preventing challenges to reach the street. For their part, they did not understand that we act in a pattern different from theirs. We will now try to cut corners."

The movement is ever convicted?

Not yet. The recent history of France showed that some mobilizations, it took several weeks before the mayonnaise takes. "For us, the mobilizations take time, it took two months for the movement against the First Job Contract off", said Robi Morder. To this researcher, do not bury a mobilization that may, one day to another, take a lot more important. "Be careful because there are embers, it would spark an escalation of the crisis or a big scandal for example, it really starts," said he.

The members of the G20 meeting in Paris should acknowledge the commitment of Europeans Saturday to introduce in the next few days a package of measures to restore stability in the euro area, amid fears over the health of the global economy.

France and Germany have promised to present at the European Summit of 23 October a plan to recapitalize banks, responding to the situation worse than expected in Greece, increasing the firepower of the European financial stability and reforming the governance of the euro area.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said French Finance Minister, Baroin, after a meeting Friday with his German counterpart Wolfgang Schäuble and Nicolas Sarkozy.

Meanwhile, European leaders are putting added pressure on banks to force them to recapitalize and enable them to withstand greater losses than expected on the sovereign debt of the most fragile area.

The European plan will be included in a series of commitments that will be announced at the summit of Heads of State and Government of the G20 3 and 4 November in Cannes, which will close the French presidency of the Forum of 20 major economies.

Many measures discussed by finance ministers and central bankers of the G20 meeting in Paris on Friday and Saturday were referred to this deadline.

SUMMIT OF CANNES

In Paris, important steps were expected Saturday on the reduction of major global financial and economic imbalances, a priority for the French Presidency, with the objective that the seven countries identified as major sources of the imbalances present in Cannes "two or three significant steps "in this sense.

"We need fiscal consolidation measures for countries in excessive deficit and measures to support global activity for those who have surplus," explained a French source before the meeting.

According to an official of the G20 countries, the Chinese have thus expressed their readiness to "ensure that growth in China does not slow down, even if there is a risk of inflation through expansionary fiscal policy."

No major breakthrough is expected, however in Paris on the Chinese currency, the yuan, which the strict control by Beijing is considered one of the major causes of global imbalances.

The "path integration" of the yuan in the currency basket of Special Drawing Rights International Monetary Fund, a discussion underpinned by the loosening of the Chinese currency, is among the priorities of Cannes, with the objective of A schedule.

BANK CASH

The draft G20 communique obtained by Reuters Finance reaffirms that its members will ensure that banks have sufficient liquidity, in particular through central banks, as they undertook to do at the recent G7 Finance in Marseille.

The debate on the proposed increase of IMF resources, defended by almost all emerging G20 but faces opposition from the United States and Japan, will also resume in Cannes.

Discussions were still Saturday on whether to publish the list of banks considered to be running in size a systemic risk the global financial system, where the G20 should agree on capital surcharges.Again, final decisions will be taken in Cannes.

"Principles" for emerging economies suffering from speculative capital movements must also be finalized for the upcoming summit of the G20, to help control these flows in order to avoid destabilization of the economy.

Italian energy company Acea said Wednesday its intention to take legal action against EDF regarding the acquisition by the French in 2005, through its affiliate Edison, a majority stake in Edipower.

Acea believes that EDF has acquired illegally participation in conjunction with Aem Milano, now part of the company A2A.

Unemployment Gross of Germany continues to fall. He reached again in September, a record low at 6.6% of the workforce.

The gross rate of unemployment in Germany down again. The level reached in September has a new record low at 6.6%, ignoring the economic uncertainty and the crisis of the euro. The unemployment rate fell to gross 6.6% in September, as against 7% in July and August, which already marked its lowest level since the reunification of the country, according to figures released Thursday by the Employment Agency. Its level is the lowest for 20 years.

In data adjusted for seasonal values, the unemployment rate also fell to 6.9% against 7% a month earlier. This represents 26,000 fewer unemployed, where economists were expecting 10,000 less."The demand for labor remains strong," said the director of the Employment Agency, in a statement, and that while the situation in Germany, as in the euro area is marked by uncertainty .

Recent surveys of the financial community (ZEW) and entrepreneurs (Ifo) portend a slowdown in economic activity in the coming months. Already in the second quarter, the German economy had slowed sharply, with GDP rising by only 0.1%. Chancellor Angela Merkel, however, on a table growth "closer to 3% than 2.5%" this year, the official government forecast of 2.6%.

Kweku Adoboli was detained after appearing in court on Thursday. He is responsible for the loss of $ 2.3 billion by UBS. Kweku Adoboli in London.

Kweku Adoboli, the trader accused UBS of fraud that cost $ 2.3 billion in the bank, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

One of the counts added was retained by the court in this case for a fraud committed between October 2008 and December 2010. "He is sorry for what happened, beyond what it can express," said his lawyer, Patrick Gibbs. "He went to the people of UBS and told them what he had done. It is now appalled by the magnitude of the consequences of his disastrous miscalculation," he added.

The trader, 31, who appeared Thursday in dark gray suit and blue tie, is suspected of fraudulent transactions within UBS. He was charged and detained last Friday in London. His lawyer did not indicate whether he intended to plead guilty at this point. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses incurred by UBS.

Much criticized for his handling Simois since the earthquake and the nuclear accident in Fukushima, Naoto Kan throws in the towel. Naoto Kan waives his salary as prime minister of Japan as the nuclear crisis is not over.

Japanese Prime Minister, Naoto Kan, said Friday his resignation from the chairmanship of the Democratic Party of Japan (DPJ, in power) and his departure next week of the government. "Today (Friday), I resigned from my position as party chairman," he told MPs the DPJ. "Once a new president is elected, I will give up right away my prime minister and my government resign."

DPJ Secretary General Katsuya Okada, confirmed that the election of the successor of Naoto Kan will take place Monday morning. The winner will be elected prime minister, probably the next day by Parliament.In Japan, the president of the majority party in the Chamber of Deputies is assured of his appointment to head the government, even with a Senate controlled, as is the case today, by the opposition.

Fifth prime minister in five years, Naoto Kan, 64, elected in June 2010, finally threw in the towel after suffering for months attacks by the Conservative opposition, but also those of his own camp, to manage considered calamitous disaster of March 11. Fell to the lowest in the opinion polls, the leader of the center-left government is criticized for his hesitation and awkwardness face of disaster caused by the massive earthquake and the giant tsunami that devastated the coasts of northeastern Japan and caused a very serious nuclear accident at the plant in Fukushima.

Finance Minister Seiji Maehara to favorite Estates

In early June, Mr.Khan had promised to leave office after the Parliament had passed three bills close to his heart. The law on a supplementary budget for reconstruction in the affected areas was passed in July, and the two other texts, on the issuance of bonds to complete the budget and the development and use of renewable energy were adopted Friday.

"Today, important laws were passed. On June 2, I thought I'd pass the baton to a younger generation. The conditions are all met," he said. Referring to his record, Naoto Kan has acknowledged that there had been "very hard times." "I think I did what I had to do in very difficult circumstances," he added.

Among the favorites to succeed him include former foreign minister, Seiji Maehara, 49, the most popular with the Japanese in the polls, and the current finance minister, Yoshihiko Noda, 54, a supporter of increased the consumption tax, currently set at 5%. If elected, Seiji Maehara, who is on the other hand opposed any tax increase, will become the youngest Japanese prime minister since the Second World War.

Brent crude was down more than $ 3 Monday, passing below 106 dollars, while the progress of Libyan rebel suggests a possible resumption of oil exports of the country.

Rebel fighters swept into the night from Sunday to Monday in Tripoli, the Libyan capital, where thousands of people took to the streets deserted by the forces of Muammar Gaddafi who have appeared against little resistance to the insurgents.

At 6:50 GMT, Brent North Sea yielded 3.40 dollars (3.13%) to 105.25 dollars.For his part, U.S. crude gave up about a dollar to 81.18 dollars, also sealed by the gloomy outlook of the global economy.

Before the outbreak of the uprising in Libya, the country, a member of OPEC produced about 1.6 million barrels per day (bpd), nearly 2% of world production.

Most of Libyan crude supplied European refineries and disruption of those exports has pushed the price of Brent crude to a peak of two and a half dollars to 127.02 in April.

Full recovery of Libyan production could take years but the rebels said they hoped a quick return to normal. Analysts said a production of one million bpd could be achievable in a few months.

Japan is considering a new intervention on the foreign exchange market to stem the rising yen, which reached a record high Friday against the dollar, the daily Nikkei reported Saturday.

If the yen continues to rise, the Japanese authorities will once again intervene in the market to slow the progression of the yen, the newspaper said without citing its sources.

Faced with the volatility of world markets, investors preferred safe haven on Friday as the yen. The dollar fell below 76.25 yen before rebounding.

Germany and France are convinced, the Tobin tax should be adopted in Europe. Yet critics are numerous, and markets are particularly skeptical.

This time is the right one? For years now that the tax on financial transactions is discussed in Europe, the leaders of the euro area has never been convincing. Tuesday night, Nicolas Sarkozy and Angela Merkel said they would suggest that the European Union in September of a tax on financial transactions, "an obvious need" according to the German Chancellor. The two leaders did not specify the terms of this measure, but the French Minister of Economy, Baroin, and his German counterpart, Wolfgang Schäuble, confirmed to be working earnestly on the subject.The tax is "the subject of extensive work with the German Ministry of Finance," according to Bercy.

Many critics and fuzzy terms

For several months now that the European Commission relaunched the idea of ​​a European tax on financial transactions, which, if it was fixed between 0.01% and 0.001% of the transaction, would yield between 30 and 50 billion euros per year. MEPs had then voted by a large majority (529 for, 127 against). A tax as proposed by the Commission could fund the EU budget to alleviate the contributions of member states.

But this tax, partly designed to limit speculation, is not without its critics. Too easily circumvented, too complicated to implement, too risky …since its development in the late 70's by the economist James Tobin tax on financial transactions is routinely ostracized, especially by its critics assert the impossibility of setting up a different scale than the global . In fact, if the tax does not apply to all financial markets, it may benefit those who do not have adopted and which will recover, de facto, the flow of transactions. A warning given recently by the ECB President, Jean-Claude Trichet, who said that "a tax imposed in Europe and not elsewhere would result in a significant loss of activity for Europe."

London reservations

But this time, Brussels is certain, the project is expected to reduce the risk of outsourcing transactions with a plate large enough to avoid trade-offs between financial products.Arguments that clearly did not echo long-awaited in the British, the most resistant to the device. "The government will continue to conduct discussions with international partners (…) but otherwise the relevant transactions will simply move to countries that do not apply," he said including a spokesman for the UK Treasury Wednesday. But without the agreement of the United Kingdom, impossible to adopt the draft. Even the Berlin admits the tax on financial transactions should apply to the 27 EU members, assured the spokesman for the German government. According to the Irish Minister for Finance, the tax would ultimately very unlikely to achieve unanimity among member states."There will be many objections from countries with strong financial services sector, such as Luxembourg, the Netherlands, and even Paris," he argued.

Markets do not believe that half

Little appreciated in the early morning by the financial markets, this proposal was eventually discredited quickly by banks and stock traders who were quick to report their skepticism about the project. The association of German cooperative banks BVR, quoted by Reuters, said for example that the tax would fail to restore stability in the markets if it concerned only the euro area. "In the end, the financial sector has not suffered the ad simply because nobody believes," concludes one analyst Saxo Bank.

The trade deficit the U.S. has grown against all odds in June to its highest level since October 2008, due to a decline in exports and imports indicate a slowdown in global demand, according to figures released Thursday by Commerce.

The trade balance posted a deficit of 53.07 billion dollars, while the market expected it to be reduced to 48 billion.

In May, the deficit had risen to 50.83 billion (50.23 billion in the first estimate).

Exports fell 2.3% against -0.5% in May, faster than imports (-0.8% after +2.9% in May).