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The Education Minister Luc Chatel announced that from February 2012, teachers begin their careers at the minimum wage of 2000 euros gross. About 100 euros per month. Insufficient effort according to FSU. The Education Minister Luc Chatel

Beginning teachers will start their career with a salary in excess of 2000 euros gross in February 2012, which is a "symbolic" of crossed, said Thursday the Minister of Education, Luc Chatel. "The symbolic threshold of 2,000 euros early career will be taken from 1 February 2012," said the minister during a speech at the end of his visit to the Education Fair in Paris. Beginning teachers had already received a gesture of Mr. Chatel in March 2010, so compared to "1690 euros in 2007," the rise of their gross salary is "18% in five years," the Minister added.

G20 countries Thursday put the finishing touches on a concerted action plan to try to put the global economy on the path to a sustainable and balanced growth and discussed the possibility of increasing IMF resources to help countries reeling from economic shocks.

According to a draft final statement dated November 2, they should agree at the end of their summit in Cannes on the need for countries with high deficits to put their finances straight and for those who have surplus boost domestic demand.

As part of this plan, Italy, which is in the eye of the storm of the European crisis, promise to reduce debts and deficits (see) to quickly bring in 120% from 2012 in its public debt of national wealth."There is a broad consensus on the need for additional financing (…) We will work on it tonight and tomorrow," she said.

PASSAGES IN WHITE

If the passages devoted to IMF resources and currency remain white, indicating that these issues are still debated, the draft final communique is also no real surprise.

Given the risk of future crises, the G20 leaders are considering a proposal to create a new credit facility in the short term the IMF to help countries that are virtuous face of exogenous shocks ().

The French left the presidency of the European Central Bank on October 31. It gives way to the Italian Mario Draghi. Record of eight years of a presidency marked by the seal of the crisis. The mandate of Jean-Claude Trichet President of the ECB ended October 31, 2011

The least we can say is that the end of term Jean-Claude Trichet has not been easy. The French left the European Central Bank (ECB), after eight years of presidency, when the euro area is experiencing a critical step – critical? – Of its crisis. For if the Europe Agreement birth Thursday morning in pain is an important step in the short term, it does not eliminate all long-term risks of contagion from the debt crisis.

We do not worship nor hate Jean-Claude Trichet, as it is more consensual than cleaving – it boasts of never having been outvoted by the Governing Council of the ECB. We respect him.For he succeeded in making the institution of Frankfurt an economic and political front. The markets were suspended in any of his words at monthly conferences of the ECB on interest rates. And since Europe is in crisis, he took part in EU summits as well as leaders and heads of government of member states of Euroland.

The route of Jean-Claude Trichet

1942: Born in Lyon

1969-1971: ENA

1978-1981: Economic Advisor, Valerie Giscard d'Estaing

1986-1987: Director of the Office of Edouard Balladur, Minister of Finance

1987-1993: Director of Treasury

1993-2003: Governor of the Banque de France

2003-2011: President of the European Central Bank

Of the review of eight years as president of the ECB, it can be fierce independence vis-à-vis the Franco-German policies.No sooner did he take the levers of the ECB in November 2003, accusing Jacques Chirac and Gerhard Schröder to gut the Stability Pact. In 2010, he opposed the will of Nicolas Sarkozy and Angela Merkel to involve private investors in the rescue of Greece. But we remember also its renewed calls for member states to implement a real economic governance of the euro area. Not to mention his extraordinary responsiveness during the financial crisis in August 2007 first, then in October 2008, noting that the interbank market is frozen, the ECB is the first to lend banks as much liquidity as they wish.

The strong euro, the result of the fight against inflation

Two of his actions, however, are highly controversial.

Europe should recapitalize its banks on an individual basis and not applied uniformly to all measures in the industry, said Tuesday the German BDB banking association.

"It would be absurd to book the same treatment to all banks," said Michael Kemmer, CEO of the BDB, in an interview on ARD television channel.

If the recapitalization is needed, they must be implemented in the right tempo, he added.

"First, banks themselves must make use of capital markets, although it is very difficult if not impossible, right now," said Michael Kemmer.

"Then, each country must see if we recapitalize banks and only if it is unable to do that EFSF should intervene," he added, referring to the European Stability Financial.

France and Germany have given themselves until the end of October to overcome many obstacles on the recapitalization of banks, the euro and its sickest member, Greece, and on European Governance, at where the sovereign debt crisis has put down the bank Dexia.

German banks, which have increased their level of capital in recent months, are stable and doing well, said Michael Kemmer.

He added that European leaders should stick to the agreement July 21 on Greece, which provides that private creditors pass a discount of 21% on Greek bond holdings.

Many experts believe that this level of discount ("haircut") is insufficient, forcing banks to take further writedowns in the third quarter.

Deutsche Bank, one of the most important members of the BDB with Commerzbank, said late September that the discount that private investors have agreed to take on Greek sovereign debt in the second bailout of Greece could be greater than 21% retained.

Last week, the German IDW auditors are said German banks could follow the example of Deutsche Bank in the third quarter by re-evaluating their market prices Greek bonds.

Greece missed the deficit targets that were assigned by its international donors for this year and next, according to figures released Sunday by the Greek Ministry of Finance after approval by the Government of the draft budget 2012.

Athens expects the deficit to reach 8.5% of gross domestic product (GDP) this year, while the European Union (EU) and the International Monetary Fund (IMF) had requested that the deficit does not exceed 7 , 6% of GDP.The draft budget projects the deficit will be reduced to 6.8% in 2012, against a target of 6.5%.

"There is money three months before the end of 2011 and the final estimate of a deficit to 8.5% of GDP can be achieved if the state apparatus and the citizens act accordingly," the Ministry in a statement.

"The draft budget will be submitted tomorrow (Monday) in parliament," he says.

Economic growth in Germany this year will be closer to 3% to 2.5%, on Friday said German Chancellor Angela Merkel.

The statement came after the German banking association BdB on Wednesday cut its forecast 2.8% growth in the country for 2011, while the RWI Institute said that the risk of a recession had increased.

While the EU finance ministers meet Friday in Poland to discuss among others the debt crisis, Merkel reiterated her opposition to Eurobonds and felt that Europe should consider the possibility of intervening in the medium term to States that fail to meet their duty of fiscal consolidation.

Audi, the premium brand of the Volkswagen group, plans to exceed this year's Mercedes-Benz, the luxury brand of the Daimler group, reaching 1.3 million sales, said Tuesday the chief executive of Audi.

"We will exceed Mercedes this year and move from place to number three to the number two," said Rupert Stadler to the press on the sidelines of the Frankfurt Motor Show.

Audi is also optimistic about the prospects for the sector as a whole.

"There are two warning signs. Sales to fleets of vehicles and sales of used cars. Neither reports of headwinds," said commercial director Peter Schwarzenbauer.

Investor confidence in the euro area in September hit its lowest level in over two years, the institute said Monday Sentix.

The index fell to -15.4 in September, its lowest level since August 2009, after -13.5 in August.

The current conditions component fell to -3.25 after 3.50, but the expectations rose slightly to -26.75 -29.00 after.

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.

European banks including Societe Generale and Dexia still suffer from their bad loans, but also another evil, more discreet: their dependence on debt markets to finance their operations.

Unlike some U.S. banks such as JPMorgan Chase and Wells Fargo, which finance a larger share of loans with the deposits of their customers, private banks in Europe generally depend more on their loans in capital markets in the short term.

This exposes them to the whims of investors, may require a sudden interest rates higher for their money, or even remove it from the market place and the banks to thank you for a government bailout.

The sudden increases observed in recent weeks on the rates of short-term loan of some European banks in this respect revived memories of the 2008 financial crisis, when Bear Stearns and Lehman Brothers collapsed in a liquidity shortage .

The recent turmoil highlighted the need for the European banks most vulnerable, to adjust their loan commitments that can actually pay their deposits.

"The European banking system must be redesigned and re-capitalized," said one institutional investor this money markets and based in New York, speaking on condition of anonymity to avoid offending customers.

Many banks have sought since the 2008 crisis, to raise their levels of deposits, with some difficulty.

In Europe, public banks and savings banks enjoy tax benefits because they can maintain their stranglehold on the market, said Rocco Huang, a professor at the University of Michigan.

The race then draws customers to higher costs, so that some institutions are turning to overseas, such as the Franco-Belgian bank Dexia, which recently expanded its network in Turkey.

FINANCING RISK

Fears about the financial health of European banks is easily exacerbated by their lack of transparency about their cash reserves, analysts said.Lack of clear data, investors resort to inadequate instruments, such as loan-deposit ratios ("loan-to-deposit ').

Dexia loans represent 2.5 times the sum of its deposits, according to data compiled by Keefe, Bruyette and Woods.For Societe Generale, the ratio "loan-to-deposit" is 1.2.

By comparison, loans JPMorgan use only two-thirds of it are lists of deposits under its customers.

To make up the difference, European banks therefore depend heavily on capital markets, including money market short-term, which can be risky in the current environment of distrust of investors.

The credit default swaps (CDS) – which measure the cost of insurance on default of payment – General Corporation has more than doubled in less than three months, reaching 303 basis points (bps) on August 19 against 138 bps on May 31, according to Markit.

At the same time, the share of the Company generally has lost about 49% of its value.For comparison, the CDS JPMorgan rose 75 bps to 125 bps, and the action has lost 21%.

This movement took place when a strong seller that major U.S. investment funds have withdrawn money market billions of dollars they previously injected in European banks through short-term loans.

In June and July, according to Fitch Ratings, the top ten funds have pulled 70 billion dollars (48.38 billion euros) or 18.4% of the money they had lent to banks Europe.

Finance is increasingly global, many of these funds have explained to need this cash if their investors wanted their money out of fear of failure to pay the United States.

This sudden loss of funding has forced banks to seek their dollars elsewhere, taking their rising borrowing costs in a way that seemed to indicate that they were in need of funding, said Mark Pawlak, strategist and vice president of Keefe, Bruyette & Woods.

Societe Generale then attempted to allay fears about its financial strength by providing investors with details on its balance sheet during a presentation on August 3.

"The bank has no liquidity problems, its activity is healthy and its investment capabilities are intact," he said last weekend Oudéa Frederick, CEO of Societe Generale, in an interview with Journal du Dimanche.

Neither Dexia nor Societe Generale have wished to comment during this analysis.