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The timing could not be worse for Levi's. The king of denim, which had just launched its new global campaign "Levi's Legacy" earlier this week, was forced to turn back to the UK market. The spot, shot in Berlin before the events in London, reveals, in fact, scenes of young people in clashes with security forces. Demonstrations, riots, smoke: the images are too echoed the news, depending on the brand:

Called "Go Forth" (On the Move in French), signed by the advertising agency Wieden + Kennedy American, calls young people to take their destiny. The message is reinforced by the recitation of a poem by Charles Bukowski, The Laughing Heart, to the very explicit (your life is your life / do not be discouraged by a tender moist / Be on the lookout)."Because of what's happening in the UK, we have temporarily postponed the release in cinemas and on Facebook in the country," said a spokesperson for the brand with the Daily Mail. He added that "Go Forth to embody the energy and events of our time. She does not speak of a political movement or a specific theme, but rather evokes optimism, positivism and the entrepreneurial spirit. "

The spot has also been removed from the official Facebook page for the brand. "We have all witnessed the recent events that took place in London and other cities in England. It is difficult to see a glimmer of hope amid the violence. But looking good, you will see it paperless payday loans. Not one of the riots and chaos. But through its citizens who take the broom to clean up their cities. It is through their pioneering spirit that make change possible, "says Levi's on Facebook.

Stunt involuntary RIM

Although the jeans manufacturer is trying to detach events, riots in London have a real spotlight on its new advertising campaign. A promotion that seems to also affect involuntary RIM, the maker of BlackBerry. His courier BBM, which equips its phones, known for providing a guarantee of confidentiality of trade, is on everyone's lips. Indeed, it would play an important role in organizing the riots. The British press also devotes a large part in deciphering the events.

But this stunt could serve the image of RIM on the UK market.Already some voices calling for the closure of the service in England, prompting the direction of the Canadian manufacturer to announce, without further detail, cooperation "with local telecom operators, the police and government" of the country if so requested.

This collaboration could involve the closure of the service. The risk is important for the Canadian manufacturer that could alienate her young local clientele. According to a study released last week Ofcom, the BlackBerry is currently the favorite of the English smartphones of 16-24 years (37%) to the iPhone (25%).

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After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

In the UK, the British Trade Vince Cable held Saturday "completely predictable" degradation of the United States. "This is a completely predictable consequence of the mess created by Congress (…) but they (MPs) have now heard, and the situation of the United States is strong enough," he said.

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score."Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires. Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets."At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said. In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

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On the night of Sunday to Monday, an agreement was reached between Republicans and Democrats to raise the U.S. debt ceiling. A favorable outcome that immediately reassured the markets: when Barack Obama announced the compromise to 2:45 Paris time, Asian stock markets – open to this hour – surged after learning that the failure to pay the United States was avoided. The Nikkei in Tokyo rose 1.7% immediately before finishing up 1.34%. Later, in Europe, major indices also showed the green, like the Cac 40 in Paris, which opened up 1.35%, and the ragagnant 3700 points, the Footsie Londoner, who took 1.07 % and the Dax in Frankfurt (+1.5%).

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday. Another indicator of the relief the markets: oil, which accounts for the opening of Wall Street about 2.7% to 98.28 dollars.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Market reassured for a time only

Thus, if the news was appreciated at the time, markets have not been won by either euphoria and await confirmation of the plan by one vote. Yet some Republicans have expressed strong opposition to the agreement. Already around noon on Monday, the dollar back down a little, one euro was trading against 1.4437 dollars (0.23%).Same against the Swiss franc, another safe haven, which goes back to full speed against the dollar and finds its historical levels of force, to 0.78 Swiss francs to the dollar. On European stock markets, the increases were massed in mid-day. Then on Wall Street, the Dow has advanced little in early trade to 15.30, about 0.7%. Not enough to make up for the fall of 4.4% registered in the past week.

Then, around 3:45 p.m., the European and American markets have nose dive.It is not there a sudden distrust towards the agreement on U.S. debt, but a strong reaction of markets to the publication of the U.S. ISM index, which measures the strength of manufacturing activity across the Atlantic and came out in sharp decline.

Many uncertainties remain

A disappointing statistic that echoes the poor performance of U.S. economic growth in the second quarter, and falling very badly, while the federal government announces measures of fiscal restraint. The markets also show careful because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections.Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped.

However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded. In this case, markets may again sink into depression.

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Concerns still dominates trade in the Paris Stock Exchange on Wednesday. The CAC 40 was down 0.65% to 3763.42 points in mid-session. Elsewhere in Europe markets evolve piecemeal. In London, the FTSE-100 index advances 0.87% at 5915.80 points while in Frankfurt the Dax was down 0.24% to 7331.9 points.

Yesterday, the CAC 40 index closed below 3800 points, troubled by debt problems in the United States. One week before the deadline, Congress remains divided despite the new call for compromise of President Barack Obama urged the Republicans to act to prevent default after August 2, including the economic consequences could be severe.

Republicans and Democrats offer two different plans.On the one hand, the Republican chairman of the House of Representatives, John Boehner, insisted on Tuesday his plan, a "reasonable approach" he said to avoid default. On the other, the head of the Democratic majority in the Senate, Harry Reid, defended his rival project. "The Senate plan is the only real compromise that we have in Congress today, and it's best chance to avoid an economic crisis in a week," he said.

Christine Lagarde, the new director of the International Monetary Fund (IMF) has also called on Washington to "find a real solution." She also asked the Europeans to apply "quickly" the plan against the debt crisis.

The dollar is still worth

Since then, global markets are nervous. In Asia this morning, the issue of U.S. debt was back the Nikkei.Wall Street closed down yesterday for the second straight session. "While remaining confident, we also understand that there is some anxiety as we push things until the last minute," lamented the spokesman of the Presidency, Jay Carney.

On the currency side, the dollar is still abused. The euro, however, gives some ground in late morning at 1.4495 dollars against 1.4509 late Tuesday. Oil is not his direction, the barrel of "light sweet crude" for delivery in August the amount of 34 cents to 99.25 dollars and that of Brent North Sea crude for September delivery taking 17 cents to 118.45 dollars.

In this gloomy atmosphere, operators keep an eye on the indicators of the day. United States, orders for durable goods and the weekly crude inventories will attract the attention early in the afternoon.The Fed's Beige Book will also be an important appointment (20 hours in Paris). The unemployment figures for June in France fall after-hours trading (6:00 p.m.).

Values ​​to follow

PSA: -7.86% to 27.18 euros (largest decrease in the ACC)

Net income in the first half rose 18.5% to 806 million euros and sales of 9.7% to 31.1 billion euros.The negative impact of the earthquake in Japan and the rising cost of raw materials led him to a little more cautious for the full year.

Nexans: -7.62% to 60.76 euros

The group reported a loss in the first half of 151 million euros, and announced a provision of 200 million euros for the European survey.

Atos: + 5% to 39.15 euros

The French IT services company said Wednesday net profit in the first half of 2011 up 66% year on year to 100 million euros, and welcomed the 11% growth in its operating margin in a statement no fax payday advances.

AreclorMittal: + 2.64% to 22.70 euros (largest increase in the ACC)

The world of steel recorded a 10% drop in net profit in the second quarter, but has been as expected a further improvement in profitability, according to a statement released Wednesday.

LVMH: + 1.08% to 131.40 euros

The group saw sales increase by 13% in first half operating performance and increase by 22%, driven by demand for luxury goods that do not weaken despite the uncertainties surrounding the global growth.

Vinci: + 1.51% to 41.22 euros

The group announced Tuesday a record order book and robust business in the first half, making it possible to confirm its growth target of more than 5% of sales in 2011.

Euler Hermes: + 1.72% to 61.02 euros

The credit insurer said Tuesday it hoped to reach at least 320 million euros in net income in 2011, an increase of almost 10% compared to 2010 despite continued pressure on prices and the lack visibility of the markets.

M6: + 0.06% to 15.76 euros

The group is expected to improve its diversification activities in the second half after a difficult first half of the year, told Reuters on Tuesday Jérôme Lefebure, its chief financial officer.

Saffron: + 0.12% to 28.74 euros

The group finally completed the acquisition of specialist U.S. facial recognition software L-1 Identity Solutions after hiring a former head of a major U.S. intelligence to overcome any concern related to safety.

Sopra: -0.27% to 56.35 euros

The group confirmed on Tuesday its forecast for organic growth in sales in 2011 and anticipates an improvement in operating margin in the first half.

Spir communiction: -3.20% to 38.14 euros

The group engaged in a difficult transformation plan, announced Tuesday he was still a net operating profit in 2011 despite a drop in this indicator during the first half of the year.

Icade confirms its objectives

Next Radio TV: -0.66% to 13.50 euros

The group reported Tuesday a sharp increase in its financial results for the first half, boosted by the increase in hearings RMC and BFM TV background current density.

Icade: -0.97% to 82.51 euros

The group confirmed its targets for 2011 and Tuesday 2012 after reporting strong growth in its interim results, bolstered by improved margins from its Development division and reducing its cost structure.

Compagnie des Alpes: + 0.09% to 22.20 euros

The group reported Tuesday a decline in sales on a comparable basis as part of its third quarter, related to a decline in activities of skiing due to an unfavorable timing of the Easter holidays and a deterioration in the snow.

After market, Valeo, Thales, Ipsos and FDR will publish their first-half results. Air France-KLM, Vallourec, Areva, Altran, Mr Bricolage, Rexel, Gecina Nexity and reveal their results and revenues for the second quarter.

"There are two ways to bring artists in a festival. It depends if you have money or if we have not. " Here's how CEO François Floret and coprogrammateur Festival Route du Rock in Saint-Malo (from 12 to 14 August 2011), summarizes the difficulties faced by the organizers of summer music festivals at the time to place their programming. Because the area is changing for ten years.

Faced with the collapse of record sales, artists tend to want to catch up on their live performances. In recent years, the stamp of a headline average doubled from 100,000 to about 200,000 euros concert . Two years ago, the claims of artists such as rock bands Radiohead and the Arcade Fire could reach 500,000 euros a night delivery. A luxury that the Route du Rock, after more than 20 years of existence can not afford.Especially since the philosophy of the festival "has always been focused on the discovery of new talent," says its director.

A total of 340,000 euros per year are devoted to the artistic, or just over 19% of the annual budget of the event. Festival Rock en Seine in Paris (from 26 to 28 August 2011), this percentage reached 33% on a budget of 6 million, for a festival attendance of 105,000 in 2010.

Few artists have their own agents

To perform their scenes, organizers go through the special agents of the artists. But in most cases, they must go to production companies (the "turners") who sell the show, usually including travel, by winning 15% of the sale. Remains the responsibility of organizing the cost of hotel and catering.The financial balance of a music festival, big or small, is always delicate balance between inflation of stamps and need for headliners known to attract an audience often more sensitive, especially in times of crisis, to "safe bets".

Especially as competition from large foreign festivals like that of Open'er in Gdynia (Poland), heavily sponsored and line art more variable, contributes to the inflation of the claims of artists and the business side of an event. This year's Route du Rock will receive about 17,000 spectators to reach its equilibrium point. To get to lower costs artistic, the organizers can sometimes rely on the recognition of certain groups. This was the case last year, where the rock band The National has made a financial investment for their third participation in the Route du Rock, who has made known in France in 2005.But these returns elevators are rare, "artists tend to quickly forget their ideals of youth" deplores François Floret.

Artistic expenses under pressure

More confidence in the festival of the summer Vaour (Midi-Pyrenees), the artistic budget does not exceed 28%, 5% for the music (about 10,000 euros). Again, the trend in the price of contracts bought production companies are on the rise. No need to be an international star in setting its prices. "We can see, especially for groups that have no problems selling dates, says Sylvie De Sousa, in charge of music programming of the festival that drew in 2010, 18,000 people in nine days. Those who have more difficulty selling their shows make an effort. " The average cost to the organizers groups received between 800 and 1300 euros per service.And the festival should be more attention to his artistic expenses, some concerts are free.

Finally, the last festival that highlights specific financial issues, the uniqueness of the service provided. Artists to bring only one date is in fact a greater financial effort, where the organization of a tour allows you to spread fixed costs over several dates. A show to 1500 euros per day on tour will be up an average of 4000 euros for a single date.

Theater festivals are much more subsidized

In terms of theater festivals, the financial efforts of the programming is even greater. "Music festivals generate more ticket revenue for those plays, because they mobilize a public far more numerous. Which is also the case for ancillary revenues (bar, derivatives).In the end, the part flow from music festivals, especially the general public is much stronger, "said Jonathan Fox, the head of the theater program of the festival Vaour. In addition, the confidential nature of the discipline is also in this sense, although of lesser importance.

On the other hand, the troops come for several performances, which smooths the cost over several days. Ultimately benefits of a theater festival like the summer of Vaour range from 500 to 3000 euros, "the notoriety aspect of the company also playing its role," says Jonathan Fox. By comparison, a one-man show in Paris like the comedian François Rollin costs between 5,000 and 10,000 euros. These characteristics explain why the sector is generally far more subsidized. For example, 22% of the budget of the festival of the summer of Vaour comes from public subsidies.

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The employment contract is signed between Christine Lagarde and the International Monetary Fund. The new CEO of the institution will, in the words of the document published today, an annual salary of 467,940 dollars (323,257 euros). It will benefit in addition to 83,760 dollars per year (57,829 euros) for participation in expenses. In total, the director will receive 551,700 dollars (380,989 euros) a year, a net amount of taxes on income.

The remuneration of Christine Lagarde was up 1.1% compared with that of Dominique Strauss-Kahn as stated in the contract signed in 2007 when he took office. A parallel increase in inflation over the past four years. The price index for the Washington area, which serves as reference for the calculation of wages to the IMF, has in fact increased by 1.1% between May 2007 and May 2011.The remuneration of Christine Lagarde will be indexed to inflation, the IMF said, and adjusted each July 1.

In addition, like its predecessor, at the cost of business travel by Christine Lagarde will be paid by the IMF. With a change at the margin, however: even if not married Christine Lagarde, his companion will also be covered by these reimbursements. The IMF said the word "spouse" of the partner. Christine Lagarde, in fact, lives in concubinage with Xavier Giocanti since 2006.

The IMF has mostly benefited from the inauguration of Christine Lagarde to strengthen the code of conduct of the Director of the IMF, from the document signed by Dominique Strauss-Kahn in 2007. It is now clear that the new director should "avoid even the appearance of improper conduct," a phrase that was not before.It will also, as now all members of the IMF, training in ethics-the very word was not included in the document of 2007. Another addition, the French will see banned from participating in any political meeting, although it may remain a member of a party if it so wishes.

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The battle to win the big contract from the French offshore wind organized. After Areva, which has partnered with the Spanish Iberdrola last week, it was the turn of EDF Energies Nouvelles to partner with a foreign group specializes in offshore wind, according to Les Echos. A subsidiary of EDF should indeed unveil Monday morning a partnership with Danish DONG Energy to meet the tender to be published July 11, the newspaper said. The tandem will try to get hold of the entire order worth a total of 10 billion euros.

The project, detailed by Nicolas Sarkozy last January after being repeatedly postponed, for the first phase is to establish 600 wind turbines with an installed capacity of 3,000 megawatts (MW) in France. By 2020, the government is a target of 6000 MW of offshore wind, or 1200 units to be built.

In detail, EDF EN and DONG Energy would create a joint venture majority owned by EDF Energies Nouvelles. This new entity will offer a special place in the Danish group in the race to the contract and will allow EDF EN to join a specialist offshore wind. In fact, DONG Energy already operates eleven offshore wind farms in Europe. The Danish group have been very courted, especially by GDF Suez.

In contrast, the subsidiary of EDF is still not present in the field of wind energy at sea, but EDF EN goes into working order. Having established a partnership with Alstom to supply him the offshore wind, he offered the services of three groups who worked on the project.

DONG Energy and EDF EN, associated with Alstom, is positioned on the five areas covered by the tender in competition with Areva / Iberdrola on two areas and three areas with GDF-Suez, Areva Vinci.Other contenders could also decline by 11 July.

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The Tokyo Stock Exchange shows the green on Friday morning the Nikkei advance of 0.61% to 9876.10 points to 7 hours while the broader Topix rises at the same rate, at 854.39 points. A good mood, which contrasts with a local situation still fragile confidence of major Japanese companies fell because of difficulties due to the tsunami of March 11, and the extent of recovery is rendered uncertain by the lack of electricity under this was, according to the results of the Tankan index. According to the quarterly survey conducted by the Bank of Japan (BoJ) in June, the moral of the major manufacturing firms plunged by 15 percentage points in March to -9 points.

But the unemployment rate in Japan fell 4.5% in May against 4.7% in April, said Friday the Ministry of Internal Affairs.In May, there were 2.93 million unemployed in the rest of Japan, 11.5% from a year earlier (area basis) for a working population increased slightly from 0.1% to 60.19 million people.

In addition, new vehicle sales in Japan, excluding mini-models, dropped 23.3% in June compared to the same month last year, to 225,024 copies, the consequences of the tsunami of March 11 continued to weigh on the activities of automotive industry. The decline is however much less pronounced than the dives 50% and 38% respectively recorded in April and May, in the aftermath of natural disasters absolutely free credit score.

Greece supports the markets

But it is mainly Greek considerations that bear the financial markets yesterday.Like the European and American stock exchanges, the main financial markets in the Asia-Pacific moving sharply higher, while the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of next installment Assistance from the European Union and the International Monetary Fund.

In China, the Shanghai CSI does it take 0.60% to 3062.44 points while the Hang Seng in Hong Kong is 1.53% to 22,398.10 points. Manufacturing activity in China continued to grow in June, but at a much slower rate, according to an index released Friday by an organization close to the government, indicating that the measures taken by Beijing to control inflation bear fruit.PMI purchasing managers of the China Federation of Logistics and Purchasing (CFLP) fell last month to 50.9, against 52.0 in May.

In South Korea, the KRX advance of 1.18% to 4512.99 points. In India, the BSE allows itself to 0.42% 18,924.60 points and Singapore's Straits Times gained 0.55% to 3137.70 points.

How to raise potential growth of France? The question for the Centre for Economic Analysis (CAE) – which depends on Matignon – trying once again to respond, this time taking a new dimension: the answer must now take account of financial and economic crisis that has struck down most of the world and considerably tightened budget constraints.

For France to regain competitiveness, the report – Philippe Aghion, Gilbert Cette, Élie Cohen and Mathilde Lemoine – start with going against the fashion of the moment: German copy. "The surplus comes from a German foreign competitiveness gained at the cost of wage restraint imposed over the past fifteen years.This experience is difficult to generalize to all European countries, "they wrote in the document presented yesterday to Secretary of State for Foreign Trade, Pierre Lellouche.

Spend wisely

The report calls for "focus on policies that have a strong effect on medium and long term." And it puts the focus once again on the traditional weaknesses of France: it must develop "a policy of investment in higher education and R & D", more flexible markets for goods and labor, secure career paths, and support the development of dynamic sectors, "such as healthcare, cleantech instant payday loan."

But the authors do not simply advocate new policies. They also raise the funding.Due to budget constraints, they provide should proceed "not a net increase in spending, but a shift of the latter." That's why they point the savings could be achieved by reducing or eliminating certain tax loopholes – the most expensive – and this "despite the inevitable discontent that such measures would generate." And include the reduction in VAT on the restoration and construction, as well as the tax exemption of overtime, which has "not had the desired effect in terms of job creation."

Spend yes, but smart. Intervene "targeted". It's "third way" – between austerity and high expenditure – proposed by the authors. A path that could, in their opinion, report three fourths of GDP per year in potential growth.