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Emerging markets have gained a few percentages of voting rights since the reform as demanded by the IMF management. Their weight increased by 38.4% and 42.3% of the vote. But it is always the U.S. and the Europeans leading international institution in spite of the voting down 46% to 43.4%. These figures are determined theoretically based on State participation in financing the institution.

Countries are grouped by school, themselves represented by a director elected to the Board of Governors, the supreme decision making body of the IMF. Except for the most powerful of them. The United States, France, or Germany, but also Saudi Arabia or China, have a seat assigned to them.This system of representation for the pooled least major countries said that Spain, which supports the candidacy of Christine Lagarde, will vote for his opponent, Agustin Carstens. Indeed, his voice is attached to those countries in South America.

If the weight of each country into account, "the IMF tends to emphasize the consensus in the designation of candidates," said Jerome Sgard, research director at the Center for International Studies and Research (CERI). Large countries like Brazil and China, have not indicated their preference between Lagarde and Carstens. "This type of organizations do not publicize their internal conflicts", slipped the researcher.

In fact, the future boss of the IMF "is not elected," according to Jerome Sgard in an analysis published in Le Figaro."He is chosen, namely the international political establishment which gives it a personal mandate." In this race there, Christine Lagarde seems to have some advance on his Mexican challenger. Performance to be confirmed by June 30, when the "selection process" will be closed.

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Capgemini continues its acquisitions in Western countries. After the buyback and Avantias Artesys in France and BI Consulting Group in the United States, the group specializes in IT services and outsourcing is in exclusive negotiations with the investment fund Apax Partners to acquire Operator transactional flow multichannel Prosody, according to a joint statement the two companies on Tuesday.

The operation, which could be finalized by the end of July, valuing the company at around 382 million euros, this amount also includes the acquisition price of Internet-EN LevelIP in France and Italy. Present in France, Spain and Belgium, the company achieved a turnover of 172.3 million euros and an operating margin of 15.3% published.Also specializes in cloud computing (cloud computing) and mobile services, Prosody is currently 97% owned by the fund Apax Partners and the management team guaranteed online personal loans.

Offer services that can complement Prosody Capgemini, particularly in the field of new IT services to its clients financial and public sectors, but also telecom and retail. And for the hosting of websites, the customer portfolio of Capgemini and market knowledge will enable it to continue its international development.

The acquisition, funded from net cash from Capgemini, would be accretive to the group's operating margin. The statement said it would also be accretive to earnings per share excluding operational synergies of at least 3% in 2011 and 4% in 2012.

At 9 pm, at the Paris Bourse, the title of Capgemini gained 2.07% to 38.19 euros. This is the largest increase in the CAC 40 to open Tuesday.

No surprise decision. The European Central Bank (ECB) kept interest rates unchanged Thursday at 1.25%. President Jean-Claude Trichet implicitly excluded a rate hike in June. He did not mention the "high alert" of the Central Bank, usually a speech announcing the increase in borrowing costs next month.

In contrast, the ECB president said that the Governing Council will continue to monitor "very closely" developments "regarding the upside risks to price stability." "It is likely that inflation will remain well above 2% in the coming months," he said. This surge in prices "is confirmed because of oil prices," said the central banker.

This vocabulary suggests, according to analysts, the likely rate rise in July."If such a decision is uncertain, admits Chris Williamson, economist at Markit, it seems very likely, especially considering the latest economic data fast cash without a hassle."

Monetary policy remains "accommodative" in the words of Jean-Claude Trichet, economists expect the ECB to take its revised outlook to raise rates in two months. "Increasing rates twice in succession with a delay between the two, only two months, could have panicked the markets because of the aggressiveness of such a policy, analysis Ken Wattret, chief euro zone economist at BNP Paribas. "It would have been even greater rise in the euro against the dollar."

The ECB president also hammered a debt restructuring Greek is "not on the agenda." Contradictory statements about it are increasing in the euro area.

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In early spring, a group of experts from the European Union and the International Monetary Fund is once again in Athens. For a week they will examine the preliminary draft budget triennial Greek (2012-2015), which will be unveiled at the end of the month and includes estimates for large departments, linked to continued structural reforms.

The fifth installment of the loan of 110 billion euros granted by the IMF and the EU is not directly involved this time. But the enforcement of austerity measures remains a priority for creditors became suspicious. And for good reason: the Greek government has revised upwards its deficit for 2010.The figures will be formalized by Eurostat on 26 April, but already, George Papaconstantinou, the Greek finance minister, admits he will not but at 9.4% to 10.6% of GDP.

Privatizations

For Yannis Stournari economic think tank IOBE, "from 15 to 10.6% of GDP deficit in one year is a good thing. But the government will soon be at an impasse if not privatize as quickly as some public enterprises, "he warned. The impasse is the debt restructuring, but the EU still denies such a possibility.

Meanwhile, international creditors imposed on Greece a privatization program of 50 billion euros by 2015, "which is entirely possible and desirable," says Yannis Stournari, "but we need the Prime Minister change in philosophy.The Greeks are bled dry by the rigor, and they said they will soon have more taxes and more cuts than revenue payday advance. Only the stimulus will help them relax a little. " Indeed, the announced new austerity measures by the end of the year, in order to save 4.2 billion euros, angered and worried the Greeks. If they show less and less in the streets of the country, many of them strikes multiply the zeal and slow pace of work. Others simply give up.

In 2010, more than 55,000 businesses have gone under the door and the Forecasts for 2011 are not encouraging. To counter the recession, the Greek government decided to facilitate business creation. "Until now, to create his company, he had to go to eight different administrations and wait over a month.Some would even give a small envelope to the employee so that his case should take less time, "says Akis Skertzos, political advisor to Minister of Development. Personally responsible for coordinating this initiative, he is confident of his success: "Now it takes an hour and only one place to start his business. This is not a matter of time, it is also an effective way to fight against corruption and in fact against tax evasion, since the system is connected directly to the Ministry of Finance, "adds it. Greece hopes to move from 149th to 83rd in the standings, which measures countries according to ease procedures for new businesses.

The future of Latécoère which publishes its results on Wednesday for the year 2010, is accurate. A little over six months after his appointment as President of the aerospace equipment overburdened, Pierre Gadonneix has a better vision patterns capable of ensuring the sustainability of the French specialist aréostructures (pieces of aircraft fuselage), also present in wiring, engineering and services.

The former President of EDF has developed a "short list" that counts, according to sources familiar with the matter, three diagrams on the ten considered. "After a month of consultation, Chinese Avic, Britain's GKN and the Dutch Stork Fokker-submitted bids with a detailed estimate," says one. In contrast, "American Spirit nominations, and Vaught of U.S. funds have not been successful," says one. For his part, Daher-Socata has not given an offer.The family company believes that the recovery block Latécoère weighted with debt of 351 million (at June 2010), would jeopardize his own future. These three bids must be refined.

EADS is expected to play a key role

Meanwhile, many argue for a solution in which EADS, parent company of Airbus, would play a key role to create a "Spirit to the French." The idea would be to cultivate a senior leader in the business by marrying aerostructures Latécoère Aerolia and Sogerma, two subsidiaries of EADS specializing in aircraft structures. The operation would be realized with the assistance of the Strategic Investment Fund (ISF) and Aerofund I and II, dedicated to aeronautics. "It seems that the position of EADS and Airbus have evolved," one observer noted with caution in Toulouse, headquarters of the European manufacturer.

End of 2010, EADS assured not want to go further after agreeing to prepay development costs on programs for about 200 million euros and have assured Latécoère four years of work load no fax cash loans. Not issue or redeem Latécoère Aerolia bring him with two sites of Saint-Nazaire and Meaulte. Least in the short term because the scheme, already proposed in 2007, retains its industrial sense. Airbus can not remain indifferent to the future of one of its major partners which carries 58% of its turnover with him. Especially as the manufacturer needs a partner to the forefront in the Aerostructures, able to share with him the financial and technological risks of future programs. The French market has crumbled between four parties: Latecoere Daher, Aerolia and Sogerma. Ideally, it should do one.

Tough choice

Today, Airbus faces a choice. "Either it leaves a foreign group to take a key position in France in this activity or it believes that this business is strategic since it represents one third of the value of a plane, and it comes to French Latecoere remains in the perspective of a European grouping term, "says one expert dossier.

We do not see why foreign applicants would not be acceptable. Avic example is the partner in the Airbus plant in Tianjin, China. Debt Latécoère not frightened: it is a ticket to acquire technology that can not control.

It is also difficult to EADS not hear the requests of local officials and governments anxious to preserve the 3,650 jobs Latécoère one year of presidential elections. "EADS is sitting on 12 billion euros in cash.It must be involved in the treatment of debt Latecoere, "says one observer. "This is not the manufacturer to address this issue but to shareholders and bankers, the problem is that Latécoère do not generate enough cash, even if it improves the recovery of the aerospace market, to repay debt, "says someone close to the case. The banks believe that they have already done a lot by accepting a moratorium freezes 80% of the debt until the end of 2011.

The relationship between employees and their business is a little "I love you I do not either." According to a survey released this morning by the firm Accenture, "more than half of employees worldwide are not satisfied with their current work situation, but they still expect to remain loyal to their employers." We do love each other anymore, but we stay together despite any lack of anything better!

"Even if they are dissatisfied, today's employees are not willing to change employers.They prefer to build their skills based on training, resources and people that can help them, "said Armelle Carminati-Rabasse, CEO Human Capital and Diversity at Accenture.

Conducted in 29 countries with 3400 employees, the study lists the main sources of job dissatisfaction: inadequate pay arrives logically at the head, after three lean years, for 47% of women surveyed and 44% of men. The lack of prospects for career development is another strong point for 33% of women and 34% of men. In France, 50% of respondents highlight "the feeling of being trapped."

Involving more staff

Men and women are they the same analysis on the reasons for job dissatisfaction? Not totally.Women are thus more likely than their male colleagues to believe that "their career is not progressing fast enough" (63% against 55%). They agree, however, the identification of barriers to career progression this is the lack of support from management tops (33% response) and the career fuzzy and poorly defined (24%).

They do not adopt either the same steps to improve their situation. "Women are less likely than men to seek wage increases (44% against 48% of women) or promotions (28% against 39%)," said Armelle Carminati-Rabasse. They are also much more reluctant than their counterparts to target a senior officer or equivalent (14% against 22% globally).

"The leaders should use the results of this study to involve more of their employees and support them in their careers.They are now pursuing new opportunities to create in-house, and companies can help, "says the investigator.

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In July 2010, stress tests on the European 91banques were passed handily, with only 7 failed institution. This time, the new series of stress tests, to be launched next March 18 to 88 banks, whose results will be announced in June, hyptohèses would be even more flexible, according to the Financial Times, which has been view documents sent to banks.

In other words, the conditions for obtaining the review will be even more straightforward and the results should still be unusually good. The log book of some hypotheses deteriorating economic situation and financial. The supervisor is considering a decrease of 0.5% of GDP in the euro zone this year and -0.2% in 2012. Outlook more gloomy than what is expected.This item had been criticized in tests last July because of hyptohèses deteriorating economy were too low.

But apart from this good point, the tests include a 15% drop in financial markets against 20% in the previous tests, as revealed yesterday by the German newspaper Handelsblatt. They forget to take into account a possible "clash of commodity prices" or non-payment of a European state. They submit that the idea of a loss of 20% of the value of Portuguese government bonds held by banks and 15% on values related to the Spanish sovereign debt business card design. Moreover, the tests are considering an increase of 1.25 percentage point to core funding for European banks.Note that last week at the monthly meeting of the European Central Bank, Jean-Claude Trichet did not rule out raising rates of interest of 0.25 European Directors in April. They are currently at 1%.

Finally, the scenario for the stress test provides a steep decline in the housing market.

A new marketing campaign?

Obviously, the consideration that the banks must pass can not be too difficult to pass. For fear of panicking the markets. Because the exercise is really to make communication.But be careful not to discredit, just as was the case last July.

Already, the findings of this new wave of resistance testing could introduce a new category for institutions "tangent", which would be imposed certain constraints, as the chief authority for these tests.

"What I want is that there is not only a binary result pass / fail these tests – if you succeed, there is no action to take if you fail and must proceed a capital increase to reach the required threshold, "said the Financial Times on Monday, the president of the European supervisory authority of banks (EBA), Andrea Enri.

French banks bear the brunt of the deepening of the crisis in Côte d'Ivoire. Ivorian President Laurent Gbagbo out, trying to stay ahead of the state and against the last presidential election, has announced last night on public television RTI "on decrees that the State of Côte Ivory took control by taking a full and complete participation in the capital of some banks. These include the SGBCI and Bicic, which are subsidiaries of Ivorian French banks BNP Paribas and Societe Generale.

His decision is to "preserve jobs and ensure the access of Ivorians and traders to their assets" in "as soon as possible."

Asphixia financial

Following the post-election crisis, born of the struggle between Ivorian President Laurent Gbagbo and outgoing Alassane Ouattara, President-elect acknowledged by much of the international community, the Central Bank of African States (BCEAO ) has severed its ties with Abidjan in January to try to suffocate the Gbagbo regime. This isolation has closed the financial tap francs CFA president.Far from giving up, Laurent Gbagbo attempted to mount a viable banking system across Ivory Coast, the price of a "huge pressure" on the subsidiaries of large foreign banks to remain in business.

But with the lack of liquidity, technical difficulties and legal risks, and the threat of sanctions wielded by the BCEAO against banks working with the Gbagbo government, especially when faced with violence that threaten the safety of their employees, BNP Paribas and Societe Generale first, yesterday, gave the signal for withdrawal. "Other banks will close," predicted one senior industry.

Effect "cataclysmic" freezing the financial system

Already five major foreign banks have decided to suspend their activities. The interruption of their business is blocking the Ivorian banking system, plunging the country a little more into chaos.The economy had indeed already been drastically slowed by the sanctions of the EU imposing such a ban on the two ports, the country's lung. The effect of blocking bank could be "cataclysmic," according to some.

Already, Abidjan went to stop their banks to withdraw their money. "It is feared the contagion effect, so we just remove a little about our savings," says one entrepreneur. "I'd rather have my money on me, it is unclear what will happen," shouts one soldier. The political crisis appears to have already led to a banking crisis that goes straight to an economic crisis.

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Davos, Porto Alegre this year's Dakar. Behind every great gathering for reflecting on how the world works, the underlying question: what's the point? At Davos, the organizers have a ready answer. Space for reflection, the World Economic Forum (WEF) is not a decision making body. This did not stop bragging about the signing of a declaration Greco-Turkish agreement in 1988 or Peres-Arafat in Gaza in 1994.

Member of the International Committee of the organization Attac, Christophe Aguiton a yearly trip to the World Social Forum (WSF). He will travel to Senegal. On the menu of this new edition, "the crisis of capitalism and civilizations." When asked about the concrete results of such a gathering, he recalled the ties that bind paradoxically the WSF Forum in Davos: "This is not decision-making structures.Davos and the World Social Forum have in common that they aim to develop and disseminate ideological responses. "It is the influence on the debate that premium," says Eddy Fougier moreover, a specialist anti-globalization.

"New issues on the international agenda"

Advances ideological cover three areas, Christophe Aguiton analysis. The WSF was first in his eyes a space for coordination of action. This is where the rally against the war in Iraq in early 2003. "The anti-war rallies-cons have created an alliance that could have influenced the current U.S. president. This alliance has strengthened the position of some countries, especially France, and participated in the overthrow of a public opinion (United Kingdom). Second "effect Porto Alegre, the emergence of new problems."Climate justice, the idea of thinking about climate problems by relying on humans to answer, was born in the forums, before being taken over by the UN," according to Christophe Aguiton. Finally, the action of anti-globalization has sometimes found an outlet policy. A member of Attac cites the alliance between social movements and governments. This is the case in Bolivia where she helped "improve the rights of indigenous people."

"The WSF has made the international agenda of topics relevant today as government debt or taxation through the tax on financial transactions," admits Eddie Fougier direct payday lenders. So much so that it is Nicolas Sarkozy who is now the project of a Tobin tax. More generally, the World Social Forum has helped to broaden the debate on globalization, long reserved for senior officials, business leaders and researchers, civil society."This was said by the anti-globalization has been validated by the financial crisis," said Eddy Fougier. "Often buried (after the violence in Seattle in 1999, 11 September), the global justice movement continues," the researcher analysis.

"We do not decide, we analyze"

But Eddy Fougier advanced several limitations after ten years of the WSF. Leading the disappointments, the overall objective to move from an anti-globalization anti-globalization. "There is currently no anti-globalization agenda," he said. On the way, the will that everyone can express themselves without hierarchy views (principle of horizontality of the debate) and the lack of paper at the end of each forum, do not establish an alternative Eddy Fougier adds.The anti-globalization is also crossed by a recurring debate: should, to advance his ideas through political action? Like a José Bové or Evo Morales, some have said yes.

"The software of anti-globalization is a bit dated, their critique of neo-liberalism is not really the current situation," says Eddy Fougier. Especially as the criticism is sometimes overtaken by anti-globalization critics that the researcher calls "internal". "When (Joseph) or Stiglitz (Paul) Krugman (two Econoler American Ed) bring into question the economic system, that Al Gore talks about climate, they are sometimes more visible, stronger," says it.

Ten years after its first manifestation, the WSF has not prevented capitalism to continue to rule the world. "We do not decide.We analyze policies and we make alternative proposals, "Diouf Mignane tempered recently, the coordinator of the executive secretariat of the Forum, in response to a question about the effectiveness of these annual meetings.

* Research Associate at the Institute of International and Strategic Relations, Eddy wrote, Fougier alterglobalism, Blue Rider editions, January 2008.

The onset of cold winter has caused a small tear in the unemployment statistics for December in Germany. But it has not weakened the optimism bordering on euphoria resulting from the dramatic crisis of Germany. Boosted by a rebound in exports, domestic consumption and the positive outlook on the labor market, the Germans show a moral iron in early 2011.

The German labor market has rebounded remarkably slope in 2010, according to annual figures published on Tuesday. Over the full year 2010, the gross unemployment rate fell to 7.7%, said the employment agency.This is less than the year before (8.2%) and lower still in 2008, before the crisis, with 7.8%.

Full employment in 2011

In December, the gross rate rose to 7.2% versus 7% in November due to the early arrival of winter that has crippled the construction industry. But full employment prevails in Bavaria and Baden-Wuerttemberg, the two states most dynamic.

The Minister of Economy, Rainer Bruederle, said that Germany could be full employment in 2011. The level of employment "is at its highest since reunification" in 1990, welcomed the Labour Minister Ursula von der Leyen. Global demand for products "Made in Germany" has increased from 16 to 18%, according to BVA, the federation of exporting industries cash advance in one hour.

The export boom should continue into 2011.Buoyed by this achievement, the German labor market has defied the dire predictions, which had forecast in early 2010 on 4 or 5 million unemployed. The German economy in 2010 should have experienced unprecedented growth since reunification, with a GDP increase of 3.4%. For 2011, forecasts for growth of around 2%.

Chancellor Angela Merkel and Minister of Economy has called for substantial wage increases for 2011, after the unions agreed to modest increases in recent years in an economic crisis.

"I am firmly convinced that wages will increase substantially this year," said von der Leyen.If there was only one reason to quote, they will increase because there are fewer available workers. "The Germans expect a majority on a stable economic situation, or better this year, and fears concerning the employment have declined sharply, according to a survey released Monday by consulting firm Ernst & Young. Only one of nine German fears for his job. Last year, a fifth German was afraid of being unemployed.

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