But for other countries the time was rather to relax

The decommissioning of the note by the Spain by the Fitch Agency has had that impact limited markets. It caused no surprise some tensions on the country sovereign bonds: the performance of the good Spanish is 2 years old, evolving to the inverse of the price, it is tended by 10 basis points to 2,405. Bills to 10 years is stretched by 4 basis points to 4,250. In their wake, the debt securities of euro area countries considered the most vulnerable to are also strained, 6 basis points for two years for example Greek paper.

But for other countries, the time was rather to relax. French, and German bonds considered the safest have benefited once again a "flight to quality" movement: the performance of the German "Bund" in 10 years still fell 3 basis points, as the French obligation similarly maturity. Investors obviously did not take rigorous Budget Minister François Baroin, who acknowledged Sunday that the objective of the maintenance of the AAA note attributed to the France was a "tense objective".

The day was primarily devoted to decrypt statements - always dissonant - of the members of the Board of Governors of the European Central Bank (ECB) on sovereign bond buyback policy. The German Axel Weber and the Italian Mario Draghi, two candidates of the estate of Jean-Claude Trichet, recalled their hostility to these direct interventions. "Monetary policy has taken new directions in the wake of the crisis, I quarrel with it because of the risks to political stability," said Axel Weber, who wishes to put in place a cap on public debt buybacks conducted by the central banks of the euro on behalf of the ECB. Mario Draghi, stated, that these operations would be removed "as soon as possible, as soon as the markets resume spontaneously transactions on the securities of the countries in question".

"Overwhelming majority".

The ECB had agreed to launch share repurchases of debt from May 10 to calm financial markets. For three weeks, she was already purchased sovereign securities EUR 35 billion, including the Greece, the Portugal and the Ireland. But slows the rate of repurchases: it was more than 8.5 billion euros last week, against 10 billion the previous and 16.5 billion the first. In an interview with the "world", the President of the ECB attempted to develop things. "Our decision was made by the Board of Governors by an overwhelming majority," said Jean-Claude Trichet, who said that the ECB "resumed fully injected liquidity on the basis of its interventions. In clear, "we do not operate issuing money", he insists. The Institute thus launched a quick tender in a week of liquidity, variable rate to a maximum of 1, to "sterilize" operations.

Equity markets, they remained relatively calm yesterday. This was due to the absence of Anglo-Saxon investors: the US market was closed for the "Memorial Day" while the English market was for the "Banking day". In limited trading volumes, the CAC 40 is folded by 0.21, to 3.507,56 points. Frankfurt has gained 0.31 and Milan 0.35. Among Europeans, the IBEX index has experienced the most net access for weakness, place Madrid closing down 0.7. The single currency is exchanged in 1,2301 dollar per euro in early evening after a day without trend.