The France was ready to participate in financing programs

The France does not want to spoil the chances of reforming the international financial system. Advantage in the last days of his presidency of the European Union, the Ministry of finance organizes tonight a final meeting of the twenty-seven to draft common positions on three of the subjects on the agenda of the G20 Summit, April 2 in London. And so much worse if Ministers of the main members are absent: the German Peer Steinbrück, the British Alistair Darling and Jean-Claude Juncker Luxembourg declined the invitation. More worrying, the absence of the Czech Minister, Miroslav Kalousek, who had already missed the previous meeting. A few days making relay by Prague of the Presidency of the Union, this casually concerned leaders in France.

The last round table of Ministers of finance Europeans before the Christmas Truce is justified, according to Paris, by the urgency of the calendar. The Summit of the g-20, in April 2009, will be preceded by a meeting of the major finance in these countries end of March and Europe needs to show United, strong, if possible, of joint proposals.

Early warning device

First three subjects will be discussed this evening. The first concerns the increase in the resources of the international monetary Fund (IMF), which lent last month 40 billion dollars, including the Iceland, the Hungary and the Ukraine, a historical record of monthly commitment. To deal with new support requests which will inevitably arise on the part of the Latvia and the Romania, the Bulgaria and some probably emerging outside of Europe, the France will propose not to increase the capital of the Fund, which pose financial problems in some Member countries, but to resort to "General agreements to borrow" with the richest of them. The Japan has proposed to pay to the Fund $ 100 billion on its foreign exchange reserves, thereby increasing more than a third of the IMF resources. The France was ready to participate in financing programs.

Twenty-seven must also reflect on the early warning device proposed by the G20 Summit, November 15. Bercy will propose several measures, including the obligation of each State to submit to regular analyses of the financial system by the IMF, an exercise which the United States and China until recently opposed; In addition, the IMF and the financial stability Forum (FSF) would produce studies on various financial markets including over-the-counter markets, liquid and poorly controlled. These two forums would be responsible for risks of bubble and IMF publish regularly a mapping of these risks. Finally, offshore centres "non-cooperative" are on the menu of the Ministers, who must try to identify their level of dangerousness for international financial stability. "What is certain, is that the strengthening of prudential controls of financial institutions is the question of the existence of these islands of deregulation", explains in the entourage of the Finance Minister, Christine Lagarde. There is also doubt in Paris the opportunity to maintain financial places like the Cayman Islands, whose external commitments totaling 1,800 billion for a GDP of 2 billion...