Its implementation should be effective January 1 2011

Gathered this weekend to Madrid for a Eurogroup and an informal Ecofin marked by Greek developments, euro-zone finance ministers have made some progress on the topic of the strengthening of economic governance and the establishment of a permanent mechanism for crisis. Saying "very encouraged" by the content of the debates, Olli Rehn, European Commissioner for Economic Affairs, which must finalize its proposals on the subject, may 12, meant Saturday of the "very constructive discussion" and an "excellent platform" starting. Jean-Claude Trichet, President of the ECB, spoke of "right direction", while Jean-Claude Juncker, the President of the Eurogroup, said he was "to 100 " behind Olli Rehn on the subject.

The idea of conducting a rigorous supervision with a follow-up of the development of the budgets of the countries of the euro area prior to their presentation and their adoption by the national parliaments has gained ground. The European Commissioner for Economic Affairs will have nevertheless walk on eggs while Joerg Assmusen, the German economy Secretary, drew limits preventing should not interfere with national sovereignty in this matter. Similarly, the addition of new criteria for monitoring existing ones (the deficit of the public accounts and debt level) as the balance of payments and salary costs for gauging the competitiveness of each is more taboo. To reassure the Germany, whose surplus showed the finger by the France as a source of imbalances, Olli Rehn said that this was primarily to address the situation of poor students. The Finland and the Spain will also be the first to wipe the plasters at the next meeting of the Eurogroup. Follow the Portugal and the Luxembourg.

Outstanding bank tax

The Ecofin, which resulted a reminder to the General order on "complacency" displayed by many countries of the Union on the front of the restoration of fiscal balance has been less mend on the creation of a tax on banks to agree national funds to resolve the crises. He was asked to Michel Barnier, the Commissioner for the internal market and Services, that Board on the subject, to await the decisions of the Basel Committee and the G20 to "calibrate" a possible measure in this area. The subject will be this week at the menu of discussions of the IMF and the G20 Finance Ministers in Washington.

The threat to establish a banking tax appears to be mostly, for now, as a weapon of deterrence used by Michel Barnier to accelerate the adoption of a new system of supervision of the financial sector "credible" in the line of the report of the Rosière. "Its implementation should be effective January 1, 2011." "But we are far from an agreement", said European Commissioner.

In the meantime, the person said that the key to the current crisis lies in the bankruptcy of the supervision of the financial system. That the real economy needs sound bases. That funding of Europe comes to three-quarters of the banks, which is not the case of the United States. As the rescue of the latter has mobilized 13 of European GDP. And that taxpayers will not indefinitely accept to be "online first to pay nonsensical behaviour of some bankers and errors...