The Brazilian José Graziano da Silva, 61, was elected Sunday Director General of the Food and Agriculture Organization (FAO). He becomes the eighth five-year patron of the technical agency of the United Nations established in 1945 to fight against hunger and promote agriculture in the Third World. FAO is currently the largest UN agency with an annual budget of about one billion dollars. The Brazilian succeeds Senegalese Jacques Diouf and the Lebanese Edouard Saouma who each led the Organization for eighteen years.

A graduate in agronomy, economics and rural sociology, Graziano da Silva in 2006 was Assistant Director-General, in charge of Latin America and the Caribbean. At the 37th General Conference of FAO, he obtained the votes of 92 members of 180, winning in front of the former Spanish Foreign Minister Miguel Angel Moratinos.It's sort of a victory for the emerging markets when Christine Lagarde is the favorite in the IMF against the Mexican Agustin Carstens.

José Graziano da Silva will head the FAO on 1 January 2012, at a crucial time, in a context of soaring agricultural commodities. His road map is all mapped out after the agreement snatched last week in Paris G20 agriculture: the text gives a role to the international organization in the fight against price volatility and sets a target to increase production World Food 70% by 2050 to feed 9 billion people online pay day loans. Knowing that today nearly one billion malnourished.The organization must support a new global database measuring the levels of production and stocks, and a "forum for rapid response" meant to anticipate retaliatory trade embargo on the export type.

"Three meals a day"

In Brazil, Graziano da Silva is responsible, as Minister of Food Security in the first Lula government in 2003, the ambitious "Fome Zero" (Zero Hunger), considered a resounding success that has reduce inequalities and thousands of Brazilians out of extreme poverty.

His election to the FAO, he chose the slogan "ensure three meals a day," which is still an illusion for a third of humanity."I am no longer the candidate of Brazil, I am the CEO of all countries," said Jose Graziano in Spanish, visibly moved after the announcement of his election.

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The French have a very vague idea of ​​what awaits them at the end of their careers, and that the anxiety. An international study of the HSBC bank, more than one French person in three (38%) know what will be its main source of retirement income. This is the highest score in the world (17% in this case are the United Kingdom, 9% in India). Further evidence of this vagueness, the French are also among the most likely to feel ill prepared for retirement (50% against 41% on average in the 17 countries assessed). Logically enough, these uncertainties generate fears for the first time since 2005 (launch date of this annual survey), financial security has caught up with good health as essential for living a happy retirement. And they are 69% think that their situation will be worse compared to that of their elders."The social mobility between generations is not broke, but he lost his speed, said the sociologist Jean-Philippe Viriot Durandal. The middle classes, in particular, fear the decommissioning and feel less protected from the effects of globalization. "Despite these concerns, the new rules of retirement are now clear. After the reform of the basic pension, adopted last October, the future of compulsory supplementary schemes remained unresolved. An unknown factor since the schemes Agirc (frames) and Arrco (for all private sector employees) are on average 57% of pension managers against 31% of the pension non-executives. The agreement signed by the social partners on 18 March (even if the CFE-CGC, non-signatory, is opposed to text) applies to occupational pensions as from 1 July.Brief overview of major changes.

How old is going to go?

So far, for a pension without additional haircut, two possibilities: either wait 65 years or liquidate his retirement earlier than age 60 and have all his quarters in the basic (163 for persons born in 1951, 164 for those born in 1952, 165 classes for 1953 and following). Negotiators Agirc-Arrco have decided to offer "any reform, no reform that" the basic plan: These two terminals will be gradually raised to reach 62 years and 67 years from the 1956 cohort. The first step comes from the 1st July, with the passage of 60 years and 4 months for those born after 1 July 1951 payday loan companies. Under certain conditions (long careers, difficult mother of three children born before 1956, workers with disabilities), early departures are possible.And it is possible to liquidate his retirement Agirc Arrco-five years before the legal age applied to the basal diet (55 and 57 years today in the future), but at the cost of a high amputation of the pension.

The current arrangement providing for the costs of pensions before age 65 for supplementary pension schemes based on AFFMB (Association for the fund management and financing of Arrco Agirc). He was reappointed until 2018. Good news for sure because in the past, the MEDEF has sometimes threatened not to extend this system, which would cut pensions significantly. From a practical standpoint, pensions Agirc-Arrco will now be paid monthly rather than quarterly basis beginning in 2014. As for performance, ie the ratio between contributions paid and pensions received, it will continue to decline in Arrco in 2011 and 2012. It will drop even faster to Agirc to be aligned with Arrco.So far, for 100 euros assessed during the career, the annual pension amounts to 6.59 euros and 6.70 euros Arrco to Agirc. But then, from 2013 to 2015, this performance has stabilized.

The new rule concerning the parents of three children is unique: a 10% bonus for all supplementary pensions, as in the basic schemes. The benefit would be capped at 1,000 euros per year and as many Arrco Agirc. This bonus replaces the 5% proposed by Agirc which were added, for managers, 8% for the parents of three children, 12% for four children, 16% for those who have five, 20 and 24% for six % above. These new rules should benefit a vast majority of contributors and disadvantage some very high-income executives and / or parents of at least four children.The reform will apply to the rights and pensions obtained after 1 January 2012, pensions paid after that date, the old rule applies until the end of the year. The surcharge for each child Arrco still dependent in retirement (5% uncapped) for his part had almost disappeared. She was finally extended to Agirc.

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The Paris Bourse, which ended the session last night in the red, opened sharply higher on Friday before slowing its progression. Following the announcement by Fitch with a view to lowering the rating of Japan from stable to negative, the CAC 40 progressed still further by 0.81% to 3949.04 points in mid-session. A development that contrasts with the reluctance that dominates world markets. This morning, in fact, Asian stock markets have shown sluggish, and last night in New York, the trend was too timid on the bottom of the front indicators disappointing growth and employment United States. The sharp rise recorded in Paris due to the surge in bank stocks, automobiles and oil.

The news is mainly directed towards the G8.The International Monetary Fund (IMF) has warned that he would continue to make its aid Greece that if he got "assurances" that the country is able to repay the money. "When we lend money, it is not I who do this are all over the world that lend to Greece," said Director of External Relations of the Fund, Caroline Atkinson. Moreover, during the G8, the IMF has proposed aid up to 35 billion euros to support the Arab countries. On the other hand, the international community must "lend its support to Côte d'Ivoire for its development," called the Ivorian president Alassane Ouattara, who estimates it takes between 15 and 20 billion euros for his country.

The euro to over $ 1.42

Side economic statistics, nothing is planned in France.In Europe, however, the economic sentiment deteriorated more than expected in May in the euro area, optimism ceding ground in all sectors, according to data released Friday by the European Commission.

Note that a meeting of European telecom ministers held in Brussels today. United States, expenditures and household incomes (April), consumer confidence from the University of Michigan (May) and promises of housing sales (May) are expected.

On the currency front, the euro fell back against the dollar and is trading at mid-day to more than $ 1.42, reaching 1.4216 dollars around 12:25 pm precisely. The dollar weakened with poor indicators published yesterday.However, he recorded a new record low against the Swiss franc, the concerns on debt in Europe getting the upper hand despite speculation about increased Chinese investments in European debt. The President of the European Central Bank Jean-Claude Trichet said a further rise in rates of the euro area will not be immediate, says the Wall Street Journal.

The oil rating over 100 dollars in New York.

The rating of Dexia was suspended

Ingenico is leading the SBF120 in mid-session, up 5.72% to 32.35 euros, in view of the benefits of contactless payment system launched by Google and ensure the French group which participates.

Derichebourg once more took 2.82% mid-term. The CAC, it is the banks where smiling.Credit Agricole, BNP Paribas, Societe Generale, Natixis and Axa rise by 4%, 1.84%, 1.92%, 1.33% and 0.76%.

Some European banks, including French Societe Generale and BNP Paribas could avoid in part the prudential standards called Basel III, according to a draft text quoted by the Financial Times. In addition, Citi has gone to "overweight" on BNP Paribas, one of his favorite European banks.

Note that the listing of Dexia was suspended on the Paris Bourse, at the request of the Belgian regulator.Trading will resume when the "appropriate information" will be published.

Accor stands: + 1.03% to 31.26 euros, while the values ​​of the car, Michelin, Peugeot and Renault are also oriented, with respective increases of 0.85%, 1.11% and 0.56%.

However, the latter manufacturer, sales show a 35% drop since early May and the French car manufacturer is concerned that this situation might continue a few more months, the BFM radio reported Friday. This drop in sales has forced some dealers to concede significant price reductions with "discounts" of up to 45% on certain models of Clio, the station added. Furthermore, Renault early 2012 a small entry level car developed in India on a platform of low-cost Nissan, La Tribune reported Friday.

Areva.The subsidiary of Areva's mining pole should be subject to the approval of the supervisory board of the company July 21, said Thursday the European Group Committee (CEM) of nuclear specialist public.

EADS (-0.42% to 22.41 euros) confirmed the date of first delivery of Airbus A350, but one of the airlines, estimates that two or three variations of this device could be delayed by six months, reports The Figaro on Friday. According to Flight International, Qatar Airways may order A380s at Paris Air Show.

Dassault Aviation (1.01% to 702.12 euros). The entire business jet Falcon 7X group were grounded after an incident in flight on one of these devices, announced the European Aviation Safety Agency (EASA).

Veolia (0.58% to 20.66 euros).The share of international activities of the group should increase in coming years, thanks to expected growth in Asia and North America, said Thursday the Director of International Affairs Group of utilities.

This Friday, Ipsen and Alcatel-Lucent will hold their general meeting.

That's Numericable hiding behind the mysterious "mobile revolution" that holds the net in turmoil in recent days. The operator has designed this teaser campaign, devised by the communication agency and lobbying to bring attention to his news conference Wednesday morning at the Pershing Hall in Paris … A place where Free has the habit of arrange their own press conferences!

Numericable to announce the launch of a mobile offering unlimited calls to all operators to "less than 35 euros per month," said a source familiar with the matter. But it will not be a quadruple play (Internet access, IP telephony, television and mobile telephony). This offer will go through the network of Bouygues Telecom. Numericable was launched in May 2010 in the mobile but very timidly, history of testing the market. Its number of mobile subscribers currently remains insignificant.This time, the operator believes it will launch a real stir in the mobile. Info ou intox? Competitors remain skeptical: "An MVNO (mobile virtual network operators), because he does not own its network, can never offer truly aggressive. Whatever he does, he will always be unavoidable costs. Or do asterisks to limit the number of subscribers, restrict supply etc. … "Said one trader. "At 35-40 euros monthly you can do with a mobile offering unlimited SMS, unlimited voice and not too much data. Below, we lose money, "said another operator.

In any case, the teasing was successful: in angering Free, who feels robbed and parasitized by the use of the term "Revolution" (the name of his new box) and the use of its code red ( while the color is green Numericable usual), "larevolutiondumobile" has generated a real buzz.More than 50,000 messages were posted on Twitter, affecting over 300,000 people, and the Facebook page of the site has recorded more than 2000 fans in less than a week. Meanwhile, the server is larevolutiondumobile.com victim of attacks. "It was hacked by computers whose IP addresses are located in the heart of Paris," said a source familiar with the matter. No doubt if piracy is proven to be a very serious thing – Numericable file a criminal complaint.

The New York Stock Exchange ended sharply lower Tuesday. Investors worried about a disappointing start to the season for corporate earnings and the severity of the nuclear crisis in Japan. At the close, the Dow Jones dropped 117.53 points to 12,263.58 points and the Nasdaq, dominated by technological 26.72 points to 2744.79 points. As for the broader index Standard & Poor's 500 has dropped 0.78% (10.30 points) to 1314.16 points.

"The Exchange has resisted in Japan, the crisis in Libya. More and more investors are expecting a sustained correction, between 7% and 10%, and say that it can be when it will occur, "said Clement Decombe of Meeschaert Capital Markets, cited by AFP. He added: "There will have taken profits, some will wait until the situation clears up a bit before going on the market."

Japan came out strong concerns among investors, the Japanese authorities raising the level of the accident at the plant in Fukushima at maximum level, equaling that of Chernobyl.

The earnings season for U.S. companies for the first quarter has also started a tumble: the aluminum producer Alcoa plunged 6.02% to $ 16.70 after posting a profit slightly above expectations, but sales lower than expected by analysts.

Trade balance and budget figures

The investors were even more pessimistic on Tuesday that macroeconomic side, the U.S. trade deficit declined more slowly than expected in February. The trade balance posted a deficit of 45.76 billion dollars according to figures released by the Commerce Department, while the market was expecting a "hole" of 44.5 billion.In January, the deficit had amounted to 46.97 billion dollars.

As for import prices and export, import price inflation accelerated sharply in March to 2.7% this month alone, mainly because of higher oil prices and the diet. Next publication expected by investors, those of the U.S. budget figure for the month of March

Oil prices are displayed for the second consecutive day sharply lower.

Side currency, the euro start rising against the greenback after this series of indicators, and evolved over the threshold of $ 1 online payday loans.45 for the first time since January 2010.

Fastenal Co.publish its results tomorrow before JP Morgan

As for the publications of corporate earnings for the first quarter, they will continue this week, on both sides of the Atlantic after Alcoa, are among others the first quarter figures from JP Morgan (-0 , 47%, to 46.64 dollars) to be known from this Wednesday (13:00), ahead of Accenture (-0.29% to 55.84 dollars), Google (-1.17%, to 570, $ 61) and Hasbro (-2.68% to 46.47 dollars), all three on the agenda for Thursday. Bank of America (-0.15%, to 13.47 dollars) and Mattel (-1.78% to 25.32 dollars) will follow on Friday.

Meanwhile, Fastenal Con'a not convinced investors despite higher public expectations (-4.390%, to 64.54 dollars).One of the largest U.S. distribution of industrial and construction equipment has announced an increase of 23% of its quarterly revenue at $ 641 million and a 42% jump in net income.

In addition, Intel will launch new microprocessors that consume less electricity. This strategic announcement has not aroused the enthusiasm of investors, as Intel falling 1.79%, to 19.76 dollars.

Amazon (-1.93% to 180.48 dollars) for its part, announced Monday a further decline in the price of its Kindle electronic reading light at 114 dollars against 139 dollars so far. This new model will post advertising via various backgrounds, but also a whole series of promotions made from the home page.Delivery scheduled May 3 in the United States.

Chevron (-3.34% to 104.18 dollars) for his part announced Monday that its profits in the first quarter of 2011 should be higher than the last three months of 2010, thanks to buoyant oil prices refining margins and higher.

Finally, Hewlett-Packard (+0.07% to 40.65 dollars), will have to give up for now afford the software developer Tibco Software (3.93% to 28.05 U.S. dollars) morning after the announcement by two sources familiar with the failure of negotiations.

The Paris Bourse is again very cautious in the beginning of this week, having already collapsed to 1, 23% last week, uncertainties about the global oil production has not improved over the weekend. At the opening, the benchmark index in Paris fell back to 0.55% from below 4,000 points.

Oil prices remain in effect under pressure Monday as Libya appears to sink into civil war. However, the country's fourth largest oil exporter in Africa after Nigeria, Algeria and Angola. The bulk of its exports destined for Europe. In morning trading, a barrel of light sweet crude gained $ 1.33 to 106.02 dollars.That of Brent North Sea was up 59 cents to 117.13 dollars.

Apart from the Asian markets, reassured by a drop in the yen against the greenback and the euro, the stock performance has been more mixed than the end of last week. The key index had dropped 1% in Paris on Friday night, amid bad news in the Arab countries and fear of rising interest rates after the words of Jean-Claude Trichet. Despite the employment figures in the United States better than expected and an early meeting in the largely green, Wall Street has finished its part of his week down 0.74% at 12,168.10 points, overtaken by the new surge in oil prices.

Beyond the uncertainties on oil, European financial markets are also new costs to fears about sovereign debt of the states of southern Europe, while the rating agency Moody's announced that it lowered three notches note of Greece (from Ba1 to B1), with a negative outlook. On other European markets, the Dax in Frankfurt Stock Exchange opened down 0.57% on Monday to 7,137.81 points and the FTSE in London back in turn of 0.26% to 5974.78 points.

On the foreign exchange market, the euro was stable against the dollar this morning, is now touefois just below the $ 1.40 threshold that had briefly passed Friday for the first time in nearly four months. Despite profit taking in morning trading, the European monnaire dollar traded at 1.3979 on Monday around 8:00, the same level as Friday night cash advance no fax.

On the front macroeconomics, few major indicators are expected to attend the first meeting weekly. United States, only the distribution of consumer loans, expected to 20:00 Paris time should attract the attention of operators.

Stay tuned especially today on the Paris exchange, the values of the aviation sector, while the Union of French airports (UAF) held this morning at 11:00 a press conference to present the results of activity of the French airports in 2010 and the outlook for the current year.

Nexans suspected of price fixing

LVMH

The world number one luxury takes 51% stake in Italian jeweler.LVMH could then launch a friendly takeover of the outstanding capital of Bulgaria.

EADS

Chairman of EADS North America, Ralph Crosby, announced that the group of European aerospace and defense would not challenge the award to Boeing's tanker contract from the U.S. Air Force.

Nexans

Cable manufacturers Nexans, Prysmian, ABB and many others of their counterparts will probably accused this month by the European Commission of unlawful agreement on prices, said Friday two sources familiar with the matter.

Accor – Fimalac

The hotel group announced the closing of the sale of its Fimalac 49% stake in Groupe Lucien Barriere, the leading French operator of casinos and luxury hotels such as Fouquet's on Champs-Elysees or Normandy, at Deauville.

Saffron

Safran said he would propose at a general meeting to abandon the current dual structure of society and return to a structure with board of directors.

Sanofi-Aventis

The laboratory has extended the offer for all the outstanding shares of Genzyme, for 74 dollars each, according to a statement released Monday. This offer ends on April 1 at 23:59 AM New York when she was previously scheduled to expire on March 16 at 17:00.

After market, Altarea Cogedim present its annual results.

The greed of the bankers, the negligence of public authorities responsible for supervising them? Such explanations are just the scum of things. The real culprits, it is the poor. They are the ones that led the U.S. economy to its derailment in 2008. And it will still be their fault if the United States but also Europe, can not get out of the rut. "Beat the Poor," Baudelaire recommended. "Without reducing inequalities, no crisis!" Warns with more compassion Robert Reich highlight of his book, The Day After Tomorrow, which appears this week in France Vuibert.

For this former labor secretary in the Clinton Administration, a professor at the University of California Berkeley and an acknowledged expert of globalization, the earthquake that shook the developed economies is primarily social in nature.He is not alone in making this comparison. Last week, Dominique Strauss-Kahn cited the same statistic, in a speech in Singapore. The IMF chief was concerned about the imbalances of any kind (social, fiscal and trade) that weaken more than ever, according to him, the world economy. This is not a moral issue, insists the Berkeley professor, but effective. The problem does not follow from this that "the rich live too well with the rest of the population but, paradoxically, the modesty of their excessive lifestyle." Thus, across the Atlantic, 10% of the population account for nearly half of annual revenues and contribute to 40% of consumer purchases.Which is huge in itself, but is too narrow a basis for the growth of the economy.

Robert Reich is a tribute to Marriner Eccles, now long forgotten, while the wealthy banker has chaired the U.S. central bank, the Fed, from 1934 to 1948, and was one of the main designers of the New Deal of Roosevelt."Mass production must be accompanied by mass consumption, mass consumption and this in turn implies a distribution of wealth – not of existing wealth, but wealth produced during the same period – as it provides men purchasing power equivalent to the quantity of goods and services offered by the country's productive apparatus, "Eccles explained low interest rate personal loans.

Division increasingly marked

This "founding pact," the automaker Henry Ford had also put into practice before, so that workers can buy the cars they produced. Why does there more? Robert Reich cites globalization and automation, "The Internet, satellite communications and the open container businesses with increasingly easy access to a workforce with low wages in countries around the world.At the same time, machine tools with numerical control, robotics and advanced software provide, in our own country, inexpensive alternative to human labor ".

This results in a division more pronounced in the U.S. population. On the one hand, outreach activities, restoration of the building, the other "highly complex services (management, finance, technology)" whose talents are sought worldwide. The salaries of these two groups diverge more and more. And "undeniably, immigration has helped to accentuate the differences," says former Labor Secretary Bill Clinton, that can not be accused of populism or protectionism. It's also his obsession.He even considered the victory of a "party of independence" in the U.S. presidential election of 2020, which would freeze overnight any form of immigration and relocation, immediately causing "a drop of 50 % of Dow Jones. "

"Mechanisms of relief" that had helped find a response to the stagnation of the purchasing power of middle-class thirty years -80% of the population – are now exhausted. The headlong rush of households in debt, which was behind the banking crisis of 2008 is no longer appropriate. Robert Reich calls a "New Deal for the middle class." It recognizes that international trade and globalization complicate the pact between producers and consumers. The major political debate.

China comes to the aid of the euro. She is preparing to buy 4 to 5 billion euros of debt Portuguese State, the daily Jornal de Negocios Lusitanian. Beijing will be committed to carry out these purchases during the first half of 2011, says the newspaper, without citing sources.

Such an operation would contribute significantly to lower interest rates on debt Portuguese in Lisbon and would continue to finance its debt normally. The European Central Bank (ECB) is currently the strategy of debt repurchase in peripheral countries (Greece, Portugal, Ireland) to prevent a surge in market rates.

The information in the Jornal de Negocios comes in the wake of statements of support from Beijing. Vice-Premier Wang Qishan said China was ready to support the extraordinary measures for countries in trouble like Greece or Portugal."It is in the fundamental interests of China and the EU to further strengthen their cooperation," said Deputy Prime Minister.

Promises to Greece

China has already come to the aid of Europe's sick of his debts in recent months. According to market observers, it would have bought two months ago the Spanish government bonds for a hundred million. She also pledged to buy bonds when Athens Greek return on the market to raise funds. Finally, she assured Portugal that his support during a visit last month. Without specifying whether she intended to buy Treasury securities Portuguese.

"Beijing expresses support to the European Union and from the moment she made a gesture, it reinforces market confidence, regardless of the amount invested," analyst Xu Bei, an economist at Natixis. China has the means.It must put in huge trade surpluses, accumulating at a rate of some 10 billion dollars (7.6 billion euros) per month. It places the majority of these funds in dollars, the United States, but seeks to diversify its portfolio. Today, between 20% and 30% is invested in euros, according to Xu Bei.

"Winning margin trading"

"When China buys bonds from the Greek State, she knows she can lose money, but it's less distracting than other investors: it knows it would save him at the same time trading margins as creditor, "Yves Bonzon analysis, investment manager at Pictet.

Help Europe, but also for China to help his main client. The EU is the leading destination for Chinese exports and the second trade partner after the United States.

To help the ailing European states, China is also investing directly in their economies. Highly publicized decision, Beijing has injected 3.4 billion euros in the port of Piraeus in 2008. Chinese direct investment surged 280% in 2009. But they still represent an average of only 3.35 billion dollars a year, a total of 50 billion invested abroad. China is not still buy in Europe.

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The Minister of Industry and Energy, Eric Besson said Sunday the closure "imminent" in a "first step" of the capital increase of the nuclear group Areva, with a participation of KIA's sovereign wealth fund Kuwait, which will join the French state.

"For the first step in the recapitalization of Areva, is imminent," said Eric Besson on Europe 1, but without being able to say whether the transaction would be announced "within a few hours or a few days." The proposed recapitalization of the nuclear giant steps, it is true, a scenario in rebounding. The operation appeared to be impossible before the end of 2010, after abandoning the assumption Mitsubishi. Thursday, Christine Lagarde, economy minister, however, had suggested she had a "plan B" through further negotiations with the Kuwaiti Fund.

New round likely in 2011

Eric Besson would not disclose precise figures, while the press has talked in recent days, a total of around 750 million euros, in which governments could contribute up to one third, the balance being Supported by Kuwait guaranteed unsecured personal loan.

He also left the door open for another round in 2011, which could then be part of Qatar's sovereign wealth fund, with which the negotiations have so far foundered, and the Japanese group Mitsubishi Heavy Industries (MHI). Areva has in fact over 10 billion euros for its development. About 5.5 billion is already entered into the coffers with the sale of T & D investments (Safran, Total …).To this sum must be added about 600 million euros if the sale to the Strategic Investment Fund (ISF) of the 10.9% stake in STMicroelectronics succeeds.

Asked about the possible participation of EDF and Alstom in this second phase, Eric Besson said that "obviously the president has ruled out any line of work."

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Agree on the merits but not on solutions. The G7 meeting in Washington for a dinner Friday night, agreed that excessive and disorderly movements in exchange rates were undesirable. However, no ground has been reached on actions to address the problem. "I certainly do not expect there to be no unanimous agreement this weekend on the coins on those rigid exchange rate, and how they are expected to fluctuate," lamented the Canadian Finance Minister Jim Flaherty whose country chairs the G7 this year.

The president of the Brazilian Central Bank, Henrique Meirelles, has followed suit by saying that reaching agreement was "desirable" but "short term" it did not.Brazil, along with China, pointed to by the United States and Europe who accused him of conducting interventionist policies penalize the rest of the world economy. Friday night, Henrique Meirelles has remained firm in its position by announcing that his country had no intention of stopping to intervene to curb the appreciation of the real. The Brazilian Finance Minister Guido Mantega, the first to use the term "war of currencies", but warned: "If we do not address the whole problem and let each country to conduct its policy, we run the risk of failure of the G20. "

China does not change course

For its part, China has responded by saying she would continue the reform of its exchange rate policy at its own pace."We continue to believe that China needs an exchange rate regime based on the market," said the governor of the PBOC, Zhou Xiaochuan. "I think the difference is that in China, we believe this is a progressive, gradual, rather than shock therapy."

The U.S. Treasury Secretary Timothy Geithner has again condemned the "extent of intervention in exchange markets from countries seeking to impede the appreciation of their currencies undervalued." Jean-Claude Juncker, a leading finance ministers of the euro area, also deplored the reaction of his counterparts in emerging markets: "We face the same message to the Chinese that Washington, even if we say one way different, "he said.

Towards strengthening the weight of the IMF?

Although the subject was not discussed during his breakfast meeting Friday, the International Monetary Fund (IMF) met to reaffirm its position in the voice of its director general Dominique Strauss-Kahn. "If you want to restore confidence in an uncertain world, you need to work together. If you want to put people back to work, you need to work together, "he said emerging countries at the meeting of IMF member states. But, addressing in particular the United States, Dominique Strauss-Kahn said that "we can not expect China to do that overnight."

The International Monetary and Financial Committee (IMFC), the body responsible for setting the broad guidelines of the IMF which serve 24 countries, is expected to issue a statement Saturday after meeting in the U.S. capital, on behalf of 187 Member States .He hopes to reach a compromise non-binding.

Deal with disputes, several Ministers believe that only the IMF could offer a solution to the crisis through the strengthening of its monitoring procedures for foreign exchange. "From my point of view, the IMF is a natural choice to facilitate better coordination in monetary policy," said EU Commissioner for Economic Affairs, Olli Rehn. "Ultimately, it is the responsibility of countries to act, but the IMF must actually speak on the challenges and provide support to the action," said Timothy Geithner.

An increased role of the IMF on this issue could be ratified at the next G20 summit to be held in South Korea on 11 and 12 November.

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