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What should imagine to make French industry more competitive and allow it to regain market share in the euro area? This is the question almost as old as the foreign trade report of the Economic, Social and Environmental Committee (EESC) tries to answer.Indeed, despite its strengths, the delay of France grows: the trade deficit to increase from 51 billion euros in 2010 to over 70 billion this year.

To stop the bleeding, Isabelle de Kerviler, rapporteur of the opinion that is presented this morning at the EESC proposes to facilitate the development of medium-sized companies in particular by improving the financial environment.

"We must strengthen the role of OSEO, we want to launch a loan specifically for the industrial sector and the creation of a special savings account," says the reporter who did not want to quantify the amounts or the levels of these measures especially to SMEs.

Other proposed runway: corporate taxation personal loans for people with bad credit."It should modulate the rate of corporation tax, the report said, by shifting the tax burden of work on the consumption of natural resources or pollution or swaps."

"Create" Grenelle of competitiveness "

Compared to Germany, envied model that continues to get ahead of our country, the EESC notes that the French labor costs are not even an advantage.The moderation of costs across the Rhine and the progression (in the EU average) of this side are trimmed away.

Nevertheless, France still has a bright points in its favor: the dynamic demographic, geographic location, quality workforce, the quality of public services contrasts with an educational level that s' weakens.

To implement practical solutions, Isabelle de Kerviler wants to organize a "Grenelle of competitiveness." But is that enough to compete with Germany?

The rescue of Dexia bank would not cause an earthquake in the immediate field of the note to the French public debt. After their colleague Fitch, the rating agencies Moody's and U.S. Standard & Poor's estimated on Monday that the country's prestigious AAA is not threatened by the guarantees made to the Franco-Belgian institution in difficulty.

"Right now, there is no impact and we have a stable outlook," said the senior analyst of France, Alexander Kockerbeck. "We study the commitments (which were taken Ed) course, as we do every time, but at the same time, we take into account many other factors." In particular the desire to reduce the deficit, a point on which France has assured the agency, he added.

For its part, Moritz Kraemer, head of European Standard & Poor's, said the AAA French is "justified", adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective, which is not the case of France, he developed. However, he wanted to keep the pressure: "We continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio."

Not to increase debt

France has committed, along with Belgium and Luxembourg, to ensure 36.5% of 90 billion euros that will be stored in a "bad bank", or 32.85 billion euros.An amendment "on the guarantee conditions of financing Dexia itself no guarantee of assets" will be filed, said on Wednesday the Minister of Finance Baroin. This approach "has the effect not to increase debt," he pleaded.

The rating agency Fitch has even found last Wednesday by the voice of the analyst Maria Malas-Mroueh, that if "an increase in financial liabilities is not a good thing, efforts to support the banking system can be positive ". However, the cost of insurance against default risk of the French State (CDS, for "Credit default swap") climbed Monday morning from 5 points to 181 points, according to Markit financial services agency. At the same time, the CDS Belgian took 6 points, 290 points. What widen the gap with Germany, whose CDS remained stable at 100 points.

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Faced with the fear of a general banking collapse, the Franco-German couple is once again under the spotlight. And once again, things are not simple. Nicolas Sarkozy will be tomorrow in the German capital to "speed up" with Angela Merkel the implementation of the bailout of a Euro still full turbulence. The urgent need for the French president and German chancellor, is to flatten their differences on the use of the European Financial Stability Fund (EFSF) and reach a tentative agreement on the thorny issue of the recapitalization of banks.

Angela Merkel ruled Thursday that "there was a need to recapitalize, it would be reasonable to invest money" in terms of what could cost an emergency rescue industry.But she insists on the fact that the Fund will be used to bail out financial institutions on the condition that states can not themselves "to support the recapitalization of their banks' and it puts" endangered the euro area as a whole. "

In fact, Paris Berlin suspected of wanting to directly use the emergency fund to recapitalize banks weakened by the prospect of a debt reduction Greek. "The French have misunderstood the EFSF, decrypts it does in Berlin. Our position is that banks must first seek funding markets, and the side of the national public authorities. Only when there is no money available comes the European level. The EFSF is a tool for countries like Greece or Portugal.If a country like France – among the strongest financially of the euro area – wants to appeal, then this is the door open for all members of the area had ro dig into the fund. "

Berlin suspects Paris

An over-interpretation, says it does on the French side. "We have not yet begun to discuss that!" Do we wonder at the Elysee. At Bercy, it ensures not see fundamental differences with Berlin. "We agree with Germany, said the entourage of the Minister of Economy, Baroin, the fact that more capital into banks, including French," even if only to meet new international standards of Basel III in 2013.Whenever possible, the French banks also plan to comply with without recourse to the capital, let alone the U.S. – by separating certain activities if necessary, by distributing fewer profits to build equity .

But if there had to be re-capitalization, especially to reassure investors, "the sources must first be private," insists one at Bercy. "Ultimately, this should be to rely on injections of public capital." According to Paris, "a European coordination is essential to determine the amount of capital to meet the deadline by which this capital is to be achieved, and the tools for that. " It is on these criteria that France and Germany could agree this weekend.For its part, Brussels will make proposals for a coordinated recapitalization "in the coming days."

Moreover, given the deepening crisis, Angela Merkel has gradually accepted the idea of ​​economic governance of the European Union, defended by Nicolas Sarkozy. Expanding the powers of EFSF part of this process. However, the Chancellor – who imposed hard fought his troops to ratify the Bundestag building – is faced with a majority crossed by a strong current Eurosceptic.

Markets would also like to know more about the technical means to leverage the clout of EFSF. These contain the spread of the crisis heavyweight like Italy, Spain, and Portugal, while the levees are still weak.Should we go further and erase a more substantial part of the Greek debt? Should we consider that the Fund provides guarantees? The German finance minister, Wolfgang Schäuble, at least possible that Germany spends more money than EFSF the 211 billion passed by the Bundestag.

These tensions, it is now the standard mode of operation between Paris and Berlin. Pressure mounts on both sides of the Rhine, until a compromise emerges in a head-to-head at the highest level. Given their respective domestic political weakness or Merkel or Sarkozy can not afford a failure.

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New stage in the European debt crisis, and new tensions between France and Germany. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them appear to divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.

Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks, a senior German official quoted by Reuters. But Berlin would not. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October."There is no difference between France and Germany" on the subject, responded on Friday, the French Ministry of Finance.

As explained in the Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …

Roles reversed

For this new act of the debt crisis, the roles are reversed this time credit report. France has always, until now, prompted Germany to act.But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin. Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.

France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.

Pre-aid to Greece

In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.

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Clara Gaymard is president of General Electric France since 2006. Created in the late nineteenth century, GE is one of the largest industrial and financial in the world. In France, it employs 9,800 people, including 1,000 researchers, mainly in industry. The conglomerate Safran is associated with the production of aircraft engines. It is present in the turbine manufacturing, health and energy. In early March, GE has spent $ 3.2 billion offer for the French industrial Converteam, a leading equipment ETDE electrification systems and automation. In an uncertain economic environment, Clara Gaymard called for a mobilization in favor of industry.

LE FIGARO. -Do you see the first signs of a slowdown in your business in France?

Clara Gaymard. We fear-of course this slowdown.Some of our long-cycle industrial activities have been impacted over the last year and the first months of this year, but we rely on large export orders, which is our real market to resume growth the image of the first decade of the twenty-first century. What is certain is that at the end of this summer we have not seen any damage from the crisis.

How do the American leaders of General Electric they are on this crisis that threatens the euro area?

Europe and France are more complicated enough to understand given the United States. Decisions, including their political dimension, are difficult to grasp. Europe has been built on a desire for peace and a desire for economic growth and maintaining financial stability.At each crisis, France and Germany have strengthened their ties and Americans do not see it right away. Each time this has been beneficial in terms of governance. This will likely be the case today. For U.S. companies General Electric and especially, Europe is and remains a very important partner, because of market size, its capacity for innovation. Europe is the other foot in America.

General Electric is located in Europe. How do you explain that French industry losing ground vis-à-vis the German industry?

France lost the competitive advantage it enjoyed a decade ago. Germany under Gerhard Schröder was able to launch reforms that the country now takes profit.France has certainly taken some important decisions including the pension reform or investment for the future, but economic time, however, longer than the political time. The results are not yet visible. The acquisition of Converteam and our investment choices in 2011 show that we believe the industry in France.

What is it fundamental to a country to have a strong industry?

Just because you can not say that you will create products for the future in France, invest in R & D, if you do not file business card design. Value creation is first material. We are convinced at General Electric. That's why we have three major industrial centers in France and soon a fourth with the acquisition of Converteam. I've always registered against the false idea that a mature country must move from agriculture to industry and industry services.I find that attitudes are changing at last, the industry returned to the heart of the economic debate.

How can we stop the deindustrialization?

We must choose its areas of excellence. In the 1980s, France has relied on nuclear power, aerospace and high-speed train by taking risks. Since there was no real industrial policy. They pay today. So we have to make choices. For example, Germany and England have the wind power, General Electric is investing heavily in these sectors in these countries. We believe in the sun. By 2030, this energy could be as competitive as petroleum. Again, General Electric will focus on the countries able to advance this issue. Companies always settled in favor of an ecosystem.

The cost of labor is there a real problem in France?

It is often put forward but not the major issue for me. It's more flexibility. France is the only country where changes in conditions or work organization decided by a company legally take at least six months even if all parties agree. This period creates social tensions sometimes unnecessary. The organization of social dialogue is an obstacle to transparency. Another handicap: taxation. We have a taste for complexity and retroactivity. The comparisons are always against us. Overseas, the plate is wide and the level of taxation lower. In France, the plate becomes smaller, the tax rate higher, but there are many exceptions. France has a display unfavorable tax and payroll. Nevertheless, it is possible to develop and invest in France.We have shown through the three large industrial sites that we have acquired, their sales were multiplied by three or four. And if we take the example of Belfort, it was losing money, it is now profitable. Moreover, on this site in Belfort, we have advanced in terms of qualifications our staff. Their wages were also appreciated.

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With the individual

The return started badly for the owners of second homes and rental property holders. Indeed, the regime for the taxation of real estate capital gains has been cured. The holding period beyond which the added value of a building is exempt rose from fifteen to thirty years. This hardening will apply to sales contracts signed on or after 1 February 2012. Exceptionally, contributions to building a family SCI are subject to the new tax since August 25, 2011. Provide building a SCI was nevertheless a good way to purge the existing capital gains without the poor well.But the string must have seemed a little rude to the tax authorities that as a result, anticipated the entry into force of the reform for such operations.

The sale to SCI allows it to delay the hardening of taxation?

There is still a solution if you do not want poor of the property immediately. The law anticipates the entry into force of the reform of real estate capital gains only to contributions made since SCI August 25, 2011, without seeking specific sales.

You can sell before 1 February 2012 your property to SCI which you are a partner, allowing it to retain its heritage.The sale has the effect of purging the capital gain, and if the property is held for more than fifteen years, this gain is fully exempt.

The administration may be invoked by abuse of rights?

Some precautions are necessary, the administration could in fact invoke the abuse of rights. This weapon allows him to dismiss the actions without any purpose other than to avoid or minimize taxes. Fraud is established when the taxpayer and research purposes only tax, and gets that advantage by a biased application of laws or administrative circulars against the objectives of the author low fee payday loans.The penalty is heavy, the taxpayer risk a tax increase of 40% or 80% if the cause of the act or its primary beneficiary.

How to guard against abuse of rights?

To rule out such a threat, "we must be able to prove that the interposition of a company structure responds first to an asset strategy. Better, then, that the owners of the property are not the only members of SCI, "advises Lionel Saint Georges Chaumet, Director General of Finance Aforge. This will be the case for example if your children are part of the SCI. "It is possible to break up and then give the shares, keeping the usufruct parents and children becoming bare owners.Nothing prevents other hand, after a reasonable period of two to three years to sell the shares to a third party to distribute the proceeds of the sale between parents and children, "said Ms. Murielle Gamet, notary Chevreux study. Finally, you can object to tax the proprietary interest in the sale of an SCI if the operation is intended to free up cash to reinvest this money in another property without it being necessary that children participate in the assembly.

Before undertaking the assignment to a SCI, check that, financially, it's worth the effort. The cost of purchase by the SCI (allow, for example, € 14,000 to € 200,000 a well) are added from 1000 to 3000 € fees for writing articles if the company is created for the occasion.

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"Soon your new Dacia Box here." That's the kind of advertisements that bloom right now in the vicinity of concessions Renault. Dacia Box? This is the name of concessions Dacia brand of low-cost cars from Renault. While the group had only twenty Dacia concessions at the end of last year, it will create a sixty Dacia Box by three months, bringing the number of the last 150. "The goal is to reach two hundred Dacia Box later in the year 2012," explains the director Dacia brand of France, Alain Lehmann.

Until now, most of the 400 concessions Renault had a space with one or two sales representatives dedicated to Dacia. But the group quickly issued the desire to give the brand a Romanian full place to separate more clearly the two clienteles.Alain Lehmann and meet an internal statistic: "Three quarters of people who bought a Dacia Renault have never seen in their world of doubt." This policy of differentiation would be aimed primarily at boosting sales of Dacia to reach the "6.5% market share in cities where there is a Dacia Box, against 5.5 to 6% where there is none," and not to limit snacking on the Dacia brand diamond as claimed by some commercial yet. "If this happens, it sincerely marginal", for its part denies Alain Lehmann.

Moreover, if the Renault group now separated physically universe of its two brands, Dacia Box are designed in order to save high risk personal loans.So first of all in cities of 150,000 or more inhabitants, and in the towns 'high potential' that dealers are investing with their compulsion to install Dacia Box on land near the existing Renault dealership. "The showroom must be at least 200 m² for us to explain it five to six cars." Investing for the Renault would amount to "150,000 to 300,000 € depending on the local property market," says the Director Dacia France.

More visibility

Through this strategy, the group led by Carlos Ghosn gives more visibility to its cars made in Romania, while registering in the world of Renault. In addition, this proximity with a dealer installed allows Dacia Box to receive, without additional costs, administrative services (order tracking, maintenance, etc..) Concession by Renault.The client, it will find its close garages for repairs.

Last year, Dacia sold 105,000 vehicles for "an average basket of € 12,000." This year, the figures would be worse. "In August, we record a decrease of 20,000 registrations compared to last year," says Alain Lehmann. Designated culprit: the end of the government bonus of 2,000 euros on LPG vehicles, an engine that had previously participated in the success of Sandero, the Romanian city of the manufacturer.

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The automotive sector is on the alert. As shown in Le Parisien on Saturday, Brussels would consider tax per liter of diesel in Europe from 8 to 15% more than gasoline. A directive to this effect must be examined by the European Parliament in November for an application expected in 2013. Objective: To fight against this highly polluting energy, used by nearly 7 million cars in Europe.

The European Commission highlights the paradox between a cleaner gasoline and cheaper duty-sold more expensive at the pump, and diesel more expensive duty free, massive source of emissions of fine particles hazardous to health, and less expensive for motorists. She said outside the UK, the tax treatment of petrol and diesel in Europe is "flawed" and needs the overhaul.

Concern

For manufacturers, the news comes at the worst time.These are already working on the application in 2014 of Euro 6, which calls for reducing carbon emissions and fine particles. This standard requires them to implement expensive technology on diesel vehicles that will increase the price of these cars from 1500 to 2000 euros. What scare away customers. If in addition the price of a liter of diesel fuel were to increase significantly, the diesel car market could collapse.

The Committee of French Automobile Manufacturers believes that the introduction of this directive in France could lose 20 points of market share on the sale of diesel cars. In the columns of Paris, its president, Patrick Blain, worried: "The decline in production in French factories (on the cutting edge in the field of diesel, ie) would inevitably have social consequences," he warns.

Professionals and individuals may also choose to get rid of their cars too expensive, which could lead to plummeting prices of diesel cars. "It may be possible to adopt transitional measures that will leave everyone time to adjust," said he.

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