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Households eligible for the allocation of the new school will have received today. The family allowance were announced in early August that this financial boost to low-income families would be paid to the beneficiary households between 19 and 21 August at the latest.

Last year, about 5 million children and 2.8 million households had received this benefit, an average of 300 euros per child. "We do not yet know the exact number of beneficiaries, because some families must provide proof that they will have to re-entry. But a year on year, this figure varies very little, "says one to the National Family Allowances Fund (CNAF). In 2010, the CNAF had counted only 600 beneficiaries over from the previous year. A few weeks ago, Roselyne Bachelot noted that it had mentioned the figure of 4.6 million recipients.

Increase of nearly 7% of the cost of school

In 2011, the allowance for school was revalued by 1.5% to reflect inflation. Depending on the age of the child eligible under 18 if in school, the aid received varied from 284.97 euros to 311.11 euros per year. But the annual increase covers only a small part of the rising cost of school.

According to the Association of Family France, it rose by almost 7% since last year. For a student of the sixth, the only school supplies back to around 187 euros. Involved, the general inflation of around 1.9% a year in France, and the sharp rise in prices of raw materials, pulp and paper in particular is currently selling at record prices.

Apple becomes the world's largest "portable" across all categories, ie, taking into account both PCs and tablets. The Apple brand has sold 13.6 million against 9.7 million laptops for HP, relegated to second position. Apple has a performance to 10.7 million iPads that have been sold worldwide in the second quarter. 65% of this market.

In the past three months, sales of tablets exploded 400% to $ 16.4 million, while those of notebooks have eaten 2% to 48 million copies. "The growth of the market shelves beginning to be at the expense of laptops," said Richard Shim, analyst at Display Search Senio, thus justifying the merger of these two product categories in the studies.

And behind the two market leaders, the battle continues.Acer has recorded the largest decline, with sales volumes plunged by 12% in one year. The Taiwanese are heavily penalized by the failure of his tablets. However, Samsung and Dell posted the best gains, with growth of 44% and 33%.

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In the night from Friday to Saturday, S & P downgraded the rating of the United States, from "AAA" to "AA +". This historic announcement, which comes as the markets have closed a black week, plunged the financial world into the unknown. Munis Hassim, professor at the Institut d'Etudes Politiques de Paris, explains why such degradation threatens the U.S. economy, the first world power, and identifies the situation to that of Japan in the 1990s.

Is the degradation of the notes of the United States plunges us into a new crisis?

The fact that the United States lose their triple-A means that they have a slightly higher probability of defaulting. But by switching to "AA +", this probability is very low. Moreover, experts and analysts do not believe at all a failure to pay the largest economy in the world. So there is no reason to panic.However, the multiple consequences which such degradation can they prove to be very disturbing.

For example?

The fact that S & P has dared to sacrifice the American note puts enormous pressure on other countries rated AAA, particularly in Europe as the UK or even France. This announcement will fuel fears of a contagion of degradation of notes, when the markets seemed to panic this week. In Italy and Spain (already degraded) in particular, tensions are rising, although they seem to be the new target markets. Moreover, the impact on the banks direct. They will have to review their capital allocation taking into account the appearance of more risky U.S. bonds they hold, as they impose the new international regulations, to strengthen the solvency of banks (Basel III).The recent bank stress tests, whose results were given there only three weeks, have already lost all credibility because they did not include either a restructuring of the Greek debt, or a deterioration note the United States.

Why such a lowering of note can threaten the global economy?

When the debt rating of long-term decline in the U.S., this means that more may not be refunded if the creditor is. However, the markets, the risk is remunerated by interest rates: if I am less sure of being repaid, so I request a higher rate. Thus, losing the "AAA", the U.S. interest rates at 5 years, 10, 20, 30, will mechanically increase.And if rates rise, it's a downward spiral of investment and consumption that will engage, which produces more unemployment, less tax revenue and public expenditure. This government deficits widen further, and sovereign debt. But during the past two weeks very turbulent markets, the U.S. long rates remained very low. There have never been so low, a sign of investor confidence.

There is still a little time, no one imagined the United States lose their AAA. How did they get there?

The problem the U.S. is that they have more flexibility, or a monetary point of view, or budget.On the one hand, monetary policy can not be more accommodating, having pumped billions and billions of dollars of liquidity into the markets and set the interest rate floor (they are between 0% and 0.5 %) to restore the U.S. economy weighed down by the subprime crisis that has capitulated Lehman Brothers, three years ago. On the other, public spending has been poorly controlled, while the U.S. tax burden is already high. Difficult in these conditions for fiscal consolidation.

It is like in Japan twenty years ago …

Exactly, you are right in the Japanese-style scenario. The United States could enter a situation of liquidity trap in which Japan was mired in the 1990s, but never really escape. Rates were zero and sluggish growth, while prices fell, leaving Japan trapped.United States, the U.S. central bank, the Fed is now more capable of supporting the U.S. economy, which has not really recovered from the crisis, according to the latest statistics. Growth for 2011 looks less than expected, despite the monetary support giant that has been deployed. It remains to be seen whether this will result in deflation (lower prices) or if inflation will return. The best case scenario would be the second, to prevent the United States is experiencing a "lost decade" in Japan.

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After considering the price of flour in supermarkets and those of certain financial products, the European Commission is vigilant in fine watchmaking. The competition regulator on Friday launched an investigation into the agreements and dominant positions among manufacturers of luxury watches, trying to see if they have agreed to refuse to supply spare parts to independent repairers.

"The Commission informed the parties concerned and the competition authorities of the Member States of the opening of the proceedings in this case," said the European Commission in a statement.

The investigation follows a complaint filed in 2004 by the European Confederation of Associations of watch repairers (CEAHR) for alleged violation of competition rules of the European Union.Multi-brand repairers had indeed used to make many of the repairs of luxury watches. But from 2002, according to CEAHR, manufacturers of luxury watches began to refuse to supply spare parts to multi-brand repairers who were not part of their repair networks. The CEAHR therefore seeks the condemnation of the practice, saying it could force independent repairers to put the key under the door.

The European competition regulator rejected its complaint in 2008 for lack of Community interest. Then the decision was overturned by the European Court of Justice (ECJ) in December 2010. This does not prevent the European Commission to be cautious about this.She stresses that the opening of an investigation does not mean it already has evidence about the existence of an offense. And yet, no manufacturer of luxury watches is specifically under investigation.

In the case of debt, time is a luxury that the United States as Europe can not afford. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund. Welcoming the plan against the crisis of the Greek debt presented Thursday by EU leaders, the French hoped "that these bold steps will be followed in the United States and that action in the fiscal area will occur as quickly as possible."

In Washington, "the clock is forever and you really find a solution," insisted Christine Lagarde. Democrats and Republicans can not agree on U.S. debt, then that must be addressed prior to August 2 the maximum amount that the state can borrow in the markets (the ceiling of the debt). Otherwise the U.S. will not reimburse investors.

"Having a default or a significant reduction in the rating assigned to the signing of the United States, an event would be very, very, very serious. Not for the U.S. only, but for the world economy in general, "said the leader of the IMF. In the longer term, the IMF has asked the United States Monday to hand over "the debt to a sustainable path." U.S. debt until recently was considered by investors as an investment "safe".

If it is proved otherwise, the consequences could be incalculable. The United States "can not default on their obligations," said John Boehner, a Republican official in Congress. "The jobs and savings of too many Americans (are) in."

Threat of 'turbulence'

Europe is no exception.After the summit on Thursday, the leaders of the euro area should continue their efforts, Christine Lagarde warned: "The plan was welcomed by financial markets, as evidenced by the stronger euro and lower spreads rates on bonds of the periphery. But the turmoil could easily reappear. For this reason it is essential that the commitments of the summit are implemented quickly. "

Problem: The plan must be submitted to national parliaments for approval. "This will be done in the coming weeks. This will not happen overnight because, as is often the case in many developed economies of the Northern Hemisphere, August is relatively calm. And parliaments are closed, "admitted the director of the IMF. But Europeans do not have the luxury of taking their time.I think there is an expectation that things should move forward and be implemented not only by the countries directly concerned but also by governments who, as I said, kept their promises. "

To help stem the debt crisis, the IMF disbursed $ 330 billion to date, also recalled Christine Lagarde. Given this fact, the IMF might have to seek new funds to its member countries, its director admitted: "In the not too distant future we will probably take an interest in this issue."

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In the first six months of the year, the European Central Bank, through the 17 national central banks in the euro area, has withdrawn from circulation approximately 296,000 counterfeit euro banknotes. A figure down 18.8%. As usual, these are the breaks of 20 and 50 euros that have been copied the most, with respectively 43 and 36% of counterfeit notes detected. Thus, the probability of having one day turn a fake is minimal, since currently, 15 billion euro banknotes circulating in the world with 13 billion in the hands of 330 million Europeans.

How to recognize a counterfeit bill? "First is the button: the ticket must be firm and crack when it is bent, and some inscriptions in relief is palpable. Then you look at it: we mark the traditional watermark, the black security, we detect signs of security by transparency, etc..And then tilts: the band or disc holographic silver toggles the face value and the € symbol, "said Francis Coustin, communications director of the Bank of France, stating that there are eight recognizable security features of immediately, then another series of signs visible with ultraviolet light, which traders often have, and finally other signs that only the European Central Bank and national central banks can detect. In all, there are 63! (See the interactive presentation of the security features of the ECB)

The ECB shall ensure consistently maintain its technological edge on the counterfeiters, who face risks thirty years' imprisonment and 450,000 euros fine. The Bank of France, also a civil party, does not claim a symbolic euro in damages.Within the Eurosystem, work is underway to develop a second series of euro banknotes, the theme will look like the current (see box).

A ticket is damaged, torn, not calcined is not lost

Think again if you think the ticket you just go to the machine, or your child has torn, is worthless. While it may legitimately be refused by your merchant, but the Bank of France, she will be able to replace them. In extreme cases – ticket sales, burned, burned, mutilated, wet, soft, bonded, etc.. – It is always possible to be "paid" but for a fee of 20%.

Francis Coustin the occasion of the exhibition Euro: the exhibition at the Cité des Sciences and Industry at La Villette (Paris XX) until September 4 – which comes in a fun way about the history of the euro, its manufacture, the security features of tickets, etc..- Chronicles the misadventures of people who burned their tickets, ensuring that parts of the Vatican, Monaco or San Marino (Italy) should be retained as they are rare … and therefore valuable, but warns, however, that collecting tickets francs (date of exchange limit, February 17, 2012) does not promise any profit, "they will be worth nothing then strictly."

Euro: the exhibition, organized for the first time in France, the European Central Bank and the Bank of France, has already attracted over 100,000 visitors in recent months in Europe, from Barcelona to Tallinn via Rome or Berlin.

Cotton in the mass circulation

• How does one manufacture a ticket?

To make the paper is bleached cotton fibers (only one note is made of cotton) in a water bath at high pressure and high temperature.The resulting pulp is then passed through a paper machine. To obtain the special paper, called Paper Trust, own bank notes, are incorporated in the paper some security features such as watermarks and security thread.

• Where do we manufacture the tickets?

In Europe, paper is supplied banknote paper to the fourteen high-security printers who print the euro banknotes in the European Union. In France, since 1915, tickets are no longer manufactured at Bercy, in Seine-et-Marne, but Chamalières (print) Auvergne – nothing to do with Valerie Giscard d'Estaing, who became finance minister from 1962 to 1966 -, and Vic-le-Comte (stationery). A year earlier, the Paris site was briefly occupied by the Germans, hence the decision to relocate the "safe" to an area less exposed.

• How many tickets are made in France?

In 2010, 2.45 billion tickets were delivered by the Manufacturing billest which 1738 billion euro, central banks outside the euro zone commander in France tickets. Every day, these are some 6.7 million tickets that are born in Auvergne.

• Where do the tickets then?

Once made, the tickets are sent to branches of the Banque de France equipped with crates. Then carriers (Brinks, etc.). Come back to supply banks, which themselves carry out their distributors, or retail, which brews each day astronomical amounts of cash, and merchants.

• How long does a ticket?

Tickets and circulate from hand to hand, and come back regularly and the Bank of France, which sorts all tickets at once, to put back into circulation as tickets safe and in good condition. To do this, sorting machines at high speed are used to check in a split second the authenticity of tickets. Notes unfit for circulation are destroyed and replaced.Finally, an average, the average life span of a 5 euro note is fourteen months and that of a ticket 50 euros for three and a half years.

• Some rules to know:

– A merchant has the right to deny him a ticket that looks suspicious, a merchant can refuse to cash more than 50 pieces in a single payment, a merchant has the right to refuse a big ticket for a small purchase: the customer must to the extra-A trader does not have the right to refuse display notes 100, 200 and 500 euros denying a legal tender banknotes is punishable under the Penal Code-If I a ticket printer or scanner, I am off-the-law.

The design of banknotes and coins

• Tickets continennent all a European monument and a bridge. But if some drawings look fiercely at a known site, none really exists.In December 1996 that ended the contest European models of the euro banknotes, which was won by Robert Kalina, designer of the National Bank of Austria. Gaphisme inspired by the architectural styles of seven periods in the history of European culture: the classic notes of € 5, the novel for those 10 euros, Gothic for 20euros, the Renaissance for 50 euros Baroque and Rococo for 100 euros, glass and steel to 200 euros, and the architecture of the twentieth century for 500 euros.

• As for parts, the idea was that they have a common European side (battery) and the national side (face). A European competition was then held to select the number of common sides. The winner was Luc Luycx, graphic designer at the Royal Belgian Mint. And in the end, the 17 countries of the euro area are some 136 different pieces move.The choice of the national side has done differently in each country. In Italy, the themes were selected by viewers of the Italian channel RAI. In monarchies, the effigies of kings were most often represented.

"Join the game" Rally France Euro 2011 for children aged 9 to 12 on www.euro.ecb.eu

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While the EBA is preparing to issue health bulletins today of 91 European banks, not this year – the third of its kind – had emerged as perilous. These stress tests are designed to reassure the strength of the European banking system, ensuring that they are adequately capitalized to deal with simulations of shocks on growth, equity markets or real estate.

So far, the main risk was to fail to convince, as was the case a year ago.With markets abusing European banks in turmoil on sovereign debt, the danger is now adding fuel to the fire …

The Institute of International Finance, which includes 400 credit institutions in the world, concerned that the emphasis of the supervisor to publish banks' exposures to the sovereign debt would aggravate tensions in the markets.For if the stress tests are unwilling to consider the hypothesis of a failure, even partial, state of the euro area, even though the scenario is not ruled by some European finance ministers, analysts will not go without applying the discount corresponding to their own calculations.

In fact, stress tests, vintage 2011, were built partly in response to criticism of the 2010 vintage: his credibility was undermined when the Irish banks were left to the mat a few months after passing their check-up! Hence the idea that the number of "recalibrated" should be higher than last year: in July 2010, seven banks have been stigmatized with a lack of capital combined 3 billion euros only .

Confusion

From this perspective, the tension went crescendo in recent days.Adding to the sense of confusion at the moment that sticks to all European decision-making, many countries or institutions have formally or informally, started to spill the beans. The German regional bank Helaba was denounced by itself, Wednesday, accusing the same time the EBA does not take into account the 'silent participation' 10% owned by the state of Hesse in his capital is not regarded as capital drives. In Spain, two savings banks, suspected to be among the victims of stress tests, have healthy self-proclaimed as yesterday, stating that their criteria are not exactly the same as those used in Europe! The Spanish authorities have also criticized the method of Constable European banking.

Although it was heavily judging, fiscal 2010 proved useful over time.A study by Morgan Stanley, 19 of the 22 listed banks passing the bar set by the supervisor by a margin of 2.25%, have increased since their capital. Thus, if the EBA requires a minimum of 5% capital ratio, "we believe that investors will scrutinize those who pass with a margin of less than 1%," warned analysts at Morgan Stanley.

Still, by nature, the exercise is not enough to reassure the markets. It focuses, in fact, on the solvency of banks when the rising concern about the cost and availability of the resources they need to find on the market. In the current climate of mistrust, the market assess the health of banks, primarily through the quality of the signing of their country of origin.For financial institutions of Europe device, each day that passes makes access to capital more expensive and more difficult and more involved when a deterioration in the sovereign rating by any rating agency.

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• What are they? Rating agencies are tasked, in theory, to assess independently the risk of bankruptcy or non payment of an economic issuing debt securities such as bonds. Clearly, they inform investors of their risk if they lend themselves to such corporation or such State. They each have a rating scale ranging from AAA (triple A) to CCC.

The score is after work for analyzing economic and financial figures and results from a collective decision of the agency's analysts. This is an opinion, say the agencies, not a recommendation to buy or sell a security or a share of a company.

• The impact of the notes. Rating, reflecting the risk of bankruptcy of a company or a state, however, has taken a very important rated entities and investors.For states and businesses alike, a note degraded resulting in an increase in interest rates. So when they want to borrow, it costs more.

Investors should in turn may sell certain debt securities to meet internal and financial regulations. A portfolio manager consists of obligations and will maintain a balance between built-risky securities and less risky. If a portion of its securities, such as Greek bonds, for example, is degraded, it will have to part for not only its portfolio becomes too risky.

• Who owns the agency? Moody's is an American company listed and independently owned up to 13% by billionaire Warren Buffett. Fitch is majority owned by French financial company Fimalac, founded by Marc Ladreit de Lacharriere and 20% of the group Hearst.Standard & Poor's is owned by U.S. publisher McGraw-Hill Companies.

• Who pays? "Typically, a rating agency is paid by the entities who want to receive a note or those that use the note" on a subscription basis, says Standard & Poor's. 2009 according to the scale of the latter for the United States, a large company must pay at least $ 70,000 at the beginning of the rating process, then a subscription of "surveillance" amounting to about half the original amount cash advances pay day loan. Each time it will issue the debt markets, it will perform in addition to a commission of 0.045% of the transaction. The amounts are similar in Europe.

Today, about 90% of revenue comes from credit rating agencies rated entities, is Norbert Gaillard, in his book "The rating agencies' published in The Discovery.

• Conflicts of interest.The crisis "subprime" mortgages at risk, has highlighted the limitations of the current agencies. Paid by companies that want to be noted, agencies are sometimes tempted to assign a higher rating than actually deserved to win a contract to the detriment of its other two competitors.

A former analyst at Moody's, Mark Froeb, has launched scathing attacks against his former employer before the Commission of Inquiry on the financial crisis in the U.S. Senate. "When I left Moody's (2008, Ed), the worst fear of one analyst was not necessarily something that would jeopardize the market share of Moody's, to cause harm to its sales ( …) and losing his job accordingly, "he complained. However, an analyst should only concern "to contribute to a rating that would be false."

• Agencies very profitable.With the increasing complexity of financial markets, the agencies argue that it is becoming increasingly expensive to analyze the risk of failure of economic actors. Therefore, in the 70's, they began to charge companies to notaient.

This business model provides a very high cost to agencies. Moody's expects an operating margin (operating profit to net sales) of between 38% and 40% in 2011. Standard & Poor's 43% in the first quarter of 2011 alone and Fitch 58% for the year 2010/2011 shifted.

A true campaign speeches. Cambodia before the French together in a vast lounge of the Sofitel Hotel in Phnom Penh, the prime minister Saturday launched a violent charge against the left, without ever naming it: "Those who believe that the idea that one could 'de-globalization' history and the comfort of a domestic policy alone, without external stress, maintain a dangerous illusion, "he said, while some voices in the PS and the Greens in particular to call for ecological and social conversion of the production system. "Globalization is a fact, not a hypothesis," has dealt François Fillon, taking the opportunity to refine their profile politician "lucid" which tells the "truth" to the French.

"You who live in the Asian continent, you know what is meant by globalization and the (…) changes it brought with it," he said to an audience that the UMP would attract and retain the perspective the presidential election of 2012 (hence the creation Wednesday of a Secretary of State for French nationals abroad, at the ministerial reshuffle).

Fillon promised to fight against the risk of decline

The prime minister also criticized the "lack of responsibility" for "those who advocate, under a mask of generosity, the return to funding expensive." "Between the spring of election promises and fall of the exercise of power, the reality is responsible for breaking down dead leaves of inconsistent programs," he added, lyrical.

While calling for more than "partisanship," the Prime Minister continued his charge against the advocates of protectionism. "Those who want to get France out of the euro, if unfortunately they came to business, they would endanger our economy, our social model, in the name of a false idea of ​​national sovereignty", he attacked. Against these "lax or populist proposals" which "we pose the risk of decline," Fillon promised he would fight "all (his) forces."

While the UMP is constantly mock the PS program considered "dated," Fillon drove the nail in praising the reforms carried out in four years: a guarantee "of international adjustment," he praised " we have continued to act to reinvigorate our economy, to capitalize on innovation to secure our social model, to contain our costs, "he added."None of these reforms has not been easy, he said. But I am convinced that their legitimacy will prevail, because the French feel that the new world will be uncompromising for nations that choose the easy (…) With the approach of elections, disputes conducive to systematic and utopias of all kinds, we will maintain our line of truth and realism ambitious. "

(From our special correspondent in Cambodia)

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This is a schoolboy joke, but we hear it everywhere in Lisbon. If the sky is gray if the coffee machine is broken or if one falls down, "A culpa é do Socrates!" Socrates is to blame! Portuguese Prime Minister of course embodies the grim prospects that beset his administration. José Socrates is one who, after pledging never to lower them, eventually seek outside help. The Portuguese are well aware of: against the 78 billion loaned by the troika (IMF, European Commission and European Central Bank) will require consent of hard sacrifices.

Came to power in 2005, Socialist, 53, divorced and father of two children, probably his last book political battle, the most difficult of all. Tomorrow's elections will determine its future.

The "wild beast" as he describes himself, refuses to admit defeat.Last March, soon after announcing his resignation as Prime Minister Socrates was reelected as head of the Socialist Party (PS, center left) by a final score: 93.3%. And there's another week, opinion polls placed the PS elbow to elbow with the Social Democratic Party (PSD, center right). Today, the latest opinion polls give a lead of 6 points to the DSP. "But the fact that he can still compete with the opposition is surprising analysis Teresa de Sousa, a columnist for the newspaper Publico. This is still the premier of the crisis! "She said the strength of Socrates explained by his personal qualities:" He has great charisma, a good speaker who uses simple words and direct "says she. The flip side is "low fidelity" ideological, considers Teresa de Sousa.Socrates is supposed to represent the right wing of the PS, the current more moderate training already very centrist. But throughout the campaign, this positioning does not stop him to shake the specter of anti-social right, which will liberalize at all-if she came to Sao Bento, the official residence of Prime Minister.

Tensions with the press and justice

"It's a fighting personality, not an intellectual," says José Adelino Maltez, a political scientist at the Technical University of Lisbon payday loans. And to appeal to the French philosopher Jacques Maritain: "Socrates is leading a leftist government with a right temperament." A follower of political marketing, in short, which modernized the Portuguese public life, for better or for worse. Rui Costa Pinto, who wrote an unauthorized biography of the Prime Minister (José Socrates Homen o, o lider), speaks of "a bipolar character.""It is both a deceiver and an authoritarian," he says. This journalist is one of those who have suffered the pressures of the head of government, which maintains an ambivalent relationship with the press.

"We got along well, we familiarly," recalls the biographer. Until the day Costa Pinto puts his finger on a possible bribery case. Socrates then goes into a rage. "I lost my job twice because of him," says the author, who just won a lawsuit against the protagonist of his biography. The "wild beast" is a blood. The justice professionals are in open conflict with Socrates. "The attempts of manipulation against the courts have reached unacceptable levels," has accused the head of the union attorneys, Joao Palma.The name of Socrates is released in several cases, but until now the Prime Minister went through the drops, lack of evidence.

In six years of government, Socrates has accumulated enemies. If he departs from the Republic of gold, it could lose its last allies. As for Portuguese, they will eventually unravel fact from fiction: to identify what is "a culpa do Socrates' … and assume that their structural problems remain unsolved.

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