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Twenty-four years after the first world held in New Zealand, rugby world last week signed a homecoming, celebrating the opening ceremony of the 7th edition of the World Cup. Certainly, in the meantime, the world of rugby has changed profoundly, from many countries in an amateur status to a professional model. However, the edition that has just begun in the land of long white cloud, earth history of the discipline, will not be remembered in terms of costs and economic benefits. New Zealand, a small country of 4.2 million inhabitants, has in fact not the same financial resources than previous organizers. Plunged into an economic crisis, it was also affected in February by an earthquake that devastated the city and the stage of Christchurch, the second largest city.What add to the bill related to the organization, and limit the financial benefits expected from the competition.

More limited carrying capacity

Estimates of the study Mastercard "Report on the economic impact of Rugby World: 2011 World Cup," the economic activity generated by the event is expected to reach $ 654 million (479 million), 18 % less than the 2007 edition in France. Main reason: the carrying capacity, especially in the stages are not the same. In New Zealand, the largest chamber (the Eden Park in Auckland) can accommodate 60,000 rugby fans. This figure drops to 40,000 for the second largest stadium. In total, only five of the twelve speakers in the competition beyond the 30,000 seats. In France in 2007, all exceeded the 32,000 seats.Enough to blow up the number of tickets sold in the Hexagon at 2.25 million, against 1.35 million sold in 2011 according to MasterCard. Next visitors, a double standard as well, since 95,000 fans are expected in the country of Blacks against more than 325,000 in 2007.

Overall, the economic impact of the sixth edition of Rugby World Cup in 2007 was estimated at 540 million euros, of which over 85% from the tourism (spending by spectators, lodging, drinks, souvenirs …). A record that does not beat New Zealand in terms of direct benefits. It remains to know the net financial gain from the competition.Those of this edition will not be known precisely until a few weeks, but we know already that they will be affected by 550 million euros spent on building or renovating stadiums, where France had limited its expenses (most stadiums were renovated for the World Cup soccer in 1998). The catastrophe of Christchurch should also weigh on the accounts. In 2007, net income of the competition had reached about 113 million euros, while New Zealand could lose money on this event.

The hearing will be at the rendezvous

The only consolation for the organizers of New Zealand against the semi-economic success: the increasing popularity of the rugby world should not be questioned. About 4 billion viewers (cumulative audience) should follow the matches of the competition.Almost as much as 4 years ago (4.2 billion according to URS Finance and Economics and the International Rugby Board). More than 220 million euros in marketing and TV rights for the event have been sold by the IRB, against only 190 million for the French edition of 2007. The fact is that New Zealand will not see the color of money, revenue from TV rights and advertising contracts falling directly into the pocket of the Board, to fund the global development of rugby.

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For Jérôme Kerviel, the horizon is not entirely clear. His appeal is expected in June 2012. At trial, the former Societe Generale trader was sentenced Oct. 5, 2010 for fraud, breach of trust, forgery and uttering forged documents and five years in prison, three farm, and 4.9 billion euros in damages. The stakes are huge for him, if his conviction was upheld, he could not escape from the prison, having been detained one month and ten days in custody.

Olivier Metzner, remained the only lawyer after a parade of big names in Paris, he prepares the deadline today and this time decided to stay quiet.When the scandal broke, there was much media-presentation, signing, even before his trial, a book, The Gear, memoirs of a trader (Flammarion), in which he denounced "the reality of banking practices."

"Someone basically nice"

Today, thirty years working for a computer consulting firm located in Levallois, near Paris. The boss of this company, expert in court and knowledge of his brother and his first attorney, had befriended the young Breton and had welcomed home after the blast caused by the scandal. "All the people who approached basically found someone nice. He tries to do well in his way. And it's someone you can trust, "assured RTL in 2010 Jean-Raymond Lemaire, his employer.

The scandal January 24, 2008 when Societe Generale announced a record loss of 4.9 billion. Suspicion immediately converge on the trading Delta One desk model that would have concealed astronomical risk positions taken on the markets. At trial, Jerome Kerviel ensures that the bank had encouraged him to take such risks and had then "unwound" these positions in spite of common sense.

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The U.S. stock markets resist panic that has driven down European shares on Monday. At the close, the Dow gained 0.63% to 10,061.12 points, the Nasdaq climbed 1.10% to 2495.09 points and the S & P is 0.70% to 1162.27 points.

Very hesitant, the indices increased to rise at the very end of the session after the Financial Times announced that Italy has asked China to perform major purchases of its sovereign debt. Senior Italian officials told the FT that Lou Jiwei, the chairman of China Investment Corp (CIC), was the head of a delegation that went to Rome last week to meet with Finance Minister Giulio Tremonti and as responsible for the Cassa Dspositi e Prestiti.

In addition, investors seemed anxious not to pass down the technical threshold of 1140 points on the S & P 500 (he flirted with during the day)."If we can not maintain this level, the next support is around 1120 points," said Marc Pado, an analyst at Cantor Fitzgerald.

U.S. operators, such as Europe and Asia, however, remain very concerned about Greece. They fear it will not be able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe. The German Minister of Economy Philipp Rösler has also not ruled out a bankruptcy ordered Greece to save the euro.

These uncertainties have weighed heavily on European banking stocks, weighed down by their exposure to sovereign debt but also by fears about their solvency and funding.

Busy schedule for

United States, Barack Obama will submit to Congress today plan to revive the economy and employment announced Thursday.The president renewed his call "to Congress to adopt this bill, which contains the kind of proposals to grow the economy and create jobs."

Week is low in business results – the retailer Best Buy and diverse manufacturing Pall is the only component of the S & P 500 to publish figures – investors will focus primarily on a series of macroeconomic indicators.The latter include retail sales, the producer prices and consumption as well as statistics on the manufacturing sector.

Note, however, leading indicators of the Organization for Economic Cooperation and Development (OECD) published this morning, reporting a "slowdown" of the world's major economies.

Oil climbs the slope

In the wake of renewed tensions, the euro remained sharply lower against the greenback Monday, falling below $ 1.35 even briefly, due to another bout of market panic response to the crisis in Europe. End of the session in Paris, the single European currency was worth 1.3645 dollars against 1.3649 dollars on Friday night. Earlier, the euro fell to 1.3495 dollars, its lowest level since Feb. 16. The euro also fell to its lowest level in a decade against the yen. The euro bought 104.64 yen against 105.91 yen Friday.In the early morning, the euro fell to 103.90 yen, its lowest level since June 2001.

Oil prices have them finished up in New York Monday, bouncing after suffered early in the day of the depressed European stock markets. On the New York Mercantile Exchange, a barrel of "light sweet crude" for October delivery ended at 88.19 dollars, up 95 cents from Friday. "All the elements seemed to fall together in oil prices. I do not know why they are up now. I talked to brokers in the trading room, everyone is scratching their heads, "said Rich Ilczyszyn, broker at MF Global. As equity markets, it evokes a technical reason "because of coverage positions."

Broadcom target NetLogic

The side of values, Bank of America (0.86% to 7.04 dollars) on Monday announced it would cut about 30,000 jobs "in the coming years", or just over 10% of its workforce, in As part of the first phase of a major restructuring.

The chip maker Broadcom (-1.11% to 33.07 dollars) plans to buy NetLogic Microsystems (50.80% to 48.01 dollars) to $ 3.7 billion (2.7 billion euros) to develop its line of chips for wireless networks. The announcement helped to bring the technology sector.

The French group Technip Engineering said Monday the acquisition of the entire capital of the U.S. Global Industries (51.07% to 7.78 dollars), a specialist oil services submarines, based on a valuation of $ 1.07 billion (770 million).Technip will pay $ 8 cash per share, Global Industries, a premium of 55% over the closing price of its prey Friday night on Wall Street.

For its part, the online retailer Amazon (2.45% to 216.56 dollars) would be in discussions with publishers to launch a book rental service digital subscription, said Sunday the Wall Street Journal in its edition line.

After the unexpected departure of the patron saint of Internet giant Yahoo!, Carol Bartz, rumors of a union between Yahoo! (-1.48% To 14.27 million) and AOL (0.14% to 14.74 dollars) have resurfaced. The CEO of the Internet service provider America, Tim Armstrong, have consulted with investment companies to test investor appetite for a reconciliation between the two groups advance Bloomberg.Tim Armstrong become the leader of the group.

For his part, Hertz Global (-1.73% to 9.66 dollars) has extended the date of its offer for Dollar Thrifty (0.05% to 64.92 euros) Automotive Group (DTG) until November 1 .

Wynn Resorts (2.19% to 151.68 dollars) through its subsidiary, Wynn Macau has announced the acquisition of land over 20 hectares to the government of Macau for approximately $ 193 million. The plot, located on the Cotai area, should allow the development of a resort and recreation.

Washington, our correspondent

Dominique Strauss-Kahn said goodbye as expected Monday afternoon in Washington with his colleagues in the IMF. Refusing to say more, the spokesman confirmed that DSK was also "briefly" met with Christine Lagarde before. It was "private meetings" held at the request of DSK and that the press was not invited.

The IMF staff was asked to say "goodbye" in a room usually devoted to the headquarters press conferences. Tea and coffee were served. Dominique Strauss-Kahn is mounted on the platform to speak for ten minutes. He wanted not only to greet his colleagues, but he also apologized twice "for the harm done" to the institution.

A lot of people to greet him was in a hurry. "Several hundred" witnesses said. "He was applauded.The atmosphere was warm, "commented one frame. Many, especially women, especially African, wanted to be photographed with him.

DSK told his audience of the importance of imagination in the IMF mission. He also said that if their recommendations had been followed eight months ago, Europe would not be where it is today.

A popular leader

The ousted boss of the IMF gave no indication of its political intentions or professional on his return to France. He however praised the speech made Saturday by Christine Lagarde warned that the G20 leaders risk of relapse into recession and the need to practice in the short term even the stimulus spending quick cash.

The former CEO had arrived with his wife Anne Sinclair to 3:30 p.m. at the wheel of his Audi.He chose to enter quietly through the underground garage and left the same way.

Dominique Strauss-Kahn was popular with staff. He recognized great qualities to have changed the image and practices of the IMF during the financial crisis. The institution is now much more visible in debates on the reforms to be implemented to combat the crisis. It is emerging as a kind of secretarial and "think tank" of the G20, while providing enormous resources urgently to stabilize countries in crisis.

Critics of economic policies made by the IMF are more biting than in the past. The contribution of funds to support plans to indebted countries in the euro area is crucial, both in terms of funding and conditionality. Provided the results of these plans are not yet up to the expectations.And recommendations to the rich countries do not seem to be better monitored than before.

Employees recognize the IMF provided that their favorite patron has made huge mistakes personal trial and that the abandonment of criminal proceedings against him can not be the "whitening" or erase their mistakes.

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Annick Goutal perfumes changes hands. Korean cosmetics group Amore Pacific, which owns the Lolita Lempicka fragrance and cosmetics Laneige, acquired the French brand to the U.S. fund Starwood Capital. The latter had acquired in 2005 by taking control of several jewels of the Taittinger family group: hotels Crillon and Lutetia or Baccarat crystal pay day loans.

Goutal perfumes, bought by Taittinger in 1985 and still led by Brigitte Taittinger, had been founded by Annick Goutal in 1981. The brand has stores in France, Belgium, UK and Canada, but mainly distribution agreements with 1300 stores in twenty countries. Amore Pacific sees growth potential in Asia.

Despite strong criticism from politicians, the public and shareholders, the board of directors of the British group BSkyB has renewed their confidence in James Murdoch, who remains in control of the company. "As you might expect, there was a long discussion on the board (Thursday), concerning in particular the role of the president and the board unanimously reaffirmed its support for James," said Jeremy Darroch, the chief BSkyB, the BBC.

In the spotlight since the outcry over the wiretapping scandal in the UK and the abandonment of the News Corp. offer. the entire bouquet of satellite channels paid, son of Rupert Murdoch resisted so pretty well. It must be said that under his leadership, BSkyB can not stop producing exceptional results.During the fiscal year ended June, BSkyB managed to attract 426,000 new customers to over 10 million users. What increase its annual turnover by 16%, to 6.6 billion pounds, or 7 and a half billion euros. Operating profit, up 23%, even more than the symbolic billion pounds (1.14 billion euros). In short, BSkyB is a real cash cow for its parent News Corp., Which holds 39.1% stake. And that is why Rupert Murdoch would put both hands on the entire group. An ambition he had to drop against the scandal caused by tapping the News of the World. The penalty was immediate the London Stock Exchange: title BSkyB plunged nearly 15% in July.

Very angry shareholders

Faced with obviously very angry shareholders, BSkyB multiplies the gifts.The group will hand out a total of one billion pounds through a share buyback program of 750 million pounds and a dividend increase of 20% to 23.28 pence per share. James Murdoch, who is also chairman of News International and Executive Vice President of News Corp., Has certainly won a race, but it is nevertheless not completely out of the woods. The natural heir of the empire, Murdoch could be again required to explain himself to MPs in the summer. British MPs seek, in fact, to understand why James Murdoch supported them, during his hearing, there are about ten days, he was not aware of the extent of fraudulent tapping, as of News International's former colleagues say otherwise.

Besides, sources from the board of BSkyB, quoted by the BBC, the support of the Board of satellite package does not go on forever, if new evidence calling into question the credibility of James Murdoch, chairman of the British broadcasting company since 2007, its role could be reviewed.

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It is a page in the history of Paule Ka, the ready-to-wear clothing, which has just been turned. Serge Cajfinger – President, Artistic Director and founder of the brand there are twenty-three years – and his family transferred control of the company to an investment fund Change Capital, which specializes in retail and consumer goods . Serge Cajfinger, 56, remains in control, but keeps his family that 30% stake in Paule Ka, known for her dresses inspired by fashion icons of the 1950s and 1960s.

Change Capital's arrival also marks the start of the Deposit, which held 17% of the company since 2007 through one of its funds, Heritage and Creation.

It is a success story in the French-Change Capital, which was a shareholder of the Jil Sander label and distributor of garden furniture Unopiu 'adds to its portfolio."Paule Ka dresses women 25 to 55 years, both for work and special occasions, combining a quality worthy of the luxury and affordable, says Stephan Lobmeyr, Partner at Change Capital, created in 2004 by Luc Vandevelde , former president of Carrefour and Marks & Spencer. There are not many brands with such a position and grow as regular "/

The brand, which has weathered the crisis with no air pocket, grew by 17% of its turnover (40 million), related to sales of its own stores (8 stores) and the acceleration of its order book from the department stores (29 outlets) and multi (370).

Ségolène Royal in 2007

The new majority wants to move up a gear. In the provinces, he intends to develop the number of stores as in large cities.In Paris, where the brand was born in the Marais district, opening in 2007 of its flagship on Rue Saint-Honore has given greater visibility.

As for the international Paule Ka is present in 53 countries, it could be within five years 65% of sales, against 50% today. Leaders and are working on a new shareholder settlement in the United States with the opening of a shop in New York within a year. They would be well set the mark on Madison Avenue."In countries where we are not yet present, we are entering a flagship, and we aim to grow between 50-50 own stores and multibrand," said Anthony Bing, deputy general manager of the company.

In China, another key market for the future, Paule Ka has signed an agreement with a franchise partner, the Hengdian Group, which plans to open 14 corners in the first five years and a shop by the end of the year Hangzhou, two hours from Shanghai. In Asia, the brand – who dressed Ségolène Royal during the last election – has already attracted the fashionistas in Hong Kong, Singapore and Japan. In Europe, the company hopes to double its number of stores as the next five years, starting with a location in Madrid in September. By broadening the territory of Paule Ka, Change Capital aims to double sales of the brand by 2016.

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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Lefigaro.fr – Moral and household consumption in U.S. economic growth and lowered down. Yet financial markets are up sharply since the beginning of the year. How do you explain it?

Francis Mouté – The morale of Americans is not really half-mast. They are even more optimistic, despite rising gasoline prices. Getting back to your question, several factors explain the rising trend of U.S. exchanges: the zero interest rate, the excellent corporate profitability, liquidity held by many investors, the tension on the bond markets. U.S. investors have no other choice but to invest in the shares.

U.S. companies generally show very strong first quarter.What should we expect for the second quarter?

In the first quarter despite soft U.S. growth, U.S. companies that have operations in Europe and around the world have benefited from a favorable currency impact, due to the sharp decline in the dollar. We are more cautious on U.S. equities by the end of the year. We believe that the ticket of green should stabilize or even rise against the euro. And then this exchange will not make a favorable economic growth will remain weak.

What are the priority sectors?

Our portfolio is structured in the context of sluggish growth and high inflation. Thus, we are overweight the oil companies, gold and agricultural products.While rising oil prices do not impact the market price of oil companies due to additional costs (staff, investment, energy) and the next taxation imposed by governments, but the shares remain attractive valuations.

Despite what the President of the U.S. central bank, Ben Bernanke, the dollar remains weak. Is there a risk of the dollar crisis?

Certainly, but the weak dollar also arranges the U.S. for their growth. Hear the Fed saying otherwise is a joke. Given the depreciation of the dollar as investors rush to protect assets such as gold or real estate. U.S. monetary policy remains too loose. The proof is that interest rates are zero in the short term, while inflation is at 2.7%. Ben Bernanke's speech Wednesday was disappointing.Financial markets were expecting a change in language from the last meeting. It is clear he has not changed one iota. He merely found a decrease in growth prospects and rising inflation. Ben Bernanke does not surely expect that U.S. growth is still too soft.

The end of "quantitative easing" * In June he announced a hot summer in the financial markets?

It is not certain. On the one hand, doubts remain about the ability of the U.S. economy to get by without the injections of liquidity of the U.S. central bank (900 billion), which still represent almost 60% of the U.S. budget deficit. Secondly, financial markets know the conditions of release. So do not expect a collapse of financial markets from June.

The continuation of measures to support the U.S. economy is feasible?

Everything will depend on U.S. growth in the second quarter and oil prices. If the upward movement of black gold will continue, U.S. growth will remain sluggish in the second quarter. At this point, anything is possible including further measures to support the economy. The proceeds from maturing U.S. bonds held by the Fed, could thus be used to finance the acquisition of new Treasury bills. Conversely, if U.S. growth in the second quarter is high, the Fed will end its policy accommodation and financial markets will adapt.

The "quantitative easing" Is not the only way to revive the U.S. economy?

The "quantitative easing" is not in any way to revive an economy but to inflate the balance sheet of the Fed.The U.S. central bank can not indefinitely pursue a lax especially when we know that the debt of the United States own more than 30% by foreign investors. If monetary policy remains accommodative for too long, the risk of a bond crash is inevitable but by default support the equity markets. The U.S. financial situation is not very strong. Degradation by Standard and Poor's at the prospect of debt the U.S. is justified. However, the fact that the rating agency has dared to tackle this "monument" that are the United States, is surprising. So much so that the equity markets and bonds do not much mind. Investors do not believe a country like the United States may be degraded. They make it too confident for that.

* The "quantitative easing" (QE) is a monetary policy used by some central banks to increase money supply by increasing the excess reserves of the banking system.

Baroin, the budget minister, and Georges Tron, the Secretary of State for Public Service will receive Tuesday the union as part of the "rendezvous pay" annual. The daily Les Echos, the meeting should end with the announcement of a new freeze on civil service salaries for 2012. This ad may be cringe at a time when Xavier Bertrand, Minister of Labour speaks to legislate the private companies that distribute dividends paid a bonus of 1000 euros, an amount that is not the taste of the Economy Minister Christine Lagarde.

Bercy and should announce a freeze of the index used as the basis for calculating the salaries of officers, as Georges Tron had suggested: "There is still room for maneuver. The imperative remains the absolute master account. "Something the department had also already taken in 2011, which would make 2012 the second year without an increase. "An extension of last minute is very unlikely according to several sources familiar with the matter," says Les Echos.

This gel is motivated by concern for fiscal restraint. The same source, the cost of an increase of the index point is valued at 900 million euros per year for three public (state, territorial and hospital), which employ 5.2 million workers.

Progressions individual

To mitigate the discontent union which will surely result from this announcement, Bercy social partners could propose a new "route point" at the end of the year, with the possibility of a "future act" if the growth jumped, "or, as we approach the presidential election, the political urgency moves the lines."

Georges Tron nevertheless wishes to clarify that "freezing point is not to freeze wages." He said the natural play of automatic career advancement and accelerated promotion – which represents an annual cost of 1.2 billion euros in state guarantees individual pay increases. Also according to ministry data, the purchasing power of workers has increased steadily for several years and will continue to do so in 2011 "The INSEE statistics confirm this increase for 2007 and 2008 but the figures do are not yet available for 2009 and 2010.

Finally, state employees will donate again in 2012 half of the savings related to job cuts, about 600 million euros complemented by measures already on the track as the launch of the incentive and extension of the merit awards.Twenty million euros could be distributed in the form of housing or childcare.

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