An agreement should be found on this point

This will be one of the lights of the evening dinner subjects. If the crisis had been observed a rebalancing of trade early, recent trends show that this improvement was only temporary. The subject was invited to the Summit of the heads of State of the g-20 Seoul, where the American Treasury Secretary had proposed to limit to /-4 of GDP current account surpluses. Dismissed. The France swept the record. Its goal: rebalancing economic policies to ensure a strong, stable and sustainable growth. To do this, it is proposed to draw up a list of indicators to measure major imbalances. Without to add encrypted limit. The Minister Christine Lagarde hopes agreement on indicators of current account in the broad sense, public finance, savings rates and investment. It would seem that a consensus is emerging on these indices. However, the idea to include the amount of the reserves and the real exchange rate of a currency is strong resistance among the emerging countries. The work is just beginning. Subsequently, should encrypt these indicators, determine which country leads a bad policy. The idea of 4 of Tim Geithner is abandoned and the Germany is against the introduction of limits. In this regard, the IMF is called to play a monitoring role. But everything remains to be done. The discussion should last.

Little is expected on this broad topic. President Nicolas Sarkozy acknowledged himself that the g-20 is in the process. He was given a report by the former Director General of the IMF, Michel Camdessus, last Tuesday, on the subject. This weekend will be the first meeting of the working group co-led by the Germany and the Brazil on international flows of capital, then the working group co-chaired by the France and the Mexico on foreign exchange and the liquidity of the international monetary system. Paris proposes a code of good conduct surrounding behaviour "protectionist" in the control of capital inflows risk of bubble. Side reserve, the France pushing for an increase in the role of the IMF special drawing rights. With such integration, term, of the Chinese yuan. However, no major agreement is expected tomorrow. Discussions will continue. A long time.

The Minister Christine Lagarde riot at the beginning of week, against the increase of 70 of the price of the cereals and the rumor of a drop of... 3 of world production. Observing a high financialization of the raw materials sector. It is imperative to reduce this volatility by improving the transparency of physical markets. An agreement should be found on this point. In addition, the France wants to frame, or even to avoid speculation on derivatives of raw materials markets. Paris refers to the ongoing work in the United States with the Act, Dodd-Frank limiting speculative positions in these markets. But there is no common European position on the subject, London being more reserved. Brazil, he expressed his opposition to any framework of prices. Here again, the negotiations are just beginning. Working groups should be implemented.

Is not a new record, the first G20 that largely triggered extensive reforms some of which are still ongoing. Remains to apply to the image of the Basel III accord on strengthening the quality and the amount of the own funds of banks. But the "Maginot line" syndrome is real. What is there to regulate and oversee the only conventional banking sector if it is to see to develop activities off target, off-field, more commonly known as the "shadow banking". Similarly, technological activities as the "high frequency trading" and algorithmic negotiations systems concerned. New work should be expedited in these areas.

If the g-20 countries to meet their commitments of Copenhagen to mobilize $ 100 billion per year by 2020 for development and aid in the fight against climate change, it is imperative to find innovative funding. Paris pushes for a tax on financial transactions. However, other ways are possible. Follow.