The EU executive believes that these two sets of measures would allow the euro area to overcome the current crisis by advancing to an organization in which greater solidarity would be offset by increased liability of the members.

Depending on the device, the EU executive could amend not only the first draft national budget, submitted in April, but the budget bills during the second half of the year.

The Commission may make recommendations or even claim that a new budget is established, if necessary up to defend his opinion directly to national parliaments after discussion between the finance ministers of the euro area.

But the parliaments retain the final say on the budget, but the EU executive would in turn can open without waiting for an excessive deficit procedure if it considers that the country moves away from the budget path which is recommended.

In extreme cases when the country refused repeatedly to comply with EU recommendations, it could be placed "under administration" Community Trust in the clear in Brussels.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of European regulatory agencies. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if the country is under European aid program. The decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages when it deems necessary. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was dropped, now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea is not only criticized by the rating agencies but also by some of their clients.

Wolfgang Schäuble told the German weekly Focus that Italy would be able to overcome its difficulties, resulting from a crisis of confidence in the markets.

"The economic data are not real bad. You just deal with the problems (…) These can be solved by Italy herself.What Rome has to overcome is nothing compared to the mountain to be climbed Greece, "he argues.

Although Europe has a Stability and Growth supposed to intervene much earlier, it is necessary that members act more in the EU, said Schäuble.

"The pressure of the crisis has effects that would not be possible otherwise (…) greater the crisis, the greater the need for change, he says.

The New York Stock Exchange closed up 0.71% Monday, the Dow Jones 30 Industrial winning 85.15 points to 12,068.39 points.

The S & P-500, wider, took 7.89 points, or 0.63% to 1261.12 points.

The Nasdaq Composite was up on its side of 9.10 points (0.34%) to 2695.25 points.

Values, Best Buy has lost 3.11% after announcing it would pay 838 million pounds (977 million) in the UK Carphone Warehouse to buy back its share in their joint venture in mobile phones in the U.S. .

Tekelec has jumped more than 14%. The technology provider networks agreed to be acquired by a consortium of investment funds led by Siris Capital for about $ 780 million.

General Motors has announced the retirement of Nick Reilly, current head of the European activities of the group and its replacement next year by Karl-Friedrich Stracke.

FARM CREDIT * (+20.3%), BNP PARIBAS (16.23%) and Societe Generale (14.8%) are leading the CAC 40, with AXA (13.9%).

Out CAC 40, Natixis is 11.6%.

BNP Paribas, Societe Generale and BPCE (People's Bank, Savings Bank) have additional capital needs between 2.1 and 3.4 billion euros, while Credit Agricole is regarded as sufficiently capitalized, reveal tests by the European Banking Authority (EBA).

BNP and SocGen said they could come into compliance with new rules without recourse to the market.

* Dexia wins 6.10%.The title was suspended from trading for the announcement of its capital needs, estimated at 1.7 billion euros.

* AXA also announced a decrease of 4.8% of its turnover for the first nine months of 2011, mainly due to the retirement savings Life business where the insurer has given priority to the margins rather than volumes .

* ARCELORMITTAL also jumped 7.7%, with the entire commodity sector in Europe (+5.9%), and other cyclical sectors that benefit from the feeling that the agreement limits the risk of a sharp recession.Many brokers have reduced their price target, including Goldman Sachs, Morgan Stanley, Exane BNP Paribas, Credit Suisse, UBS, Natixis and Kepler, following the announcement of a new downward revision to its goal of operating income and the elimination of 6,000 jobs.

Moody's also changed the outlook to negative on its debt, while the Baa3 rating is confirmed.

Brazilian Minister of Trade and Industry Fernando Pimentel said Wednesday that PSA would invest 3.7 billion reais (1.5 billion) to Brazil to double production by 2015.

* RRP is 6.2%, boosted by the announcement of a very strong sales growth in the luxury market in the third quarter despite a difficult economic environment.

The hotel group Accor is always operating income in 2011 of between 510 and 530 million euros. It builds on the pursuit of "sustained activity in Q4 2011 in the absence of signals of a slowdown in demand."

Accor has achieved sales of 1.623 million euros in the third quarter, against 1621.8 million expected by analysts according to Thomson Reuters consensus I / B / E / S. On a comparable basis the increase was 5.8% (4.52% expected) and 2.7% as reported.

He added that any revision of the plan provided for Greece in the Europe Agreement of July 21 will continue to provide that the private sector participation is voluntary and avoid a credit event.

The President of the Commission, speaking on the sidelines of the LCI meeting of G20 Finance in Paris, said the European countries with fiscal room should be used to support growth.

"A decision must be applied immediately, a decision on the strengthening of the European stability, a decision on a greater guarantee for our banks," he said.

"States that have room for maneuver should support demand," he added.

José Manuel Barroso declined to quantify the need to recapitalize European banks, on which European leaders emphasize their pressure to enable them to withstand greater losses than expected on the sovereign debt of the most fragile countries in the euro area.

The European crisis is on everyone's mind at the meeting of G20 finance which opened Friday in Paris to complete proposals on reducing global imbalances in the context of the Cannes summit of November 3 and 4.

The government does not expand the new tax on soda beverages containing sweeteners such as the National Assembly proposes to finance the lower cost of agricultural labor, said Thursday the budget minister Valérie Pécresse. Asked by Canal + on the position of the State in this new provision added by the Finance Committee of the Assembly on Wednesday, the spokesman of the government remained unclear. "It is the wishes of the parliament, we will discuss. But it will be to finance the lower cost of agricultural labor," she was merely responding.The aim is to "enable our farmers to sell their products to the same price as Germany and Spain," said Valérie Pécresse.

For about half the tax, revised help reduce the cost of ongoing work in the agricultural sector, which suffers from a lack of competitiveness against many of its competitors such as Germany, Spain or Italy. The rest will include health insurance. Initially, this tax on soft drinks would bring 120 million euros and should not apply to beverages with artificial sweeteners.

The new tax on soft drinks has doubled and extended to beverages containing sweeteners Wednesday in the Committee on Finance of the Assembly, it should yield more than double, or 250 million euros.The surplus revenue to the state expected from the doubling must be used to finance a reduction in the cost of agricultural labor, said a UMP Amendment / New Centre approved in committee in the review of the draft budget 2012.

6.22 euros per hectolitre

Initially, the tax on soft drinks would bring 120 million euros and should not apply to beverages with artificial sweeteners. But "these drinks, which are not basic necessities, benefit from the reduced VAT rate. They must be able to handle the additional load generated by this new contribution," said Michel Diefenbacher (UMP) in a sub-amendment.

Currently, the wine is subject to VAT of 19.6%, while water and soft drinks are taxed at 5.5%.The rate of contribution of soft drinks will be increased to 6.22 euros per hectolitre will be increased from the beginning of 2013, to January 1 of each year, at a rate equal to inflation (excluding tobacco) of the preliminary last year. Sought by the AFP, the National Association of Food Industries (Ania) was not immediately available for comment Wednesday night the decision to expand the tax soda products with sweeteners. The Government will reduce in 2012 to 210 million payroll taxes on permanent farms in order to "improve competitiveness", Nicolas Sarkozy announced Tuesday.

In addition € 130 million from the tax on soft drinks, the exemption of social contributions of farmers on permanent employment will be funded by 80 million euros from a reduction of a tax on heating oil for professional use.The domestic consumption tax (TIC) of heating oil used as diesel fuel for professional use will be increased from 5.66 to 7.20 euros per hectolitre, as a New Centre-UMP amendment also passed Wednesday. Finally, the cost of a farm worker is expected to fall to one euro per hour, as repeatedly promised the Minister of Agriculture, Bruno Le Maire.

The announcement of the creation of the tax, 24 August, as part of the austerity plan Fillon, had angered the industry, outraged that the government justify this contribution in the fight against obesity. The French subsidiary Coca-Cola had even threatened to suspend an investment of 17 million euros in one of its plants, in the Bouches-du-Rhone, before turning back to the outcry from politicians.