Speaking after its annual review of the Italian economy, the head of the IMF European Department, Reza Moghadam, has shown strong support for the president of Italy Mario Monti. This has put pressure on European leaders to ensure that measures to promote growth in addition to the austerity plans response to the crisis.

"The policies implemented by the government have created a stability that is truly remarkable compared to the situation we had at the end of last year," said Reza Moghadam during a press conference.

The IMF confirmed its estimate of 1.9% decline in gross domestic product (GDP) Italian for 2012, after falling 0.8% in the first quarter.

The fund does not think that Rome should take further fiscal adjustment measures beyond what the country has already planned, although the government has raised its forecast for de government deficit from 2013 to 0.5% of GDP, against 0.1% previously. 

"Fiscal policy for this year and next year is a policy that the IMF fully supports," he said.

"Our recommendation is to proceed with plans to recapitalize banks, precisely to ensure that banks have sufficient capital to support credit activity in Italy," he added.

The new French president-elect, Francois Hollande, will soon have to hire tough negotiations with its European partners, led by Germany, if he wants to achieve its goal of "renegotiate" the pact of fiscal discipline to include a "growth component" . The handover will take place with Nicolas Sarkozy later than May 15

Without waiting, Mr. Holland should have an exchange on Sunday evening with Chancellor Angela Merkel, as his special advisor Jean-Marc Ayrault. "This is the key to the recovery of Europe, the reorientation of Europe in the direction of growth, in the sense of competitiveness, protection," said Socialist deputy mayor of Nantes, which the name is tipped to Matignon.

Berlin was on his side said on Sunday ready to do so. "We will put to work quickly to add to the treaty a fiscal growth pact for more competitiveness," said the foreign minister, Guido Westerwelle, the German press.

The team intends to Francois Hollande music in the coming days promise emblematic of the newly elected through "consultations" with capitals. Objective: To complete the "memorandum" on "Growth Pact" for transmission to partners by the end of the month.

Upon taking office, Francois Hollande will meet Merkel to prepare the informal meeting of EU leaders scheduled for late May or early June, then the top 28 and June 29, devoted to the growth. For Angela Merkel, it is not a question of getting the treaty on the trade budget, signed in early March by 25 EU countries and already ratified by some of them.

This is all the ambiguity of Francois Hollande, who in turn promised to "renegotiate" or "complete" by the treaty of the measures intended to boost growth. The question is which of these terms the focus will be.

"In reality, the rules of fiscal discipline we generally agree," says the AFP near future head of state. "We ratify the treaty and to include it in a balanced package with a real growth component," he adds.

Discussions are possible?

In another near Berlin knows what to expect: in the absence of direct contact with the chancellor, "the German Embassy in Paris did the work to understand our positions." Francois Hollande is confident of having done move the lines: one after the other, European leaders are now in growth a priority, even if their income may differ from his. "The general impression is that, despite disagreements, it is possible to discuss" with the Germans, told AFP Karine Berger, team member of the former socialist candidate who recently visited with economic and financial circles across the Rhine. For her, "the points made by Francois Hollande are very pragmatic, it is to launch projects for growth."

Four areas to boost growth

In fact, the four pillars of its "Memorandum" seem to have been held in a spirit of compromise. This is to finance investments in infrastructure, new energy and industry, by several means: European loans ad hoc financing capacity of the reinforced European Investment Bank, of structural funds and European tax on unused financial transactions.

These proposals, pending in Brussels, "could benefit from a new impetus with the election of Holland," said a European diplomat. "The most complex is the legal form to be taken by these projects," said does one in the entourage of President-elect. Difficult for him to settle for a declaration of intent or a non-binding protocol. "The uncertainty will be lifted as soon as possible, including to reassure the markets," glides Does the same source.

Other controversial issues may resurface later. Francois Hollande has not completely dismissed the idea of ​​giving a greater role to the European Central Bank or to pool debts through Eurobonds, two projects which Berlin refuses to hear.

Read also: The unspoken debate on growth in Europe

The airline needs to spend a large order by the end of 2016 to reach its goal of doubling its capacity to 150 million passengers a year.

An order before the end of 2014 is unlikely, however, said Michael O'Leary told reporters.

The CEO of Ryanair also said that if his group paid a special dividend in respect of fiscal 2013, it does not pay a second in 2014.

Attention statistical trapped. While the real situation of employment is being debated in the U.S., including the Fed, the Labor Department announced Friday that the unemployment rate fell 0.1 points to 8.2% in March. But this apparent good news is accompanied by a slowdown in job creation to 120,000 against 240,000 the previous month Analysts had expected at least 200,000 more jobs created last month.

Hiring was strongest in the first two months of the year, especially in January (275,000). But economists were concerned that these figures have been inflated by an unusually mild weather, making an increase in activity that would be offset by a slowdown in March.

Unemployment can evolve differently in job creation: it is determined by household surveys as they are derived from company surveys, it is sensitive to changes in the labor force (which increased less in March in January or February), and is calculated to a tenth of a percentage point, from which threshold effects.

Since summer, the trend unemployment rate is significantly to the decline, which had reached 9.1% in August yet. This trend is also clear for another measure of the labor market, unemployment and underemployment (including among other employees working part time against their will, or people who have abandoned the active search for work) , which fell to 14.5% in March against 14.9% in February. This is the lowest rate since January 2009. The number of unemployed also declined: 12.67 million in March, against 12.81 million in February.

By business segment, the slowdown in job creation is significant in the private sector (121,000 in March after 233,000 in February). In the public employment was flat in March while on a decline the previous month. Hiring in the manufacturing sector were virtually unchanged (31 000), while those in the service sector fell (90,000 against 204,000 in February).

The government increased job losses in temporary employment (7500), generally considered a leading indicator of economic activity. But he welcomed the increase of 3.6 million since February 2010 the number of jobs in the U.S. economy.

In early trade, the Dow Jones lost 0.12% to 13,248.75 and the S & P 500 1417.40 0.12% also. The Nasdaq Composite gained 0.14% to 3,124 points.

Wall Street began the second quarter with a bang on Monday, with an S & P 500 ending at its highest since mid-May 2008 and the Dow at its highest since Dec. 31 in 2007. The Nasdaq Composite Index finished the other hand once again to a level that had not seen since late 2000.

"The upside potential of the S & P remains intact but seriously begins to exceed its 75 days moving average," said Robert Sluymer, an analyst at RBC Capital Markets.

There is also a rotation of investor interest, moving toward the leading sectors in the first quarter to those who were lagging behind, especially the cyclic.

Values, Molson Coors Brewing loses 1.5% Tuesday after announcing the acquisition of brewer StarBev with the investment fund CVC Capital Partners for 2.65 billion euros to strengthen its presence Markets in Central and Eastern Europe.

Groupon loses nearly 1%. The specialist group purchases the subject of an investigation by the Securities and Exchange Commission (SEC) regarding the review of its accounts for the fourth quarter, reports the Wall Street Journal citing a source close to the case without identifying it.

Renault shares (-1.83%) and PSA Peugeot Citroen (-2.61%) have the largest declines in the CAC 40 index which is 0.43% while the Stoxx sector index of 'European automotive advance of 0.34% to 9:45.

Last month, he registered 197,033 new passenger cars in the Hexagon. After adjustment for working days, the decline appears to 20.0% in March 2012 that were 22 days as against 23 in March 2011, announced Monday the Committee of French Automobile Manufacturers (CCFA).

In January and February this year, the market had already experienced declines of around 20% in raw data, the backlash level of registrations recorded on the pe same period of 2011 through to last orders "cash for clunkers" that could be delivered until March 31 of last year.

"This downturn is spectacular but it was expected," said Flavien Neuvy, Director of the Cetelem automobile. "We still think that most of the decline in yeara was performed in the first quarter and that the scenario of two million vehicles over the year remains relevant in light of new orders and new models coming. "

CCFA has also maintained its estimate of a decline of about 10% of the French automotive market in 2012.

For PSA Peugeot Citroen, which has teamed up in February at General Motors, registrations in France plummeted 33.2% last month while the Renault-including the diamond brand and low cost Dacia brand registrations stand-fall of 29.8%. 

Throughout the first quarter, the French automotive market will be contracted by 21.7% unadjusted and 22.9% when adjusted for working days.

Registrations of PSA for the period fell by 30.3% and Renault's 30.2%, in gross terms in both cases. In contrast, those of the Volkswagen group declined only 2.3%.

The country had 18,000 job seekers less than in February in seasonally adjusted data (CVS), to 2,841,000, while economists polled by Reuters had pre saw a decline of only 10,000.

In raw data, the number of unemployed fell by 82,000 to 3,028,000 and the rate of unemployment has fallen from 7.4% to 7.2%.

While the Tribunal de Grande Instance of Paris on Tuesday condemned the SNCF to pay a fine of 1,500 euros to a young woman who said she lost her job because of repeated delays related to the train, the rail group Tuesday presented the new "Travel Guarantee" supposed to restore the confidence of travelers. This is new information system and compensation for non-time performance of TGV trains and Intercity. It has six commitments agreed upon with a dozen consumer groups. SNCF think they should cost him about 50 million euros per year.

A full and immediate repayment after one hour late

If the train is canceled or fails to start after an hour late: SNCF will refund in full, immediately and in cash the ticket even if it is a ticket Prems, non-refundable and non exchangeable . Another possibility for the customer, always if the train is traveling with an hour late: to exchange their ticket at no extra charge, as is the case now. However, it will make the trip within 48 hours on the same route. "This is progress. SNCF becomes aware that the client should be compensated for the delays. It takes into consideration, "said Jean Lenoir, vice president of the FNAUT (The National Federation of Transport Users Associations, who participated in the development of this new system

. The Punctuality: new criterion in the purchase of the ticket

Another change, this time on the side of the passenger information: by buying his ticket, the customer will have access to on-time performance. Thanks a history of delays for each train on the last sixty days, he can make his choice in full knowledge of the facts, "according to the punctuality of trains before," noted Guillaume Pepy, SNCF president. New signage will be implemented: a TGV which is green, it's a train arrives on time, however, the red means that a train has accumulated problems of punctuality.

Moreover, the exact cause of delays over 15 minutes and their possible compensation, will be shown the next day's journey on the internet. This system adds to the existing system, namely a real-time information on schedules and traffic conditions, the station, by telephone at 3635 or infolignes.com.

Coupons from 10 to 30 euros if the journey is up

It is a well known system, the SNCF tickets issued by focusing on overbooked passengers will not show up. But sometimes it gets stuck: when boarding the train, many travelers find themselves without a seat or back seat. Now, the controller will do everything to find free places to ride than a 1:30 or even by putting the customer first class (even if traveling in seconds). If no space is available, the skipper will compensate the traveler from hand to hand by issuing travel vouchers 10, 20 or 30 euros, on account of the coming move. These discounts will be higher or lower depending on the distance traveled and the degree of discomfort.

Taxis when matching missed it

In case of large delay, if the client missed the match, the station "will do what she can so that it reaches its destination," said Jean Lenoir. Translation: it will pay a cab, will introduce bus replacement or new express trains.

Envelopes hourly guarantees to get off the train

The "envelopes schedule guarantees" are eligible for a partial refund of the ticket beyond half an hour late (between 25% and 75% of the price). They are usually distributed at the station. Problem is sometimes the obstacle course to get them. Suddenly, from 31 March, they will be systematically distributed off the train. Exit the long search on the platform.

A faster response by email

Last point: for any claim by mail, the SNCF is committed to responding within a maximum of five days for e-tickets (electronic tickets) from late March and will be extended to all tickets and all claims ( 600,000 per year by mail) by the end of 2012. In 2011, the SNCF has compensated 1.4 million records with a payment of € 21 million

The new scheme should apply from 31 March. Still, this "small cultural revolution" in the words of Guillaume Pepy will be limited to TGV trains and Intercity. But "it is rather small delay repeated every day which is frustrating. We therefore hope that this new system SNCF applies to other categories as well as the TER trains Transiliens," said Mr. Lenoir. Before proceeding, "there is a dissatisfaction with the accuracy of the trains, we expect the trains arrive before-just now, as was the case twenty years ago".

The increase is in line with market expectations.

In January, prices showed an increase of 0.2%.

Gasoline accounted for more than 80% of the increase in consumer prices in February, said the Labor Department.

Excluding volatile prices such as food and energy, inflation remains subdued with an increase of 0.1% in February after a 0.2% gain in January.

The February increase is below market expectations (+0.2%).

The price of gasoline jumped 6%, their largest increase since December 2010. They had gained 0.9% in January.

Food prices were flat last month after rising 0.2% in January.

Over one year, the consumer price as a whole jumped 2.9%, as in January.

Excluding volatile, they rose 2.2% after rising 2.3% in January.

The Federal Reserve said Tuesday that soaring energy costs would result in a temporary rise in prices. In the long term, inflation is expected to be more than 2%, the objective of the central bank.

The chief executive of PSA Peugeot Citroen, Philippe Varin, said Wednesday that his group would support an EU action to reduce surplus production capacity, estimated at at least 20% by many analysts and industry executives.

In his view, European leaders have every incentive to emulate the U.S. experience in recent years.

"Policies should support the industry when it needs to be restructured," he said. "If you look at what happened in the U.S. during the crisis, there was very strong support from the U.S. government."

ACEA, the Association of European Automobile Manufacturers, discussed at the Geneva show ways to increase its lobbying in favor of such action.

"We can not continue forever to treat problems of the automobile at the national level," said its secretary general, Ivan Hodac, in a interview with Reuters. "We need a solution across the EU. But it is not easy. "

Such a strategy, it is modeled on the aviation consortium EADS or that it is inspired by the steel restructuring, would not fail to encounter opposition from some national governments anxious to preserve industrial employment in their territory …… The problem

… however risks worsen following the free trade agreement with South Korea came into force last July, which boosts the sales of South Korean manufacturers

. They have exported 438,767 vehicles to the EU in 2011 while he No 'have imported only 78,762, according to official statistics. Enough to feed the concerns of ACEA in view of similar agreements between the EU and India, Japan and Mercosur.

"Slippery slope"

"If we continue to open our borders without being able to access markets in other countries, we are on a slippery slope," said Ivan Hodac.

ACEA has not yet drafted proposals for a plan for the sector, he said, but argued insistently concerned with European Commissioners s in recent days.

The President of ACEA, Sergio Marchionne, CEO of Fiat, should discuss the future free trade agreements on March 20 during a meeting with EU Trade Commissioner, officials said in Geneva. 

"Marchionne has made the comparison with the steel sector. What would be useful is a relaxation in the EU-wide dismissal procedures, thereby reducing their cost "said one analyst who declined to be identified.

"This is a problem that falls within the EU because the EU introduces a lot of limits on CO2 that increase costs and because the EU is negotiating trade agreements with Asian countries. This is the EU to determine which plants should be closed and then provide the funding. "

L announcement last week of the alliance between General Motors and PSA has of course fueled the debate and the concerns of employees, who fear mass retrenchments.

"I do not see why people would agree to see better close their plant because it is Europe that the request, especially as manufacturers and the Union have a responsibility as they played on the disparities between labor costs in Western Europe, South and East, "said ; Reuters Lelasseux Xavier, CFDT representative at PSA. 

EUROPE TO THE RESCUE

"Manufacturers have used EU subsidies to create overcapacity, and now they would call Europe to the rescue for it helps to cut jobs? It would be better to fight to make fairer competition with Asian countries. "

A restructuring orchestrated by the EU would bypass the risk that restructuring aid considered as state aid, the analyst adds.

However, all ACEA members are not convinced by such a strategy.

"I claim absolutely no public support", told Bernhard Mattes, head of the German subsidiary of Ford. "Corporate restructuring should be carried out by companies."

For his part, Carlos Ghosn, the CEO of Renault and Nissan, has predicted that the first restructuring measures could pave the way for a series of plant closures.

All European manufacturers are suffering from problems of overcapacity, he said. "But when someone in Europe could be a major restructuring, it will require all automakers to do likewise."