The G6 that we created in Rambouillet in No ember 1975 with Helmut Schmidt - later became G8 - brought together the heads o State and Go ernment o the major industrial democracies. It was intended to allow direct between the key players in trade so that they know the personal positions and the intimate con ictions o each o the members on the major economic problems o the time. Political topics, such as the situation o the Libya, were excluded.
I , howe er, and in spite o its composition restricted the G8 also deals with the problems o international politics, is not only want it to succeed. The question which should be in the centre o the debate in Deau ille is the out o the crisis and whether banking practices ha e been su iciently re ormed. It seems that they are not. What should decide, then, to de initi ely the speculati e acti ities o the banks o the countries o the G8 This is the expected answer.
The speculati e us banking system exploded. Banks were launched in the redemption o debts (through securitization) debtors who were insol ent. All is accompanied by imprudent beha iour to conceal the risks. Throughout the 2000s, the pro its o the real economy were con iscated by the inancial system to work or his own account and that o its leaders, in extra agant terms.
O icials did not understand this situation. There was a kind o panic o the banking system that called the political and economic world to his rescue. Astronomical aid ha e been ad anced. Since then, the rench banks announced 20 billion pro it in 2010, less than two years a ter, but practices remained the same.
Un ortunately, this did not change. It is the irst crisis o globalization. The banks o arious countries were linked by a network o cross inancing that made them unable to measure their real risks. It will ha e to return to a healthier and more thought ul globalization concept. The globalisation o transport, communications, in ormation is legitimate. But the inancial risk should be controlled. It must be aware: I something isn't done, there are other, perhaps more serious crises.
So ar, this structure has not produced many results. The debate on the re orm o the international monetary system, launched by the rance, may not result. With loating exchange rates, could not hold system... In the United States, ha e de eloped good texts, but they encountered the lobbying o the banks.
The world changed in inancial speculation, should be the limit. Why ha e the rench banks bought Greek titles They attended they also deregulation. This is not their business. Should be conducted in Europe that Mario Draghi calls a "clean-up o the banking system."
Return to protectionism, it is not or this time, but when the next crisis. Suddenly, the logic o globalization will appear as unsuited.
There is no crisis o the euro! The single currency is doing ery well, too well or some. What it has not been made, howe er, are the rules o the game when a large territorial community, such as the Greece, went bankrupt. Some countries ha e led abandoned their inancial management and should normally be declared bankrupt. The Europeans want to a oid it, because the debt holders are concerned and there is concern e ect o contagion to neighbouring countries, that I do not think. Must be or the uture that will be i this type o crisis breeds. Those which are the di erences in management, States or large inancial institutions, must bear their own costs.
I they ail to return to equilibrium, they might indeed be led out o the euro area in order to de alue. It would be a disaster or them... not or the euro area.
I note that this debt crisis a ects any o the ounding countries o Europe. Others are probably not enough impregnated to culture, the spirit which pre ailed at the time o its creation. It remains no less the rance and the Germany bear a hea y responsibility, because they pre ented the application o the stability pact in the 2000s.
It has an excellent record. He had good reactions early in the crisis, when it was to assist institutions in di iculty and a good assessment o economic action, including the recent resumption o the increase in interest rates.
At the international le el, I do not think so. Dominique Strauss-Kahn has contributed to the international monetary und at the le el o expertise required by the global inancial crisis, although the institution is strong and has good teams. As the rance, I wish that this sad and pain ul e ent is treated with sobriety, in compliance with the decisions o justice.
ind a strong and continuous growth to pro ide jobs or young people! The rance must ind a better competiti eness. Otherwise, we will continue to keep us pace with our competitors. Our education system is now turned towards the management and production not enough. Major re orms ha e been undertaken or higher education. But it must be set to priority orm o good engineers at all le els o the producti e sector. We ha e more need o in entors and technicians and managers. We must also promote the emergence o SMEs with a minimum size to be able to inno ate, in est and export. It inally out o the tax straying in which we are immersed. The rance is the only large industrial country in the world where business leaders do not know the tax system to which they will be submitted next year! The latest ind is to increase the rights o succession in a direct line, while they are low or nonexistent in most neighbouring countries. Away rom the golden rule o taxation is to ha e "a broad base and moderate rates". It is this rule which pro ides tax peace and pro ides regular cash low.
I hope, because it is the original spirit o the institutions required by General de Gaulle. In a country like ours, we need a system to reduce con lict, to promote compromise and continue to mo e orward. There ore, it worked with General de Gaulle, Georges Pompidou and mysel . And still with rançois Mitterrand, until 1986.
I don't want to speak in this debate. I would only note that should limit as much as possible the number o candidates. This was to elect the President o the rench Republic. This includes candidates with a real experience in management o public a airs, and ha ing had the time to build a national image. Should that emerges in each camp a personality capable to get 25-30 in the irst round. rom this point o iew, the Socialist primary seems logical.
This " esti e show" had only one objecti e: prepare the end o 2012, or the bene it o the le t, trying to capture what is a ailable in the image o rançois Mitterrand. This celebration has been possible that hiding e erything that was negati e in its balance sheet.
It is a act. I was elected six years a ter the earthquake o May 1968. My election met the expectations o the rench lead the country on the path o modernity while broadening the scope o personal reedoms. This ote, on the interruption to the pregnancy and di orce or the lowering o the age. These changes ha e been accepted by the rench and no Go ernment o right and le t, not them was ne er questioned.
rancois Mitterrand, has inally done enough little. He me also said himsel . It has not a ected institutions, while he had ili ied. It was a man o great talent, cle er and culti ated, but this was not a creator. It was not interest in economic a airs. His action was marked by an incredible number o roundtrips and returns on this plan. Let us not orget that it had nationalized economy at the same time where the world was mo ing towards a market economy. He had restored control o the Exchange in 1981. I kept in my book o the exchange control drawer. It was outrageous! And this has not pre ented three successi e de aluations.
It is mounted in the train o the euro. But he has not created it. The origin o the euro, it is the European monetary system which we ha e laid the oundations with the Germany in 1978.
It is a phrase that I don't like. She is contemptuous. Why not recognize the people the right to think E en though it may be wrong. Behind its concerns, there is the sense o relati e stagnation o the West and relati e impo erishment o Europe with the emerging countries. Look at China: it does today, with its own technology, what it called us to do 20 years ago. The speed at which it equates techniques is amazing.