The institution may announce measures quickly

Week test on scholarships. The next ew days will be decisi e to see i in estors endorse the measures taken this weekend by EU inance Ministers. A und o unprecedented support to the countries o the eurozone in di iculty, to stop the contagion o the crisis, was in preparation, Sunday. The mechanism could be based on borrowing contracted by the European Commission on the markets, according to the irst releases (see page 2). At the same time, a European meeting o the Board o Go ernors o the Central Bank stood yesterday e ening to discuss the situation in the euro area. The institution may announce measures quickly.

This enough to calm markets, a ter se eral sessions o declines E erything will depend on the accuracy o ads, but pro essionals hope. "The awards are currently guided by psychology." There should be a rebound. This decision rein orces the political union with a common action and a stronger role in the uture o the Commission, indicates Christian Parisot, Economist o Aurel. Howe er, we must remain prudent: the CAC 40 is expected to mo e in a narrow channel, while growth prospects remain mixed with a hardening o iscal policies in the world. " or rédéric Buzaré, Director o the management shares o Dexia AM:" this is a small re olution or Europe. " Markets pushed the States to compensate or the shortcomings o the euro area. The indices should regain some ground in the short term, but only i the answers are clear. olatility will remain while it is in a crisis o con idence. The markets ha e begun to reassess the economic growth taking into account o de icits.

An apocalyptic week

In the absence o a statistical agenda or the next ew days, in estors will ocus on the results o companies, with the wa e o publications continues in Europe. Howe er, political e ents should be the organ o the trading week points. Se eral issues remain outstanding in Europe, which should acilitate the news. In estors will also look care ully the e ents in Greece - the rescue plan that recei ed the green light and the help to arri e-, the outcome o the political in Britain negotiations and the results o a crucial regional election or the Senate majority in Germany.

Rebound expected or the next ew days is an apocalyptic week global places, reminding in estors the nightmare o 2008. On the old Continent, the Stoxx 600 - index large European-a posted a weekly loss o 8.75, the worst since No ember 2008. The CAC 40 plunged by nearly 5 riday, comparably more than 11 on the week, to return to its le els o nine months in ery high olumes (see page 19). The countries o the South o Europe su ered more: the index o the Milan Stock Exchange - temporarily suspended riday because o "technical problems" down-a 13 and that o Madrid rom almost 14.

High olatility

Wall Street, which had yet been somewhat maintained lately, has not been spared by the storm: the Dow Jones dropped 5.71 in 5 sessions, the largest decline since March 2009. In terms o points (-628,18 points), this is the week o the index 9epire more than a century, according to A P. Ner ousness remained bright, with di ing rom 9 in Thursday night session. US indices returned to lower le els to those who were their January 1. At the same time the olatility - a measure o a ersion to risk-a bondi: the IX has propelled by 86 on the week, more than 40 points, the biggest weekly increase in two decades, according to Bloomberg. The STOXX, in Europe, reported Thursday its strong growth in one session since the attacks o September 2001.

The debacle o riday ha e accentuated by "rumours that a und would ha e wound up important positions in a timely manner", said rédéric Buzaré. Monthly employment American, yet better than expected igures, ha e ailed to calm concerns about the consequences o the crisis in so ereign debt on the world economy. The spectrum o a contagion o the crisis remained ri e. The market has bruissé o rumors and speculation on possible degradation o the Spain and the Italy.

The inancial - ia their exposure to the loans o State - were still on the ront line: banks ha e posted the largest weekly decrease o European wide index (-13,78). The shadow o Lehman hangs on the interbank market (see page 4). In this context, in estors remained ery cautious about Europe: the unds o the West (excluding ET ) recorded the highest output weekly (on the basis o Wednesday to Wednesday) since October 2008, at the height o the inancial crisis, according to Deutsche Bank.