"The bond purchase program dismantles market discipline without establishing a discipline policy in place," write the "Wise Men" German in a report released Wednesday.

Blurring the fiscal and monetary policies, "the ECB endangers its credibility because it may be suspected to monetize sovereign debt," they write.It previously projected 1.8% and 3% respectively.

Economic advisers plan for next year export growth of 3.2% and unemployment down to 6.9% against 7.1% in 2011.

Last week, Germany's second largest bank, owned 25% by the German federal state, however, had said she would not resort to state aid.

"The third quarter results of Commerzbank highlight the growing challenge of strengthening its equity while the growth of its main activities pick up," reads a note from Fitch.

"Fitch expects that any additional capital are the result of the state."

Commerzbank declined to comment on this post.

Brussels wants farmers to "go green". The European Commission proposed on Wednesday to condition part of the aid to respect for the environment, and to the Common Agricultural Policy (CAP) fairer by capping subsidies, despite the reluctance of the industry. "A redefinition of the CAP is necessary," the MEPs tried before the Commissioner of Agriculture, the Romanian Ciolos, presenting the details of its proposals to reform the system of EU agricultural subsidies from 2014.

He has proposed to link some of the aid paid to some 12 million European operations "to a few simple agricultural practices whose effects are well established" crop diversification, maintenance of permanent pasture, and conservation of biodiversity reservoirs or landscape elements of at least 7% of arable land. The reform also aims to shift to a "sustainable production practices," while Europe has "for years" led the farmers "on the way to a stress-free productivity," noted Ciolos.

Another key measure for the capping of aid. These become progressively reduced from 150,000 euros per year per firm and will not exceed 300,000 euros.Germany, or the UK – where farms reap the crown of England every year hundreds of thousands of dollars – are opposed to the cap, brandishing the risk of fragmentation of their large holdings. These are always more numerous in Europe in seven years, the number of farms decreased by 20% for a reduction of only 2% of the agricultural area, is the statistical office Eurostat.

France is the first bénéficière envelopes States

Criticized by the European Court of Auditors to have paid aids golf clubs or airports, the CAP will also be reserved for the future to "active farmers".Calling for a change of "paradigm", Ciolos also called for a more equitable CAP with the introduction of a single payment per hectare for each State and each region, which should balance out subsidies to benefit of extensive agriculture.

However, it is still far from a fair rebalancing envelopes allocated to each state. France continues to be the first beneficiary and lose relatively little, while the countries of Eastern Europe continue to receive bonuses per hectare well below the European average. In Brussels, a Baltic hundred farmers have agreed to meet Wednesday to protest against this compromise deemed disadvantageous to farmers Baltic. "Politics, more at European level is the art of the possible equilibria," agreed Ciolos."The most important is to stimulate a movement in the right direction," he said, promising to continue this trend toward more balance beyond 2020.

The proposals of the Commissioner Ciolos will now be subject to approval by MEPs and the 27 Member States, and negotiations promise to be difficult. For the main organization of farmers in Europe, Copa-Cogeca, the principle of ecological fallows is "illogical, while global food demand is expected to increase 70% by 2050." Greening is also criticized by the German Green Häusling Martin, for whom he does not go far enough, or the French Socialist Stéphane Le Foll, who lampooned the "weaknesses" of agri-environmental measures proposed, such as fallow "too rigid" .

The European aircraft manufacturer, a subsidiary of Airbus, said the amount of its gross orders had reached 1,179 aircraft and reported delivered 374 aircraft in the first nine months of the year.

By comparison, Boeing had recorded at September 27, net orders of 425 aircraft, a delay that the American manufacturer hopes to meet with his future MAX 737.

Airbus was far behind its major competitor at the Paris Air Show that was held in June in order.

Inspectors from the International Monetary Fund and the European Union will hold a conference call Monday with Finance Minister Evangelos Venizelos to learn what steps will be taken Greece to meet its budget deficit in 2011.

And what a view to release a new bracket with a first bailout of eight billion dollars, an amount that Athens needs by October before being run out of money.

Papandreou has canceled a visit to the United States Saturday to dedicate himself to this task."The board must consider measures ranging from further job cuts in the public sector to new demands on pensions," said a senior government official.

The government attributed the deficit to a deeper recession than expected and decided to impose a new tax on real estate in hopes of gathering around two billion euros annually.

But the "troika", nickname for the inspection mission from the IMF, the EU and the European Central Bank (ECB), doubt that this one-time tax on and requires more information on how the government intends to s 'take to begin to redress the public accounts this year and next.

"The troika believes that the recently announced property tax alone will not bridge the budget deficit and press for action on spending or reduce the use and treatment of the public sector," said a second senior government official.

The formation of opposition New Democracy accuses the government to overtax the economy.Its leader Antonis Samaras called Saturday for early elections, saying that the policy takes no action despite the sacrifices required of the population.

"A renegotiation with our donors to stimulate the economy is a condition to get out of this crisis," he said Sunday at a news conference.

"NO ILLUSION"

The international lenders are also concerned about the lack of political consensus on measures to end the crisis.Thus the Conservatives, spurred by a growing popular discontent after two years of austerity, offer them tax cuts and measures for employment development.

Papandreou's Socialists have a majority in parliament, but political scientists say that the quarrels and disturbances may lead to early elections.

The international lenders are skeptical of the effectiveness of an ad hoc measures and tax increases.They are calling for urgent reform, privatization and a slimming the public sector.

In an interview published in the Bild am Sonntag, the German Finance Minister Wolfgang Schäuble said that Greece must have the clear mind about his future in the euro area and must have no illusions about its obligations.

"Belonging to a currency union is an opportunity but also a heavy burden. The measures to align its very difficult and the Greeks must decide whether to bear this burden," he said.

"No one should kid ourselves: without a positive assessment by the troika of the commitments of Greece, the next installment will be paid.So the Greeks must have numbers proving that they stick to the plan. "

The Minister of Economy Baroin recalled his part that the plan of aid to Greece was a loan, not a gift, save for the euro.

"The observers are in place, they continue their work.Greece knows what she has to do it we have said, she has commitments, she has duties vis-à-vis its creditors, it has the requirement to provide answers. "

In the meantime, the Greek newspaper Kathimerini writes that Greece intends to make the country's banks credit guarantees of up to about thirty billion to enable them to access the emergency stop of the central bank.

Excluded from the interbank market, Greek banks have become dependent on the ECB for their refinancing, borrowing in its operations in the money market, in exchange for guarantees in the form of sovereign bonds and other assets.

The CAC 40 index closed up 0.18% to 3159.74 points."That said, it's half a surprise, in a very anxiety provoking," he adds.

Other major European markets, London closed Monday, rose 2.7%, while Frankfurt lost 0.46% and 0.23% Milan sold.EuroStoxx 50 index ended on a note stable (-0.01%).

FEAR OF A NEW CORRECTION

The market had already gone into the red by late morning after a sharper than expected deterioration in economic sentiment in the euro zone in August.

However, most stakeholders interviewed believe that the market consolidates further, in a climate of expectation after the shock downward in early August and before the employment statistics in the United States to be published Friday.

"It is a market without enthusiasm, which is still afraid of a correction, market pure waiting, with U.S. unemployment figures Friday in focus," said Frederic Rozier, manager at Meeschaert Private.

The bank ended up in a piecemeal, between the positive impact of bank mergers and EFG Greek Alpha and a letter from the International Accounting Standards Board (IASB) issuing criticism of the methods used by some institutions to add value and move impairments on the securities of government debt..

Societe Generale lost 0.2% to 22.055 euros and Credit Agricole 6.568% to 1.01 euros, while BNP Paribas gained 0.99% to 34.735 euros.

Mining stocks, however, remained well oriented throughout the session, the index increasing by 4.04%, supported by the agreement between ArcelorMittal (1.81% to 14.610 euros), Peabody Energy and Macarthur Coal on the terms of the acquisition of Australian specialist pulverized coal.

In the bond market, the auction of government bonds in Italy this morning met with a relatively low demand, despite the purchase of the European Central Bank in recent weeks, creating nervousness.

For its part, the performance of the same maturity Bunds fell to 2.15%, 2.22% against the previous day.

These words of Michael Noonan received immediate feedback on the side of German banks, also opposed a two-tiered tax, while the values ​​of European financial and securities traders in stock retreated by midday in Europe.

"We can not have a situation where there is a transaction tax in Dublin and no transaction tax in London," said the minister of micro RTE Ireland, in response to announcements made Tuesday by Nicolas Sarkozy and Angela Merkel.

The French president and German Chancellor said they would propose to the Europeans to adopt next month a draft taxation.

The subject is particularly difficult for Ireland it has a major financial center, particularly in the funds management and has made this area one of the cornerstones of its economic recovery after receiving end of 2010 a rescue plan from the EU and the International Monetary Fund (IMF).

Michael Noonan explained that the issue had been raised and rejected at a summit last month and a new project would meet the same opposition in Europe, including from French banks.

"There will be many objections from countries with strong financial services sector, such as Luxembourg, the Netherlands, and even Paris," he argued.

"One of the crucial details that we need to monitor, if such a transaction tax is introduced is that it applies to all 27 and not just 17 countries in the euro area."

SCEPTICISM

Banks and stock exchange operators were quick to respond either to the project, was skeptical.

The association of German cooperative banks BVR said that a "Tobin tax" – the name of James Tobin, the economist who first proposed this measure in the 1970s – would fail to restore stability in markets where it only concerned the euro area.

"Despite all legitimate efforts to stabilize financial markets, we believe that a tax on financial transactions confined to the euro area would be ineffective," she said.

Similarly, the German BDB banking federation believes that selective introduction of such a tax would distort competition.She thinks that such a tax will fail to stabilize the markets and it will not produce significant revenue.

She finally believes that harmonization of European tax (corporate tax) would result in considerable risks for the German economy.

For its part, Deutsche Börse has warned that this form of taxation was not adapted to increase the integrity and security of financial markets.

The operator of the Frankfurt Stock Exchange, whose title unscrewed by about 4% at 10:30 GMT, adding that the tax transactions to reorient platforms where such a tax is not applicable.

Counterparts NYSE Euronext and London Stock Exchange Group, who declined to comment, yielded respectively 6.21% and 4.37%.

Side bank, BNP Paribas accuses the second largest drop in the CAC 40, with a decline of 2.13%, 1.7% Societe Generale loose and Credit Agricole 0.97%.

The Stoxx Europe 600 bank of losing 1.73%.

"Assuming that the proposed tax is based on the current proposal of the European Commission, a fee of 10 basis points (bps) on stocks and bonds and derivatives on a pdb, multiply it by 10 to 20 the transaction costs, "said UBS in a note.

The Swiss bank said this could influence the proposed mergers and acquisitions and reduce premiums for this type of operation.

Around 9:30, the CAC 40 index, which gained 2.89% Thursday, losing 1.65% to 3038.81 points after opening up 0.51%.

Very sensitive to changes in public debt crisis on both sides of the Atlantic, the big banks are making large losses. Societe Generale, biggest drop in the index, lost 2.78%, 2.33% Credit Agricole, BNP Paribas 1.89%.

The cyclical as Technip (-2.22%) head back down.Lafarge loses 2.21%, Goldman Sachs no longer purchase the title of the cement.

Carrefour (3.15%) is head increases the CAC 40. Wal-Mart Stores has hired UBS as the bank board in order to study a possible takeover of the Brazilian subsidiary of French group, a source familiar with the matter.

London yields 0.2%, 0.5% and Frankfurt Milan 0.9%.

The pan-European Euro Stoxx 50 index lost 1%.

In the bond market, all the 10-year rate in the euro area relax as investors seek the safety of government bonds.

The euro declined and traded around 1.4165 dollars against 1.4225 on Thursday.

Vehicle production is interrupted in April at Saab, suppliers refusing to deliver more parts until they have been paid.

Lars Holmqvist, Director of the European automotive suppliers, told Reuters that the Spanish supplier Matrici S.Coop preparing an application for bankruptcy of Saab on the grounds that the manufacturer owes him two million euros.

The Spanish company could not be reached immediately.

In July, Saab was able to avoid the bankruptcy of one of its units by entering into an agreement with the supplier SwePart Verktyg AB.

"Some companies expect and receive no response.Others have heard that some had been paid in part, what irritates them greatly, "reported Lars Holmqvist.

"They realize that there is no alternative but to seek bankruptcy, because obviously in this case, Saab will pay."

He has said he was approached by German suppliers, who reported each of around five million euros of debt on Saab.

A spokesman for the Swedish carmaker, said: "We know in what situation we are. We work very hard to resolve it and ensure more stable funding."

The joint statement of the French Presidency and the German Chancellor, however, evokes not the situation of the United States, including the deterioration in the sovereign rating by S & P is another point of tension over the burning.

A conference call for members of the G20 finance officials was held Sunday morning, according to South Korea, while a British source deemed likely a conference call of G7 finance officials in the evening before the opening of markets Asia at 0000 GMT.

Sources close to the European Central Bank, the institution had to share a conference call held Sunday on the outstanding issue of possible purchases of debt securities Spanish or Italian, the rates jumped to their highest levels in 14 years.

"The president and German Chancellor reiterate their commitment to implement fully the decisions taken at the summit of Heads of State and Government of the euro area and EU institutions July 21, 2011," we read in the joint statement.

Leaders of the two largest economies in the euro area "welcomed the decisions taken in Italy and Spain (…) In particular, the Italian authorities' objective of achieving a balanced budget with a year ahead is of fundamental importance, "a reference to announcements made before the weekend by Silvio Berlusconi.

"They point out that a rapid implementation and complete the measures announced is essential to restore market confidence," it said.

Confirming their support for changes in the European Financial Stability Fund (EFSF), they point out that one of the news – its possible involvement in the secondary market – will be "based on an analysis of the ECB on the existence of an exceptional situation on financial markets and risks to financial stability. "

"In line with the decisions of 21 July, France and Germany are confident that the analysis of the ECB will be the basis for appropriate interventions in the secondary market since it will help to determine if there is a risk to financial stability in the euro area as a whole, "it said.