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France’s week update

by Véronique Queffélec on décembre 17, 2012


EU Leaders reached no agreement on the EMU roadmap, postponing a decision until the June 2013 Summit. But pushed ahead on Banking Union. After welcoming the EcoFin agreement on the SSM, the Summit conclusions say that proposals for a Recovery and Resolution Directive and for a Deposit Guarantee Scheme Directive are to be concluded before March 2013 and then agreed with the co-legislators by June 2013. The EU leaders also stressed the ability of the ESM to recapitalize banks directly and agreed to provide a “definition of legacy assets”. [click to continue...]

French President Hollande’s first press conference November 13th, 2012

by Véronique Queffélec on novembre 15, 2012


French President François Hollande gave today his first Press Conference since his election. He felt that he must respond to the deteriorating economic situation and the increasing pressure being exerted from Germany on the need to reform.

The President did not announce new measures but used the press conference to clarify his message of reforms within a framework of “social justice”. [click to continue...]

France’s 2013 budget framework (1)

by Véronique Queffélec on septembre 17, 2012


After 4 month of presidency, Francois Hollande has reversed course from free spending egalitarianism to belt-tightening. Although members of the Government still try to avoid the word “austerity”, Francois Hollande laid out his policy on how he would cut the deficit by €30 billion during his televised speech Sunday night. A reform of how social security is financed is also on the Government’s agenda for 2013.

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Briefing Note on ‘Euro Zone Crisis and its Impact on India’ July 2012

by Véronique Queffélec on septembre 2, 2012


Section 1 – Global economic scenario

The weakness that is being seen in major developed economies poses a risk to world economic stability. The abysmal fiscal deficit situation has also now evolved into a source of political contention. According to certain sections the prime reason behind the increasing deficits has been falling government revenues and rising social benefit payments. The rise in the borrowings cost has further compounded this situation. This rising public debt has engendered political and financial stress in a number of European countries and, more broadly, has undermined support for further fiscal stimuli.

A much weaker recovery of the world economy is far from a remote possibility, especially as continued high unemployment, financial fragility, enhanced perceptions of sovereign debt distress and inadequate policy responses could further undermine business and consumer confidence in the developed countries.

Economic growth may remain moderate over coming quarters owing to weak global outlook in general and contagion of the Euro Zone crisis in particular. Primarily talking about the slowdown that is being seen in the Euro Area, one can see that it is spreading through the channels of trade, finance and business and investor confidence sentiments to other emerging economies as well. Moreover, the recent talks about possible fiscal consolidation measures being undertaken by some of the advanced economies could further impact demand and growth adversely.

We try and assess the global situation by looking at primarily three parameters:

  • Gross Domestic Product
  • Gross Debt to GDP Ratio
  • Capital Account Deficit

Read more…

France update August 31st , 2012

by Véronique Queffélec on septembre 2, 2012


Key summary

French President Hollande putting the ECB under the spotlight

French President Hollande says he remains supportive of possible intervention by the ECB, and was “simply” asking the ECB to carry out decisions taken by EU leaders at the June 29 Summit, while stressing that it remains up to the ECB to decide how to intervene.

France and Germany, an even closer cooperation.

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La Lettre de l’Expansion 24 Octobre 2011

by Véronique Queffélec on octobre 26, 2011


DES INVESTISSEURS indiens et européens se rendront au premier semestre 2012 en Afrique anglophone, à l’initiative de Véronique Queffélec (Euromédiations) et de Philippe Latimier du Clésieux, expert auprès d’organisations internationales. Objectif : créer un fonds dédié aux matières premières.

L’or, placement refuge par excellence

by Véronique Queffélec on septembre 16, 2011


Cet article a été écrit par Philippe Latimier du Clésieux, Ph. D Finance et professeur de Finance.

En raison de la crise combinée de la dette souveraine et des finances publiques doublée de l’incertitude qui sévit sur les marchés financiers internationaux et ne cessent de jouer au « yoyo » au rythme des interventions quasi hystériques des banques centrales, l’or fait figure de placement refuge par excellence.
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