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From our correspondent in Brussels.

The French like the Greeks have sanctioned the rigor and Europe seeking his bearings again. After the victory of Francois Hollande and the crushing defeat of the supporters of the euro in Athens, the EU has launched Monday in a forced march to catch up policy. Under the banner of growth, but piecemeal.

Much will depend on the ability of the elected president and German chancellor to silence by their dissonances to May 15 on what was until Sunday the compass of European capitals: the fiscal pact and collective discipline. But it is the vote that created consternation Greek. By depriving democratic legitimacy of the bailout which Europe has devoted two years in a considerable energy, it immediately wakes up the specter of a breakup of the euro.

"Greece is at the limit of what its people can cash in" on austerity, Michel Barnier recognizes facing the electoral advance of the extreme. For the French commissioner, the balance needs to find throughout the EU "between what is credible for the markets and what is bearable for the people." Angela Merkel is weakened by the ordeal, but financial orthodoxy is not provided under attack: "There is no question of renegotiating the bailout" laboriously reached in February with Athens, provides an official at the heart the discussion.

"All debts are created equal"

Sacrificing the Greek plan, or give a penknife in the Treaty budget, would be far worse than burning idols of yesterday. This would pave the way for overflow. Portugal, also on a drip European, certainly require adjustments. In Ireland, it might find in a compact variable geometry a right to say again "no" to a European treaty in the referendum of May 31

Francois Hollande has not specified how its European partners "for that austerity is no longer inevitable." Approaching his victory speech had already begun to move to Brussels as the European capitals. This was done in small steps, but the austerity of the mantras are already chipped or less: less structural reforms and budget cuts, more flexibility, employment and growth. "All public debts are not created equal," ahead of anonymity a senior official opponent of bureaucracy and cost of future investments.

A first dam jumped this weekend when the Finnish Commissioner Olli Rehn, in charge of the case, implicitly admitted that the objective of a budget deficit reduced to 3% in 2013 would perhaps not required by all. Greece, of course, but also Spain overwhelmed by the recession and unemployment could well benefit from this exemption the first inexpressible last month. Under "exceptional circumstances", validated by other EU countries.

The bet is that markets will accommodate this as an act of political realism and not as a confession of laxity on the euro. The big question remains of course France: its budget program is already extraordinary and rare are those who still believe she can hold the line, despite repeated assurances from President-elect.

The second exception to the rule of the game for the Relief Fund of the euro, too painstakingly negotiated treaty with Berlin. Again, this is Spain and its banks eroded by the recession that give cold sweats. The idea agitated in several capitals would authorize the "European Monetary Fund" to provide loans directly – that is to say unconditionally – Spanish banks. But this window open still faces opposition front of Angela Merkel.

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His basic model is a marine motif declined over a tank. But the bit of blue and white Little Marcel preferred the colored stripes printed on a black background on which lies the mark in writing schoolboy.

Imagined in a store of ready-to-wear Grau-du-Roi (Gard), this "Marcel" knows a great climb since its inception in 2005. Now available in 1,500 outlets across the Hexagon, the idea was originally that of a gift for his partner Eric Schieven Linda Leseigneur. A present that had not fatally destined to be reproduced on an industrial scale.

Owned by the couple creator, the company KLS, which operates Little Marcel, employs 45 people and develops, six years after its creation, a turnover "of about 20 million euros, up 20% the previous year, "says commercial director Michel Levy.  

The South, a laboratory

In recent years, the catalog has been enriched and Little Marcel did not remain a prisoner of style nautical wear "left (his) signature." Offering various reasons, always colorful, the brand gingham dresses, swimwear polka dot … Distributed only in stores ready-to-wear at a price of "25 to 35 euros per t-shirt," she wishes to open signs his name in seven cities on the Mediterranean coast and Atlantic to accelerate its development model. All without external capital. "Without the staff, the installation of a shop costs around 300,000 euros," says commercial director.

"The South is our laboratory, advance Michel Levy. The idea is to open stores in areas where we have a mind awareness. "Thus, Hossegor (Landes), Bandol (Var) or Palavas (Hérault) should see the arrival of a store Little Marcel by the summer. "We first want to show us where the season strong on our brands work best, that is to say, in fine weather."

Therefore seasonal stores, an area of ​​100 to 150 square meters, that KLS develop its own before running franchises. "Let's say that eventually a 50-50 mix is ​​a good balance." If the sign function, with an estimated turnover "at the beginning" of € 500,000 per store, "thirty stores are expected to emerge in both years. "

Installed to date on the fishing port of Le Grau du Roi, the warehouse in Little Marcel, whose textiles are machined in Portugal, is planning to move a few miles away in the town of Aigues-Mortes. Soon it will invest a storage center 4000 sqm, against just over 1000 today.

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So that was played Saturday night clasico the FC Barcelona-Real Madrid, it's another training professional football in the city, Espanyol, who spilled the most ink in recent weeks. As the euro area, the club is indeed great lengths to put its finances. Last March, the boss from July 2011 to the current tenth of the Spanish league first division, Ramon Condal Escude, did not hesitate to explain that he would put his players on the transfer market at the end of the season, to bail out instant payday loan. For RCD Espanyol, it's nearly a million casualties in 2011 and a debt of 148 million euros (nearly 69 million euros to the Spanish tax authorities). Abysmal, while the club budget fluctuates from year to year between 40 and 45 million euros.

Fiscal austerity

Ramon Conde, head of the Catalan club and "Merkel football"

European capitals have asked the Commission to bone up on the fight against unemployment, but many probably not appreciate his advice: the lowering of wage costs to the free movement of labor across the EU through a minimum wage "modular", Brussels risk of setting fire to the powder to the left and right.

The document, which will be released Wednesday, could also ignite the French debate around employment and Europe, with five days of the first round of presidential elections. As Nicolas Sarkozy, Brussels appears for a lower wage cost burden on businesses. It is a "privileged instrument to strengthen the labor supply," says the latest version of the text obtained by Le Figaro. The Commission suggests alternative resources as VAT, taxes "green" and property taxes.

Another proposal leading risks in contrast to spark outcry among conservatives, echoing an old controversy about the "Polish plumber". This is to overcome the final obstacles to a single labor market in Europe, the U.S. model. "Labour mobility is not sufficient in the EU (…) In order to exploit all the possibilities, it is crucial to ensure a balance between demand and supply of jobs" at European level , the authors note.

Red cloth

On this front, the Commission advances two tracks dangerously undermined. The first is the end of restrictions on employment of Romanians and Bulgarians, programmed by treaty by the end of 2013 but refused by nine countries, including France. The second is the opening of national public employment to all EU nationals, except as validated by the sovereignty of Justice.

Finally, Brussels waving a red rag in front of the entire European left: that of a national minimum wage that could be differentiated by industry professional, provides a way she, "to support the provision of employment ". The authors do not specify the model. But they ensure that wage floors should be discussed "in consultation with unions and depending on economic developments."

The contribution of the Commission is only prospective. It is unlikely that the communication "Towards an employment-intensive growth 'lead in the state. But it looks quite controversial for the twenty-seven Commissioners wish to review it one last time with the college in full force Wednesday in Strasbourg. Against the backdrop of elections in France and Greece, José Manuel Barroso will leave the public presentation in Hungarian Laszlo Andor, Commissioner for Employment and Social Affairs.

For Brussels, it is clear that the challenge of unemployment requires bold solutions. Lagging behind the emerging powers but also the U.S., the EU has lost 4.5 million net new jobs since 2008. Since January, a second recession in three years has increased the average unemployment rate above 10%. And restarted at the same time a growth debate that nobody has yet really convincing answer

.

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With nearly 38,500 hiring managers conducted in 2011 and 39,000 more planned in 2012, APEC confirms that the sales function is still leading the race. Unquestionably, it is one of the engines of job market or non-management frameworks. But in an uncertain period, where companies seek to expand into new markets, priority is given to hunters.

Alice Guy-Bolmin, responsible recruitment and career management, Inmac WStore.

At two weeks of the presidential election, the president of the FNSEA – first agricultural union – fixed priorities of operators for the next five. Xavier Beulin first asks the next tenant of the Elysee to reopen "in July" folder of competition law applied to food.

An "emergency" he said, after the multiplication in recent weeks fines against players of Agriculture and Agri-Food: endiviers, millers, dairies and pig industry by the end of the year . "Since the withdrawal of government in regulating markets, supply chain organization is more necessary than ever. We want to know what he can do in competition within the European framework, "he says. A key issue to rebalance the bargaining power of thousands of often helpless in the face a mass distribution concentrated in five major buying groups.

One solution to this problem – the establishment of a "Small Business Act" as the United States, proposed by Nicolas Sarkozy during the 66th Congress of the FNSEA – was favored by Xavier Beulin. This system is to set aside a significant percentage of tenders to local products. "20% as already allowed the Minister of Agriculture is good but not enough." Francois Hollande proposed last week to double this.

Revalue pensions

Second request of the union: the harmonization of social and environmental standards at European level. "We propose a simple alignment with European standards and no more. France is an excess of zeal in which the disadvantage compared to its competitors, "says Xavier Beulin. This requires a relaxation of administrative permits, such as storing water in times of drought, energy recovery operations through photovoltaics, biogas, or solar energy.

The third priority concerns the pension increases. A petition of 80,000 signatories was brought to the HQ of the ten candidates in the presidential election for a rebalancing of pension for farmers. "It is necessary to upgrade the minimum pension at 75% of minimum wage and align the calculation of pensions over the last 25 years, not the entire career." Finally as regards the common agricultural policy, Xavier Beulin, welcomes the consensus that exists among the candidates, except Marine Le Pen, who advocates a return to French agricultural policy. "The face of French agriculture with 64% of opportunities are provided by Europe would not be the same without the CAP," he recalls.

While the leader of the FNSEA highlights the many positive points of the quinquennium ending, especially on agricultural G20, the various plans emergency aid and lowering labor costs with the social VAT, it does no voting instructions. Especially as the environmental aspect he was disappointed the results of the Grenelle Environment Forum.

He called to vote for either April 22? The union president called simply majority agricultural farmers to go to the polls en masse without giving an instruction to vote. "This has never been in the culture of the house," he concludes.

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A priori, the CAC 40 prefers the left. History shows that when the Socialists were in power, the index climbed an average of 5.9% per year, while a majority right does increase by only 2.12%. However, according to a study conducted in 2010 by researcher David Le Bris, the best stock market performance of the left are possible … with the right! In reality, everything is played just before an election: when the left is still installed but the government that the right was favored to regain power, while the CAC 40 climbed 9.6% in the three months preceding the election. Conversely, when the left was favored to grab a majority to the right, the stock market fall of 7.4% in three months. Statistically, we can predict that the Paris Stock Exchange lost ground in the coming weeks, if Francis Holland continues to remain the favorite in the polls.

Apart from this pre-election volatility, the stock performance of the left, however, are virtually the same as those of the right. "The markets have no political orientation. What counts is how to lead. And what they hate is uncertainty and risk, "said Alexander Hezez, responsible for managing AM in Convictions. According to him, the markets, which have so far joined the alternation, show no signs of panic and should not reproduce a May 1981 when Mitterrand came to power, the CAC 40 was won by 33%. For thirty years, governments of all stripes were infused into the economy leading stimulus measures, which led the public debt to soar from 20% to 85% of GDP without allowing full employment not support growth quick cash. "Today, the critical issues of fiscal consolidation and the continued construction of a Europe weakened by two years of debt crisis are incorporated into the curricula of the two main candidates," notes Xavier Lepine, President The Executive Board of the French PM. "Whatever the winner of the election, he will have his hands tied by these budgetary constraints and European," he says.

Still, Francois Hollande raises more questions than Nicolas Sarkozy. "PS The candidate seems to prefer higher taxes rather than reducing spending to clean up the public accounts, putting the French economy in danger and pressure rating of the country," notes the U.S. bank Citi. On the European front, the markets held in effect above all that the Franco-German partnership remains strong and welded. "If Francois Hollande did not ratify the European fiscal pact, it calls into question the future of the euro area", warning Gilles Moec, economist at Deutsche Bank. An implausible scenario for operators, who are betting that the PS candidate, if elected, will only add a paragraph on growth targets. "Provided that the markets are right," says Xavier Lepine.

The French like their views. In 2011, the 45 million Internet account that France have published on the Web about 1.1 million recommendations on local businesses, according Nomao, a search engine "places" which screens more than 100 daily million web pages in five languages. Hotels, restaurants, grocery stores, hairdressers or museums, more than 15 million locations that are subject to the judgments of users throughout Europe. And the French are the champions in this field. They "posting" a comment for 40 users, one for 45 against Italy, one in Spain to 51, and 55 for the UK. Germany is lagging behind, with a comment for 106 users.

Changes in gross terms, notices on the Internet between 2007 and 2011. Photo credit: Nomao.

The French are increasingly choosing to sustainable consumption. With the crisis, their new creed is "eat less but eat better." The year 2012 starts elsewhere in the gloom on the front of the consumer. The French have reduced their spending by 0.4% in January, INSEE announced Tuesday. This is despite the sales. A recent survey * Ifop, higher wages and purchasing power is a priority concern for 58% of French people (+ 7 points from August 2011) in the context of the presidential election. In addition to these concerns, the ideals of consumption to find a new green accents echo in these times of crisis. A brief overview of the latest trends in cutting waste.

? Donations from individuals, to stop throwing

"Donation after donation, we change the world." Is the slogan of Freecycle.org, a global network of gifts between individuals born in the United States in 2003, which now has 7 million members in 95 countries. In France, it boasts just over 44,000 members. The principle is simple: users register for free on the site to enter into relationships with other individuals and to make donations and recovery of objects. With over 345,000 members, the site Donnons.org created in 2006 has never experienced the crisis. In February, over 9,000 people registered on the site, after more than 11,000 new members in January. "With the decline in purchasing power, our members are looking for an alternative way to consume, and want to give new life to objects instead of flooding the waste dumps," said Isabella Geist, moderating Donnons.org. For the poorest, this site allows free access to certain equipment. "Unlike associations, we function as a social network. Some people stay in touch after making a donation. "

The "comeback" the most spectacular remains of the knitting. Photo credits: Karine Image / Flickr

500 billion euros shake the Bundesbank. This record amount represents receivables from any bank in the euro area towards him, as they appear in the European payment system TARGET, which connects all European financial institutions. If the eurozone were to collapse, the institution of Frankfurt fears of never seeing some of that money. And she considers the 17 central banks in the euro area, united in such event, unable to bear such a burden.

The president of the Bundesbank, Jens Weidmann, is to open to the President of the European Central Bank, Mario Draghi, in a letter-box was conveniently leaked this week in the German press.

Officially, Mr. Weidmann is concerned about the rules governing collateral, the collateral deposited by banks with central banks in exchange for cash. The conditions of acceptance of these collaterals have recently been relaxed, so that some loans to businesses are now eligible. The Bundesbank requires additional safeguards to protect against defects in cascade.

A preferred creditor status

Jörg Krämer, chief economist at Commerzbank, the Bundesbank is "within its rights" to these claims. He suggests several avenues, including filing with the IMF currency or gold. "Italy possesses to 134 billion euros. This would cover 70% of the charges due, "says the analyst. It also proposes to give a preferred creditor status of the Bundesbank or slow injection of liquidity into insolvent countries. But the debtor countries in the majority in the Governing Council of the ECB, Mr no fax payday loans. Krämer does not believe that the Bundesbank will get succeed. Especially as Berlin seems rather isolated, its concerns are not shared on the French side.

Behind the technical aspect, this controversy reflects, politically, a further escalation in the strife between the German financial world and the ECB in managing the debt crisis. Last year, the former chief economist of the ECB, Stark, and the former head of the Bundesbank, Axel Weber, had left their positions on substantive disagreement on the path chosen, not rigorous enough in their taste.

Precisely, the letter of the Bundesbank was published after the new operation unlimited lending to three years of the ECB, which granted Wednesday 530 billion euros to 800 banks. Side of the Bundesbank, it is estimated that this operation initiated by Mario Draghi, who has helped stabilize financial markets, carries within it the seeds of a future crisis and could dissuade governments to continue their fiscal consolidation efforts. On the defensive, the ECB now lets hear that there will be no new loan of this kind so far as the door was open for a third operation in the spring. German Chancellor Angela Merkel indicated that she was not favorable in the state. One way to rescue the head of the Bundesbank.

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