The opposition of some countries has led to a semifailures

The Germany can be happy. At the end of the Summit of the g-20, Sunday at Toronto, the heads of State and Government of developed countries, with the exception of the Japan, are indeed committed to halve their deficit by 2013 and to stabilize, or even to reduce their public debt to here in 2016. A little earlier in the morning, Chancellor Angela Merkel was welcomed the outcome of its discussions with its partners. "It's more what I was expecting, it's a success", it said on the sidelines of the Summit. She received yesterday a full support of the Bank for International Settlements (bis), the Central Bank of central banks.

No protectionist measures

In its annual report, the latter argues very strongly that States tackle without delay to the remediation of their public finances. "Along with vulnerabilities in the financial system, side effects of the intensive care unit applied over a long period are not without risk of relapse", indicates the Institute. For him, ask to "expect the return of strong growth to start this process of correction". Because "fiscal stimulation increases constantly public debt in several countries is now following a patently unsustainable trajectory".

It is the commitment of the g-20 to adapt to the pace of each without requiring no additional effort from anyone. If the France, such as the Germany and Britain more ambitious than that of the g-20 as noted by the French President, Nicolas Sarkozy, others such as the United States and the Canada have defended the principle of fiscal consolidation in time. "There is a risk that adjustment measures synchronized several major economies around the world affect the resumption," thus indicates the release. The heads of State and Government also want a more balanced growth with greater flexibility in exchange rates and a cessation any protectionist measures. "The emerging countries with a surplus" commercial - direct allusion to China - must "improve the flexibility" of exchange rates, said the final text. In commercial matters, the heads of State have extended three-year commitment to not implement trade barriers and reiterated their willingness to conclude Doha round at the World Trade Organization.

Nicolas Sarkozy, "to change the method, involving the Presidents and Prime Ministers" in the negotiations to achieve results. The cycle appears well moribund that the g-20 mentions no date deadline. The US President also said that current proposals did not pass the United States and that major changes should be made.

In terms of regulation and financial supervision, there again, the heads of State of g-20 saved the appearance of a consensus at the risk of blur the message. Even if the main measures are expected in Seoul in November. Paris and Berlin have weighed their weight for the adoption of a tax on banks. The opposition of some countries has led to a semifailures. The press release States that the tax is one of the tools that can be put in place among others, as the strengthening of the own funds of banks.

Nicolas Sarkozy however satisfied that the terms of Bank tax should be mentioned explicitly in the press release: "The France has got the framework it wished to." "The decision of the France, Great Britain and the Germany to introduce this tax will be spreading", he predicted.