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BNP Paribas, which has denied information published in the American press that the French bank would encounter problems of funding in dollars, on Tuesday urged the Financial Markets Authority (AMF) to open an investigation.

In an article entitled "The problem with French banks," published Tuesday in the pages of The Wall Street Journal Opinion, noted that "anonymous part of BNP Paribas' would have reported problems of liquidity in dollars and would raise the" creation of a market in euro "to deal with, said the BNP.

Following the information published in the WSJ, BNP Paribas has been experiencing extreme volatility.After falling nearly 10% more than in the morning, the stock finally closed on a rebound of 7.2% to 28 euros.SocGen has been awarded the title for almost 15%.

"BNP Paribas formally denies the remarks attributed to the anonymous source and confirmed that it finances itself quite normally in dollars, either directly or through swaps," the bank wrote in a statement.

The Wall Street Journal declined to comment.

In a document accompanying this release, the BNP said that it has strong funding in dollars, with 65 billion of assets in the short term (less than one year) in dollars and 135 billion euros of assets eligible to central banks after discount.

The group also said to have significantly increased the average maturity of its short-term financing since the crisis and have an "abundant" resources euro.

"BNP Paribas has today called on the Financial Markets Authority opened an investigation into the dissemination of false news about the dollar liquidity," the French bank reported a second press release issued at the beginning evening.

French banks, caught in the turmoil of the debt crisis in the euro zone, trying to reassure the market on their financial strength after seeing their market capitalization fall since the beginning of the summer.

Societe Generale's capitalization has fallen by 55% since the beginning of the year, 45.8% Credit Agricole and BNP Paribas of 41.2%.

Societe Generale, which has itself asked in August to the AMF to open an investigation into rumors about its financial strength, is mounted to the plate Monday to ensure that it can meet its commitments public debts of States weakened the euro area.

For its part, BNP Paribas had already assured last Wednesday have excess liquidity in the short term dollar.

The President of the European Central Bank Jean-Claude Trichet defends his record vehemently. But the policy of competitive disinflation it stands for 20 years has it really been positive? Not for Dominique Plihon, professor at Paris XIII and economist of Attac. Jean-Claude Trichet, President of the ECB. Long before to lead the ECB, Jean Claude Trichet was Director of the Treasury in France, during which time he has put our country on the path of competitive disinflation. This was it good policy?

The policy of competitive disinflation conducted in France has not been a complete success, far from it. This was supposed to improve the competitiveness of French industry. But the very poor recent results of our foreign trade show that this goal was not met. The aim of the policy initiated in the early 1980s was in fact to influence costs.This policy has had a high social and economic costs: loss of purchasing power of middle and low income, which increased inequality has slowed activity and contributed to the rise of structural unemployment.

As a result, business investment companies has been slow. Or is the main factor in the competitiveness and long-term growth. In fact, it would have respect a fundamental rule recognized by most economists: real wages grow at the same rate as labor productivity, which would have created a social dynamic and much more satisfying.

The record of Jean-Claude Trichet is it better over the recent period?

The dogma of competitive disinflation practiced across the euro area has shown its limits and contradictions during the past decade.Recent analysis shows that the "Great Moderation", that is to say the overall decline in the level of inflation in major industrialized countries for 10 years is due primarily to monetary policy (especially in the euro area), but rather to structural effects of globalization (eg competition with emerging countries with low wages and abundant labor).

The euro area, which led the competitive disinflation policy the most restrictive experienced a growth in business and investment lower than competitors, and a level of higher unemployment.

Finally, and perhaps most importantly, the emphasis on moderation of inflation by central banks is one of the causes of the financial crisis: the famous "Minsky's paradox": when financial players are in a period of "calm" (Great Moderation), they take more risks and prepare the next crisis. Central bankers (as Trichet heads) have committed the grave error to believe (and believe) that monetary stability would contribute to financial stability, when in fact the opposite happened. This error indicates that the theoretical framework central bank was wrong.

A higher level of inflation but moderate inflation (eg the order of 4% to 5% for 10 years) would be good to erode some of the debt, without affecting the economic and social development, provided to return to the basic rule: increase the purchasing power of wages indexed to gains in labor productivity. But this would require that our central bankers are more familiar with the fundamentals of economic analysis …

Casino, which owns 54.8% of Exito, said it plans to subscribe to the capital increase in the amount of its share, maintaining its controlling stake in Exito.

Shares not subscribed by shareholders will be allocated to international investors and individual shareholders in Colombia, said the French group.

The subscription period runs from September 5 to 23.

The major powers met in Paris on September 1, have decided to release money from Libya to finance reconstruction. A demonstration in support of the rebels Libyan National Transition Council to Benghazi in May 2011.

The UN and major powers have drawn Thursday in Paris a roadmap to the new authorities in Tripoli, immediately releasing $ 15 billion of frozen assets, against the promise of democracy, stability and reconciliation. At the same time, the leaders of Britain, France and NATO announced that the international military operations would continue as Muammar Qadhafi remains a threat. In a message broadcast by a Syrian television, the former strongman of Libya has excluded any surrender Thursday and called on his supporters to resist.

"The money misappropriated by Mr Gaddafi and his family must return to the Libyans.We are all committed to release money from Libya yesterday to finance the development of Libya today, "said Nicolas Sarkozy about a jackpot estimated at more than $ 50 billion.

Paris was attended by members of the coalition, as Italy's Silvio Berlusconi and Hillary Clinton. But also the patrons of the Arab League Nabil al-Arabi and the United Nations Ban Ki-moon, as well as Germany's Angela Merkel and representatives of China, Russia or Algeria. Only South Africa has snubbed the conference.

Financial assistance against democracy

Forty-two years to the day after the seizure of power by Muammar Gaddafi, and six months after the Paris summit that launched the international military intervention against the "guide" Libyan sixty countries and organizations were Thursday September 1, found in the late afternoon for the summit two hours.But financial and political support has a counterparty. Secretary of State Hillary Clinton called on leaders of the "new Libya" to "combat extremism", while doubts have been raised on some rebel leaders, considered close to the Islamists or Al Qaeda. "The new Libyan authorities will have to continue the fight against violent extremism and work with us to ensure that stockpiles of weapons of Gaddafi does not become a threat to neighboring Libya and the world," she asked at this conference.

"I have a message for the Libyan people: (…) everything is in your hands to achieve what we promised: stability, peace and reconciliation," he said later at a press conference the President the National Transitional Council (CNT, rebellion Jamahiriya), Moustapha Abdeljalil. "Islam encourages forgiveness. It promotes reconciliation.The rule of law must be respected, "he further said.

"Participants will ask the CNT to initiate a process of reconciliation and forgiveness for the mistakes made in other countries in the past we are light", agreed Nicolas Sarkozy.

In addition to the warnings, particularly U.S., the UN wants to have a say on the transition underway in Libya and Ban Ki-moon has called for the rapid dispatch of a mission in the country. "I intend to work closely with the Security Council mandate for a UN mission, which will begin operations within the shortest possible," he said.

Transition and reconstruction

On the ground, the rebels consolidate their positions pending deal in Sirte, the last major town held by followers of Muammar Gaddafi, who can not be found.They have extended their ultimatum of one week and left until September 10 to go. But the former strongman of Libya has called on his supporters to "continue the resistance." "We we will not. We will continue fighting," he said. "Prepare for the guerrillas in urban warfare and popular resistance in every town," said Gaddafi.

Seeking to foster greater consensus around the CNT, the governing body of the rebellion Jamahiriya, Nicolas Sarkozy had invited to Paris with British Prime Minister David Cameron, the support of the rebels as former allies of Muammar Gaddafi. All have acknowledged the fall of the Gaddafi regime, some hostile to military intervention, previously reluctant to endorse the victory of the CNT. The Paris summit was precipitated things. Russia recognized the CNT Thursday as "authoritative power".Beijing, like Moscow, which had abstained in the Security Council resolution 1973 which allowed the international intervention in March, said he attached "great importance to the position and the significant role of the CNT to resolve the crisis ". And neighboring Algeria, which has hosted on its soil of children and the wife of Muammar Gaddafi, has promised a recognition of the CNT as soon as it formed "a new government representing all regions of the country."

The time is now for reconstruction, but also the sharing of cake oil from Libya, whose countries of the coalition hopes engines in large part. By Thursday, the EU lifted its sanctions against 28 "economic entities" Libya – ports as well as energy companies and banking – to help restart the economy.

The German and French banks have adequate capital to be provided Thursday in response to reports that the International Monetary Fund (IMF) considers that the European banking sector suffers from a lack of capital.

According to a European source, the IMF estimates that European banks may face an equity gap of 200 billion euros to tackle the debt crisis in the euro zone and a slowdown in growth.

Last Saturday at the annual meetings of the Federal Reserve, the IMF director Christine Lagarde had called for a recapitalization "substantial" financial institutions in Europe.

"French banks are well capitalized," said a Reuters spokesman for the French Banking Federation (FBF)."They have increased their capitalization since the crisis."

When the MEDEF Summer University in Jouy-en-Josas (Yvelines), the budget minister Valérie Pécresse also indicated that French banks had sufficient capital.

"I believe that there is no concern to be for French banks," said the minister, echoing the words of the Minister of Economy, Baroin Wednesday night on France 3.

Earlier in the morning, German banks have also found that the fears of the International Monetary Fund (IMF) regarding a possible lack of capital were not justified.

"Banks are well capitalized," said Michael Kemmer, director of the BdB, in an interview with German daily Die Welt.

The BdB represents some 210 private banks including Commerzbank and Deutsche Bank.

BACK SECURITIES BANK

"We do not understand how the IMF comes to these conclusions," he responded in turn the association of German public banks VoeB.

Christine Lagarde's statements of last weekend cause since the beginning of the week an outcry in Europe.

The European Banking Authority (EBA) in particular reported that banks in the European Union did not need to be massively re-capitalized.

Concerns about the crisis of debt in the euro area and the worsening economic climate, however, continue to weigh on European financial stocks.

The European banking index declined 0.55% Thursday to 11:15.

In Paris, Crédit Agricole and BNP Paribas, highly exposed to sovereign debt of peripheral countries in the euro area, drop respectively 3.81% and 2.29%.

German bank Deutsche Bank sells 2.89% -1.38% Italian Unicredit.