No doubt other countries will be invited

Nicolas Sarkozy called Saturday a meeting with 4 European leaders of the g-8 more Jean-Claude Juncker, José Manuel Barroso and Jean-Claude Trichet. What are the objectives of this meeting

The France wants to be proactive with regard to the current crisis. She wants to take the initiative, even if what they are not all followed by effect, rather than be accused of immobility.

This meeting has a goal: prepare European responses at the meeting of Finance Ministers of the G7 on the margins of the meetings of the IMF and the World Bank fall the week next in Washington. It is also designed to prepare for the extraordinary meeting of the heads of State of G8 desired before the end of the year by Nicolas Sarkozy. All this in good articulation with the Member States of the European Union, with the leaders of which the President of the Republic is in contact.

You therefore confirm the holding of a special G8. Where is tiendrat - it

This is not yet decided. It could be held in November in the United States who are the epicenter of the crisis. No doubt, other countries will be invited. The India, as indicated last Tuesday his Prime Minister, Manmohan Singh, in his interview with Nicolas Sarkozy, and China are interested in the resolution of the crisis properly.

You mentioned European initiatives. Specifically, what are the priority projects of the Union

First is to deal with the emergency. It must be that, on terms that may be different from one State to another, we all agree to intervene there where needed and when needed to avoid any systemic risk. All banks in Europe have relations with each other. Then, must be that the Ministers of economy and finance deepen practical solutions in terms of regulation to make proposals for the forthcoming European Council. This is the meaning of the letter by the President of the Republic comes to his colleagues.

But there are also initiatives in the medium term

Indeed, it is urgent to improve the exchange of information between the ECB, the European system of central banks, regulators and Treasury Directions for become known, upstream, exactly the level of exposure to the risks of banks, what are their assets. On this plan, we must as soon as possible. Need to create mechanisms to alert ex ante.

We must also have a reflection to revise the rules at European level. Whether capital banks, on their ability to credit, on their securitisation activities and their potential leverage effect. We also have a reflection on accounting standards. For bankers, the rule of the "mark to market" is not adapted to the entire financial system. When banks convert funds short-term long-term commitments and rules require them to a daily valuation of these commitments, you you expose to excessive volatility of the valuation of the institution itself. I would find it appropriate that the European Commission understands this problem.

Then, I observed an intergovernmental and non-Community coordination. The Commission seems to me disarmed in view of the hiatus between the depth of the current crisis and lack of integration and financial supervision. We must go beyond the roadmap of the Ministers of economy and finance and accelerate integration.

But is that possible

The Georgia showed that Europe was capable of becoming a political actor on the outdoor stage in improvisation since it is included in any treaty. The Union asserted de facto. In the economic and financial field, it is the same thing. Under the leadership of Nicolas Sarkozy and François Fillon, we responded very quickly on Dexia. But it would better that there is already a device supervision and integration and an ad hoc Committee in Brussels to resolve this type of problem.

But the rescue yet worked perfectly. Why create this system

Of course, but it was in the Emergency Department. In addition, I note that Europe is back on two fundamental dogmas. One concerning the competition rules to which we have departed. Fact need to act. Other State aid. Therefore, we cannot do nothing. It would be a pity that the Commission does not include that should be beyond even the proposals a month ago.

Should we regulate the remuneration of managers as the wish to Nicolas Sarkozy

It seems logical to ask. Should the question of compensation and golden parachutes. The next Ecofin, chaired by Christine Lagarde, will have to discuss it. It must empower actors. It is a question of morality. Find you normal that the pattern of Washington Mutual, which remained three weeks at his position, can leave with 10 million dollars in compensation. We also provide a number of behaviour on the markets. There were these last weeks of the waves of short purchases on certain Bank Securities. Should the question of rating agencies: how they do their rating What rules

Is it greater power of supervision to the ECB, to implement a European Constable

There is not agreement today to go towards a system of integrated at European level and at the Bank level supervisor. There are a number of regulators, especially in small Member States which prefer to keep control over their national system, I can understand.

That said, the Union has need of reactive systems, whether what's happening quickly while on a cross-border financial groups. The ECB has taken a very important role in this area. This system works well, but a strengthening of procedures for reporting to the Central Bank would be desirable. I think that the Union will go towards the creation of a lead supervisor"in a College in charge of monitoring an establishment for the Union. I also note the establishment of a non-ideological, pragmatic and concrete dialogue between the ECB and the national authorities on this subject. That is considerable progress.

Speaking of the end of European dogmas, did you also to the stability pact

The France respects the rule of a budget deficit of less than 3 for 2008 and 2009. Now the priority is to manage the crisis. I would add that the European Commission indicated that the allocations made to the banks on a rescue plan would not recorded in the maastrichiennes standards. It is happy.

You mentioned a reform of market practices and accounting standards at the international level. Do you really think that the US will take you that route

The discussion will be not easy. On short sales, there has been agreement to suspend regarding financial values. The accounting reform will be harder. For the time being, they meet the urgency with Paulson's plan. But the November 4 elections place US in an administrative vacuum. It will be difficult to say what steps the new administration will take. It will have to wait.

It remains no less that the United States have committed a serious error by "dropping" Lehman Brothers, which has exacerbated the financial crisis. They therefore today recognize the need for a better coaching.

There is an agreement between European and American emergency

The real issue is that Europe has now a window of opportunity to assert what are its standards, its values in terms of regulation. The financial industry must be at the service of the financing of the real economy. It must be done by the end of the year. Otherwise, the Americans will arrive with their own control, as was the case with the Sarbanne Oxley Act... Or the American regulation is not adapted to our situation.

We must also reflect with them on a strengthening of the powers of the international monetary Fund on the plan for the monitoring of financial mechanisms. I remember, in this regard, it was the mission first of the IMF.

You really think that Europe can be done while the United States have veto power at the IMF

They are more in the same situation, both geostrategically economic only. It is in their interest to return on multilateralism. Otherwise, countries such as the Russia, China, the India or the Brazil (BRIC) refuse to adopt the Western financial model and develop an autonomous system. Similarly, on the climate plan, how the g-7 countries may request these BRIC efforts and sacrifices if they are not able to take their responsibilities in terms of the financial crisis Change of diplomatic relations between the West and the BRIC is a major phenomenon.