The remuneration of managers must be capped

CYRIL JULLIARD: No reason to "hedge funds" in the index

"Lay the groundwork for a capitalism of the contractor, not the speculator": Nicolas Sarkozy was perfectly correct. The financial crisis has shown the toxicity of some emerging practices in recent years. But the President of the Republic should not be mistaken target. Because, in the current climate, if the temptation is great to the index "hedge funds", these so-called "hedge" funds are not responsible for the disaster... However, the banks, in a yet highly regulated framework, have taken and take risks to the whole of the market, but also to their clients, not to suffer the consequences. Otherwise to call States and market to the rescue authorities to avoid sinking. (...) Nicolas Sarkozy and European allies must not be mistaken. More rules would not solve the current problem. Already severe, and widely reinforced since Enron in the United States, the regulation has not prevented the excesses of the "subprime". (...).

CYRIL JULLIARD is President and co-founder of Eraam.

VINCENT BENARD: Do not import the crisis of the "subprime" in France

Nicolas Sarkozy (...) offers no more nor less than of developing France the mechanisms that have caused the outbreak of the crisis of the "subprime" across the Atlantic. It was born because U.S. Government putting its social policy objectives before the economic sustainability of financial institutions, has forced both companies to status regulated under his guardianship, Fannie Mae and Freddie Mac, to buy back the banks a proportion growing, and finally unreasonable loans to poor families. (...) One of the measures announced October 1 by Nicolas Sarkozy has similar features. It is the raising of the ceiling opening right to guarantee that the State brings to mortgage households via social accession loans. 60 of the households contracting a mortgage would become eligible for this warranty against only 20 currently... Seen in the United States today: when the State guaranteed creditors against the risk of bankruptcy of certain debtors, it necessarily raises less selectivity in granting the loans...

VINCENT BENARD is a researcher at the Molinari economic Institute.

THE International Union organizations: We want to be

at the discussions table

These last twenty years, the G7 and the international financial institutions have been enthusiastic supporters of financial innovation that led to the contamination of the international financial system by complex products backed suspicious. (...) Where large segments of the financial system are now the taxpayer money, we insist that Governments are taking shares in the capital of financial institutions and assisted and behave as active shareholders to protect the public interest and to ensure that the taxpayers will be reimbursed later. (...) Financial chaos prevailing begins to be felt on the real economy. The G7 Finance Ministers and Governors of central banks must implement a rescue plan coordinated aimed at reviving the real economy in the G7 and beyond (...).

Beyond the management of the crisis, the Governments of the G7 must work so that such a crisis happen again. We do this for a new regulatory architecture covering not only the banking sector, but also the parallel financial system. (...) The remuneration of managers must be capped (...). The employed population must have a place in the discussions table. (...) The international trade union organizations are ready to take their role in this process.

JOHN EVANS, General Secretary of the Trade Union Advisory Committee to the OECD.

JOHN MONKS, Secretary General of the European Confederation of trade unions.

GUY RYDER, General Secretary, International Trade Union Confederation.

The CFDT metallurgy: If thought control of employees

Imagine the FGMM-CFDT was to strengthen the power of works councils and including European committees, in the sense of the prerogatives that were currently monitoring councils in the German economic system, i.e. in the sense of separation between the Executive Board and the Supervisory Board of the company. In summary, it advocates a separation of responsibilities between business leaders and the Supervisory Board responsible for the broad guidelines and the supervision of their execution. (...) Moreover, there are other instruments of control to perfect. We have seen that in this crisis, the financial rating agencies had not really played their role. The independence of the financial and extra-financial ratings agencies must now be the subject of a debate. The companies scoring criteria must be the same for all to be comparable.

DOMINIQUE GILLIER is Secretary General CFDT-metallurgy.

YVON GATTAZ: Need rules to liberalism as in football

The explosion of the global financial crisis has raised many questions among our fellow citizens and our young people, outraged by these speculative manoeuvres that have enriched the smarter and hit much of small people... Liberalism is like football, it needs a strictly delimited field and intangible rules of the game. In France, State arbitrator upholds the rules, but it must not give himself kicked in the ball. Tomorrow will be a world of the same type, recognized and undisputed, arbitrator with extensive power of sanction (...).

Financial capitalism speculates.

Liberalism football began.

The first speculates in the short term while our liberalism is investing in the long term and wants to keep before his human face, it is satisfied that, in

the "real" economy, the qualities of men are the quality of the company, while strictly financial and "virtual" speculation is satisfied to have little or no staff.

YVON GATTAZ is Honorary President of the Medef, President of youth and businesses.

MARIE-NOLLE LIENEMANN and PAUL QUILS: he must find the primacy of the economic role of the State

This crisis is global, because it is the result of four crises: financial, economic, social and ecological. It is transnational financial capitalism and liberal globalization at issue (...).

It cannot remain subject to laws presented far as inevitable and almost divine (the market, free competition...). He must find the Primate of the policy of popular sovereignty, the meaning of public intervention and the economic role of the State (...).

The distribution of wealth cannot be simply a consequence also very random of economic development; It is the engine of a stable and prosperous economy (...).

The crisis fully valid choice of collective solidarity rather than individual insurance, with respect to basic needs such as health and public services (...).

It must focus on the recovery of productive activities, rather than fix the fiscal deficits (...).

It must reinvent national tools of intervention (...).

Must rethink and refounding the European construction on other bases, without simply leak in front more than hypothetical waiting for an effective global response or even European.

MARIE-NOLLE LIENEMANN and PAUL QUILS are former Socialist Ministers.

PIERRE-HENRI LEROY: the real Bank is a sustainable activity

The "universal bank" allowed the last 20 years of the speculative activities of credit, Bank business and making farm primary risk and derivatives on the recurrent power of a network of collection of savings. However these activities, which have no service to the public, have always had to remain competitive, and not to deserve any support from the taxpayer, they should... be prohibited to "real banks."

It is not healthy to observe rulers too generously offer the taxpayers ' money to save the former speculators. It is policy to hear all the time of easy money is over and that the privileges will be first paid bonuses and stock options (...).

It must also end expect multiple compromises of the Universal Bank and punished more severely than ever observed abuses and multiple violations of the "walls of China" with the "over-selling" of banking networks titles is probably the last avatar that sanction.

PIERRE-HENRI LEROY is the President of Proxinvest.

DIDIER SALAVERT: Is the lack of liberalism that is at issue, not its excesses

What is said, the system which allowed responsible for excesses of the financial crisis is less liberal for at least four reasons: it is based on two monopolies that are on the one hand that of the monetary policy by the central banks and on the other hand the monopoly of credit by financial institutions; the Bank is the most regulated economic activity in the world; the individual responsibility of economic actors creators and beneficiaries of the excess is non-existent; the lack of transparency of the markets was created by a pushed to the extreme legalism. To make a shortcut to contrario, if the leaders of banks had been responsible for losses their institutions personally (or their personal heritage had been heavily affected by these losses), they would not have take the same risks encouraged by a loose monetary policy under the eye kind of States unable to manage their own finances to their institutions and thus to encourage the creation of real wealth in the long term.

(...) The mass is so-called: more regulations needed and policy choice of capital allocation. Is - this credible The reality is that the solutions proposed by the States and the central banks are short term and that the allocation of capital by States (ultimate goal of any financial regulation) has always proved less effective than that of the market (...).

DIDIER SALAVERT is a lawyer at the bar of New York and President of Finatech Holding.

Jean-Pierre TEYSSIER: Self-regulation is not finished

For the President of the Republic, in his speech in Toulon, "self-regulation to solve all the problems, it's over." In the financial crisis, the majority of public stakeholders welcomed the return of the State and denies to professional actors, considered to be failing, the ability to regulate themselves. In fact, in the financial sector, as in most of the professional sectors, called improperly self-regulation of devices of internal rules to companies, without external control, and transparency.

Can confuse these voluntary disciplines of a company, without another value that internal, with credible self-regulation for the view. ... But self-regulation is something: it is involved in the regulation of an activity by adding to the legal rules of public regulation professional rules of privacy regulation.

Credible and transparent, this mode of governance can only develop. ... The France are still insufficiently used except in the field of advertising that provides, as in most countries, a practice old and respected recognized self-regulation by the public authorities and the European Union.

... No, Mr President of the Republic, self-regulation is not over, because it has not yet really begun.... It can only grow, because this mode of governance is for our century.

Jean-Pierre TEYSSIER is President of the authority of professional regulation of advertising.