A gesture immediately applauded by the CGPME

The recipe for the success of Europe for "master" the financial crisis, must be new to apply it to the "challenge of the economic crisis." In his speech delivered yesterday in Annecy (Haute-Savoie) and written by Henri Guaino, Nicolas Sarkozy is not simply to recite business support measures. Many ads were presented as "the way that the France proposes to its European partners". And the Germany refuses. According to Berlin, the head of State and Chancellor Angela Merkel to discuss today in Beijing, on the sidelines of the Europe-Asia Summit.

The élyséenne way, it is the addition of a "genuine European economic government' which must be embodied by a Eurogroup to the level of Heads of State and Government and a State"investor, entrepreneur and patron. A somewhat contradictory mix For Nicolas Sarkozy, Europe "cannot be the only one in the world to have no economic policy", it "cannot remain inactive" crisis "which is already there, rising and will continue."

The CGPME applauds

But in the meantime, the President of the Republic intends to act quickly and to the national level because there is urgency. Not hesitating as to Toulon, to depict a very black picture to the French who "must be the truth" about the consequences that will be the financial crisis "on activity, employment and purchasing power," Nicolas Sarkozy has promised to businesses what they hoped. All new investments will be exempt from business tax until January 1, 2010 and a deeper reform of the tax (read below) will be then implemented, because "it's on the side of the investment is the most difficult part". A gesture immediately applauded by the CGPME. In this, the head of State undertakes not in a recovery by the application, that also welcomed the Medef, even if this aspect could be developed Tuesday, with a new speech on employment.

To help companies to Cape Town, the payment of the research tax credit will also be speeded up and the State will provide, via the Central reinsurance Fund (CCR), its guarantee that SMEs continue to be covered by the credits insurers and thus get the necessary financing their activity ("Les Echos" from October 22). Prefects and treasurers general payers will also be used to ensure, Department by Department, that the commitments of banks on credits to the economy are required.

But Medef, who had insisted the week last with all of the employers European that the intervention of States does not last longer that the financial crisis, also heard yesterday that he did not want to hear: State "will be more active in the economy", said Nicolas Sarkozy, for that, "If there is a major fact that emerges in this crisis."", it is the return of the policy," because "the ideology of the dictatorship of the markets and public impotence is dead."

"Support activity".

This voluntarism is embodied by the creation of a "strategic investment fund national will be a powerful lever for industrial policy". The mission attributed to the Fund to be managed by the Caisse des Dépôts is broad enough: enter in the capital of companies weakened by the collapse of the stock market to counter any "predators", develop innovative SMEs, etc. Not a use of the loan, which is not excluded, the Elysee put more on a redeployment of the assets of the Fund, which will therefore be cropped (see page 3). The President of the Republic now hear that the other European countries to do the same. But, in ahead of any collective solution, it does not include the strategy that was proven to be charged on the Bank rescue plan.

Make these economy measures lapsed budget "They have no fiscal impact in 2009", said Nicolas Sarkozy, while stressing that there is not really the subject because, "for the time being, the priority is to support the activity."