Words that Nicolas Sarkozy confirmed at the end of the Summit

Would have the Germany won, as she won her match against the England World Cup This is what was, yesterday, in Toronto, at the G20 Summit. While the city has been subject to violent demonstrations on the part of the anti-globalization, which led to the arrest of close to 600 people, the heads of State and Government were still negotiating the details of the final release expected to 21 hours GMT, yesterday evening.

But, a little earlier, German Chancellor, Angela Merkel, of more réjouies. Indeed, the developed countries of the g-20 should announce their commitment to halving by 2013 their public deficit to gross domestic product. "It's more that I was expecting, it is a success," she said, yesterday on the sidelines of the Summit. The final communiqué of the g-20 should also stipulate that States commit to stabilize or even reduce, the public debt before 2016.

Concession to the United States and the Canada, these austerity will have to be adapted to the particular conditions of each country to not jeopardize the economic recovery. Stimulus will continue to feel their effects throughout the current year. The reduction of the deficits will be until 2011, claimed some. Each will therefore go at their own pace and these quantified objectives should not lead to the adoption of new austerity measures. The g-20 leaders want to avoid a scenario similar to that of the 1930s, where a budgetary rigour too soon adopted had plunged the world into depression. The provided should thus include qu ' "there is a risk that budgetary adjustment synchronized in the major economies can exercise a harmful impact on the recovery." "There is also the risk that a failure of implementation of fiscal consolidation, where it is needed, can depress confidence and hamper growth".

A subtle balance

Beyond the subtle balance between growth and budgetary rigour, the heads of State were to commit to ensure more balanced growth. It is also based on greater flexibility in the rates of Exchange and quitting any protectionist measures. If, as a first step, the g-20 was to address an express congratulations to China for his reforms of the yuan, the leaders were to simply call "the emerging countries with a surplus" commercial "increased flexibility" in exchange rates. The g-20 leaders should extend their commitment not to implement trade barriers for three years until 2013. The US President has, with respect to him, declared that the proposals made in the Doha round, WTO, 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 were to save the appearances of a consensus. The text should commit States to promote a better regulated and more robust financial system.

Paris and Berlin intended to bring their weight to the adoption of a tax on banks to prevent any systemic risk in the future. The opposition of some countries, the Canada in the front line, to lead to the absence of global agreement. The release should stipulate that the tax will be one of the tools that can be implemented among others, such as the strengthening of the own funds of banks. "Ms Merkel and myself, we are determined to get a framework that allows the taxation of the banking activities and what the decision of our partners, we the will implement", assured, as soon as Saturday, the French President, who has the support of British Prime Minister David Cameron. Words that Nicolas Sarkozy confirmed at the end of the Summit. For its part, the American President, Barack Obama, called on Congress to adopt its proposal for an act to establish a 0.15 tax on the commitments of American banks for ten years, which would bring $ 90 billion.