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The Irish budget deficit has reduced by 4 percentage points of GDP since 2009. Corporate profitability recovered sharply. But deleveraging too fast may influence the activity against becoming productive. Pedestrians in Dublin

If Ireland is still part of PIGS, it can not be in the same category as Greece or Portugal, as progress in a few months by former Tiger European are important. The Irish budget deficit – excluding bank recapitalization needs – fell by 4 percentage points of GDP since 2009. The current account deficit turned into a small surplus. Finally, corporate profitability recovered sharply.

The experts of the International Monetary Fund (IMF) of the European Central Bank (ECB) and European Commission, who have just completed their assessment mission in Ireland, are seduced. "The ongoing adjustment is solid.The 2011 budget targets will be achieved and the ongoing structural reforms will also contribute to sanitation, "they note in their report.

However, Ireland is now entering a delicate phase. Or the risk of too rapid deleveraging weigh on activity, against becoming productive. The experts of the IMF, the ECB and the Commission to admit the hint. "Ireland will have to find a balance between the imperatives of debt reduction and limitation of the barriers to growth and job creation," they point out in their report. This sentence harmless and a bit blurry could announce a change in strategy for Ireland. The country needs it, says a recent report by Goodbody Broker.

Make concessions

Indeed, in Ireland, over-indebtedness affects both the public sector, private sector and banks.Simultaneously reducing the three is clearly a bad idea, says the report. If Ireland is determined to meet all objectives at the same time, the evolving recovery will be quickly suppressed. A risk highlighted recently by the Finance Minister Michael Noonan. Especially since the motor only turns in exports. The domestic market remains depressed by lower prices (unit labor costs fell by 15% and commercial property prices have been divided by two).

We must therefore make concessions to one side. But which one? As for households, the government can not do much. The debt reached 220% of disposable income, nearly twice the international average. And fall of financial markets could reduce household net wealth of 250 billion euros. The Irish are going to have to tighten their belts for several years.Make concessions on the public debt is also not in a financial crisis. Ireland recorded a primary deficit of 6% of GDP in 2011. This is the worst result of the euro area.

Remaining banks. They must bring their ratios to 122% loan to deposit by 2013. The challenge today is to allow banks to achieve that clean without excessively penalizing the credit. This will doubtless involve additional time but also further aid from the ECB, economists now believe. Lengthy discussion in perspective.

The German government has reduced by almost half its growth forecast for 2012, confirming fears of a sharp slowdown in Europe's largest economy due in part to the crisis in the euro area.

Berlin expects growth of 1.0% in 2012 and not more than 1.8%. For 2011, the government now plans to grow by 2.9% instead of 3.0%.

"The pace of expansion slowed, as expected," said Economy Minister Philipp Rösler, but added: "Our economy remains on a growth trajectory."

An environment less favorable for export explains in particular the slowdown in growth, the ministry said.

"Domestic demand will become even more the mainstay of economic growth in Germany," he observes."Growth as a whole is that it will almost this year and next."

After the improvement of labor market frameworks in 2011, the coming months are more uncertain, according to APEC. Companies are less likely to plan to recruit executives in the fourth quarter. The barometer of APEC are signs of loss of business confidence.

2011 promises to be a good year for executives with a job market that has "resilient" but uncertainties in 2012, with gloomy economic outlook, according to the quarterly barometer of the Association for the use of frameworks (APEC) on Wednesday. "The year 2011 will be a very good year. It is the certainty, it is behind us, as business investment have been supported," said the executive director of APEC Jacky Chatelain, at a conference the press.

"But at the end of this year there are also elements of uncertainty," he said.Thus, if a significant number of companies plan to hire at least a part in the 4th quarter, a smaller proportion than in the third quarter are in fact some of it. 53% of companies with more than 100 employees plan to recruit at least one frame between October and December, an increase of 4 percentage points year on year. But only 69% of these are certain to do so – against 75% last quarter.

In the third quarter, employment remained strong: 57% of companies with more than one hundred employees, or 3 points from the third quarter of 2010, recruited at least one frame. The job assigned to the Apec also increased by 59% over one year in the third quarter. Nearly 140,000 bids were entrusted to the association. "The engine of growth" was the area of ​​the Council and business services: 100% in the third quarter of 2011, against 73% over the same period of 2010).But since then, signs of loss of business confidence have emerged: in September 21% of companies felt that the economic situation had deteriorated over the past year, against 16% in June

Graduates most affected by this pessimism

This loss of confidence seems to work against graduates, for whom the "hiring intentions are down for the first time in two years," said Pierre Lamblin Director of Education and Research APEC.

In a context "uncertain", companies are looking more frames already trained more operational: 41% of companies planning to hire in Q4 target young graduates, a decline of six points in one year, according to the survey, result of telephone inquiries conducted by the company in September Gn operations, with a panel of 750 firms with over 100 employees, representing the private sector."This is not not a disaster," the proportion was only 22% in late 2008, said Mr. Lamblin. "But the question is: will it last and how long?".

While according to the INSEE, the overall unemployment rate in France could reach 9.2% of the workforce in the fourth quarter, the executive is now much lower, around 3.7 or 3.8%. But the conditions of re-employment of executives have deteriorated from the end of 2008 and the long-term unemployment has increased frames. Today, a third of managers are unemployed for more than 12 months.

A tax on financial transactions will not see the day at the international level, as expected, Nicolas Sarkozy, the finance ministers of the G20 Saturday overwhelmingly rejected the initiative.

Delegations American, Canadian, Japanese, Indian or Brazilian were against such a tax, which was one of the flagship initiatives that France hoped to advance during its presidency of the G20.

The tax, which is also reluctant Britain except that it is comprehensive, however, could be created only within the euro area, led by France and Germany.

"It was clear that we need to implement this tax in Europe because there is no support to do a comprehensive plan," agreed the German finance minister, Wolfgang Schäuble, after the meeting .

The European Commission has proposed the end of September an EU tax on financial transactions from 2014 excluding the foreign exchange market.

Under this proposal, transactions outside of Europe would also be taxed, from the time they involve a bank or other financial institution of the old continent, to avoid capital flight.

The tax does not, however, concern individuals or operations on the primary market sovereign debt and current share price.

The figures given by the Community executive cover a 0.1% tax on exchanges of shares and bonds and 0.01% on the exchange of products.

The device could raise some 30 billion euros per year, according to several preliminary estimates in the Community executive.

According to a recent survey by the Commission, 65% of Europeans are in favor of this tax.

The giant consumer products Anglo-Dutch Unilever announced Friday the acquisition of 82% of the Russian cosmetics company Kalina Concern for 500 million euros.

Concern Kalina, Russia's number one segment of the cosmetics and hair care, is present mainly in Russia, Ukraine and Kazakhstan.

"This will transform the business of Unilever in cosmetics in Russia (…) This will also strengthen and rebalance the portfolio of Unilever and its competitive position in Russia, an emerging market with great potential and the One of our priority countries, "he said in a statement the general manager of Unilever, Paul Polman.

The action Unilever, which gained 7% last month, advancing 1.6% to 20.88 pounds at 7:20 GMT, valuing the company at about 26 billion pounds (29.8 billion euros).

Burberry has released results for the second quarter of 2011 better than expected, supported by new store openings and strong demand in China.

The British luxury group said it had not yet seen any slowdown in demand despite uncertainty about the evolution of global growth.

The group, which manufactures waterproof and leather for a century and a half, announced Wednesday an increase of 29% of its turnover to 463 million pounds (529 million) for April-June

This performance is close to 30% in the first quarter and higher than the average forecast of 10 analysts polled by Reuters, to 448 million pounds (512 million).

Sales in stores, on a comparable basis, increased 16% in the second quarter, against 15% in the first, led by demand in New York, London, Hong Kong and Dubai.

Sales in China rose 30%, a development in line with the first quarter.

Burberry said it maintained its expansion plans, adding that he was ready to adjust if the signals of a slowdown in demand for luxury goods.

GDF Suez and Spanish Iberdrola announced Friday they would wear 50% participation in each NuGeneration, a joint venture created to develop a new generation of nuclear power in Britain, following the decision of Scottish and Southern Energy (SSE) to withdraw from the joint venture.

GDF Suez and Iberdrola, in a joint statement, reiterate their "strong commitment" in NuGen and adds that "there is no reason for the decision to interfere with the SSE project or schedule."

"As expected, the final investment decision should take place by 2015 for commercial operation of new nuclear power plant around 2023," they affirm.

The creation of non-agricultural jobs in the United States were zero in August and the unemployment rate remained unchanged at 9.1%, according to official statistics released Friday.

Last month, the creation of non-agricultural jobs were zero, according to the Labor Department, while economists on average expected 75,000 creations.

Statistics better than expected in July (117,000 new jobs) was also revised down to 85,000.

That of June was also revised downward, to 20,000 against 46,000 initially.

Overall, the private sector created 17,000 jobs, against 105,000 expected and after 156,000 in July (revised from 154,000).

The unemployment rate however remained unchanged from one month to the other 9.1%, in line with analysts' expectations.

In August, the U.S. economy has eliminated 3,000 manufacturing jobs, while economists expected 4,000 new jobs after 36 000 (revised 24000) in July.

The public sector has in turn eliminated 17,000 jobs, after having destroyed 71,000 in July (revised from 37,000).

The Spanish Socialist government announced Friday the signing of an agreement with the conservative opposition in the Constitution for the country the principle of limiting the public deficit and debt.

The Constitution will be amended through a law to be adopted before June 30, 2012, the government said in a statement released in the early hours of Friday.

Both sides agreed to secure 0.4% of GDP limit of the overall structural deficit of the country audience, ie excluding debt service.

The law will also include criteria for a gradual reduction of debt pursuant to the Pact of Stability and Growth in the euro area.

The two sides signed the agreement will review the deficit ceiling in 2015 and 2018.

This follows a call to that effect made by France and Germany to countries threatened by the debt crisis in the euro area.

Spain has already announced Tuesday that it would enshrine in the Constitution a public debt ceiling before the legislative elections in November.

Barack Obama, vacationing on the island of Martha's Vineyard grouse, on Saturday accused the Congress of a slow economic recovery by blocking measures "common sense" meant, he says, help create jobs and growth.

In his traditional speech recorded weekly radio broadcast Wednesday on his tour bus in the Midwest, the U.S. president that the draft law, currently at an impasse, concerning the construction, trade and taxes, would "boost "an economy half-mast.

"The only thing that prevents us to pass these texts is the refusal of some on Capitol Hill to put national interests before those of their party.This is the problem today is that hinders the country, "he said in his speech, also available on the Internet.

With a national unemployment rate stuck at over nine percent, the chances of re-election of Democratic president may depend on its ability to convince the electorate's ability to get the economy back on track.

He was criticized for the choice of Martha's Vineyard as a summer resort, the island, located on the east coast of the United States, is a haven for millionaires, when 14 million of his compatriots are unemployed.

The White House insisted that the Chief Executive, who is a regular at this place for family vacation, spend most of his nine days off to "floor" of a recovery plan and the fight against unemployment that it will issue in a speech scheduled for early September.

CALL TO REPUBLICANS

In his speech on Saturday, Barack Obama acknowledged that the United States were far from healthy.

"We are in a difficult situation. We are in a terrible recession.So we need people in Washington, people whose job is to manage the affairs of the country, the people you elected to serve – we need to solve problems by putting aside our differences, "Has he said.

The Republicans control the House of Representatives while the Senate is in the hands of Democrats.Both parties are at loggerheads on how to get the country out of its massive debt.

In a statement on behalf of the opposition Republican Governor John Kasich of Ohio, for his part, felt that President Barack Obama was wrong to impute to others the responsibility for the current impasse on Capitol Hill.

"Divided government is no excuse for doing nothing," said the former chairman of the Budget Committee of the House.

"It does not replace the authority of the President of the United States.I hope that President Obama listen to his fellow Republicans as well as to get the economy back on track by creating jobs and manufacturing growth ".

The governor of Ohio has also invited his side to show more interest in the trade-offs.

"It is equally important that the Republicans are not rigid about working beyond the party lines when the stakes are high," he added.

"We can compromise on policy as we do not betray his principles."