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2010 marks a departure for French exports of military equipment. With a total of 5.12 billion euros, they are falling over 8.1 billion garnered in 2009 (6.5 billion in 2008). The objective of Paris was to beat all its records by signing for "at least 10 billion of export contracts" is more or less the equivalent of what the French army spending for its own every year.

Nevertheless, the government notes in the twelfth edition of its report to parliament on arms exports to France for 2010, "France has maintained fourth largest exporter of defense equipment (…) in a situation difficult ".

The world export market has stabilized at 70 billion euros.And in total military spending worldwide have slowed to 1.127 trillion euros, an increase of over 1% against a growth of 5% per year between 2001 and 2009. "Over the decade," the report notes, "the United States, the European Union, where Britain and France stand out, Russia and Israel share 90% of the export market."

The decline in export activity in 2010 due to the lag of several large contracts – as in 2009, with sales in Brazil of four submarines and 50 helicopters – that France hoped to sign the year last.

Remarkable performances

In discussions since 2009, the contract for the sale of two ships of projection and command (BPC) Mistral class in Russia was finally signed in June 2011 between DCNS and Rosoboronexport to 1.1 billion euros.It is therefore not recorded in 2010.

And ongoing negotiations with several countries to sell the Rafale combat aircraft built by Dassault Aviation, have not yet been completed. Among the most promising, the Brazilian has cooled with the decision of the President Rousseff to defer any decision to buy 36 fighter in 2012. The second, United Arab Emirates, is still active.

Negotiations, that France hoped to see succeed in 2010, continues with Abu Dhabi. Just over a week, Gerard Longuet had found that Paris had entered "a final negotiation." The defense minister had described as "very high" probability that the contract is concluded. France and the UAE have been negotiating the sale of 2008 copies of 60 Rafale.The French fighter is also short list in India along with the Eurofighter, developed by EADS, BAE and Finmeccanica to supply 126 aircraft to the Indian Army.

France can also expect to have the benefits of its commitment to Libya where the effectiveness of French equipment was again demonstrated (after including Afghanistan) under real conditions in a theater of operation. Of these, the performance of Tiger helicopters (EADS) and the Rafale, whose versatility allows him to perform all the tasks (surveillance, attack in depth, defensive etc.) were noted. "This is the only aircraft in the world capable of performing such a feat today," says a military engaged in Operation Harmattan.

For France, the stakes are high because the Rafale irrigates the French industry, including Ile-de-France and Aquitaine.The French fighter involved 500 industrial partners and represents more than 8000 jobs in total.

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A consensus was quickly found, this weekend in Berlin, to issue in the campaign around the packaging of products Monoprix the thirty-eighth prize in outdoor, which annually recognizes the best advertising campaigns. Although already won several awards in national and international awards, the advertising posters designed by the agency Havas City have once again a hit.

Chaired by Mercedes Erra, Executive President of Euro RSCG Worldwide and co-founder of BETC Euro RSCG, the jury of this new edition has lamented the poor quality of the 217 campaigns submitted for its assessment. But to his credit tightening campaign stand out visually strong, with texts often licked, like the campaign Monoprix, inspired pop art was to "put beauty in the city," as pointed out by several jurors .Slogans like "No daily newspaper" or "milk it can be beautiful" had flourished in the streets in late 2009 to praise the demand for aesthetics of a distributor of consumer products.

Convened by the Union of outdoor advertising (UPE) and in the presence of the main display (JCDecaux, Clear Channel, CBS Outdoor and Insert), professional, creative and business, have this meeting every year to discuss progress outdoor advertising, which includes, in addition to traditional posters, all the displays events and new digital media.Mercedes Erra defended a political vision of the poster, "height of commercial art," she says, both "political" and "cry" as constitutive of the "declaration of a leadership brand."

3000 to 2012 screens

During their deliberations, jurors have widely reported the arrival of the digital display, which should change the ways of working paperless payday loans. None of the award-winning campaigns have used this new technique. The co-founder of the agency Herezie, Andrea Stillacci, regretted that there is not "sharing opportunities between advertising agencies, media agencies and displays, as there are already on the Web ".Digital billboards should represent only about 3,000 screens in 2012, a small percentage of the park, and focus on protected sites (airports, railway stations, subway, shopping centers).

The display, which accounted for 1.2 billion net revenue for the media in 2010 according to the IREP, is the third preferred advertising medium for advertisers, according to the press and television. All operators have plans in digital. But the conversion of all signs to digital is not for now. "2012 will be a year of starting," said Philippe Baudillon, CEO of Clear Channel France. The "business model" current display is not ready for such a switch, which requires huge investments and the total revision of the management of media plans of advertisers.The digital opens up for display, with campaigns more reactive, but new rules of creative play.

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The U.S. stock markets have opened up slightly on Thursday. The Dow Jones ceded piointse 11495 0.08% and the Nasdaq 0.26% to 2597 points. The session should be again marked by rumors coming negotiations between the Europeans. This uncertainty should urge caution, especially as the latest results of companies from the United States are often disappointing and does not encourage optimism. Yesterday, Wall Street took a break.

Investors are in effect suspended the decisions that should be taken after the EU summit to be held this Sunday. Before this appointment crucial for the future of the euro area, policy-makers of the Old Continent has already promised that a solution to the crisis would be found.

Meanwhile, last minute negotiations are increasing.According to Reuters, citing a paper, "e European Financial Stability Fund (EFSF), will be able to buy bonds on the secondary market" if the countries in the euro area concerned so requests and obtain agreement European authorities.

Following the publication of this document, the euro hit a session high of 1.3838 against the dollar, the European stock markets have erased much of their losses and future on the major indexes on Wall Street resumed a little high. Expanding the powers of the EFSF and increasing its firepower at the heart of the plan for resolving the debt crisis in the euro area. The European Council of Sunday should be an opportunity to specify the details of how the EFSF will be used.

Wednesday, Nicolas Sarkozy traveled to Frankfurt to urgently resolve differences directly with France and Germany Angela Merkel.No information was available for this meeting. The Wall Street Journal, the discussions would focus on the possibility of allowing the EFSF to provide collateral to support bonds issued by countries in need rather than use it to provide direct guarantees.

The Beige Book calls for caution

On Wall Street, the report of conditions in the U.S. central bank (Beige Book) yesterday also a moment of caution.The information gathered by the regional branches of the Fed indicate that overall economic activity rose slightly in September but they also point out that corporate earnings have not improved payday advance.

Finally Moody's said Wednesday night that lowered the rating by one notch from five major Spanish banks, following its decision to degrade the sovereign rating of that country.

Chapter macroeconomic across the Atlantic, weekly claims for unemployment benefits will be published 16 hours as well as sales of existing homes in September and the composite indicator of the economy.Activity in the Philadelphia area in October, which often appears an early indication of economic conditions in the United States, will also be unveiled in 16 hours.

New salvo of results

A Wall Street investors dissect a new salvo of results.

After the close of Wall Street, American Express has released the third quarter earnings of $ 1.24 billion, a net income per share of $ 1.03 against $ 0.96 expected and $ 0.9 year past. The turnover stood at 7.57 billion dollars, according to estimates.

Ebay announced a profit of $ 491 million, or 37 cents a share in the third quarter, in line with expectations.The turnover amounted to 2.97 billion dollars against 2.91 billion expected.

Edwards Lifesciences has recorded a net profit of $ 51.6 million in the third quarter, against 48 million a year earlier.

Noble Corporation saw its net income nearly tripled in the third quarter to $ 135 million against 54 million last quarter.

Stryker has done for the third quarter, a turnover of $ 2 billion, up 14.9%, and earnings per share of $ 0.91, up 13.8%.

Wynn Resorts has achieved a net sales in the third quarter of $ 1.3 billion, against $ 1 billion last year.Adjusted net income totaled $ 133 million or $ 1.05 per share, against 49 million or $ 0.39 a year earlier.

On Thursday, Philip Morris International will release its figures before the opening of Wall Street and Microsoft after closing.

After three days of failure and silence, it is time for excuses at RIM, the maker of BlackBerry smartphones. Mike Lazaridis, the founder of the group, announced yesterday mid-afternoon recovery of e-mails and the Internet and especially apologized in a video.

It is not clear that this is sufficient to restore the trust of those customers who have been touted for years the irreproachable quality of service of BlackBerry. The damage is considerable.For nearly four days, the vast majority of the 70 million BlackBerry circulating in the world have been very long breaks in services.

This failure is striking for its breadth and comes at the worst time, when the company was criticized by shareholders and that its rival Apple released the iPhone 4S.

"We can compare this failure which occurred earlier this year Sony with piracy data bank. The service was not affected, but it aroused the same loss of customer confidence. In both cases, the credibility in terms of brand image is reached ", e xplique Jean-Michel Huet, managing partner of the firm Bearing Point. To cope, it is necessary not only that RIM do his mea culpa, possibly to indemnify customers and above all it gives the guarantee that this will not happen again. "There are three or four years, the Bouygues Telecom network had broken down.They had compensated the customers by offering a day pass, "he recounts.

For now, RIM could face significant financial claims. Vodafone, Telefonica (Spain), Emirates Telecommunications plan to compensate their subscribers and then to turn against BlackBerry. Operators might be less generous in their grants to buy a BlackBerry, frustrated by having to manage "a deluge of calls on line pay day loans."

Captive customers

However, RIM has the advantage that some of its customers are captive: companies will not change their entire fleet of mobile overnight, and individuals are often under commitment and can not change your mobile. The Canadian manufacturer has a little time to regain the trust of its customers. But not all."There are already companies that are considering leaving RIM and wonder about its reliability," says Carolina Milanesi, an analyst at Gartner.

This failure could also hinder the development of RIM in emerging markets. The group is just beginning to establish itself in India, one of the countries most affected by the bug! To compensate for the decline in sales in the United States and Canada, the manufacturer decided to focus on these countries.

In addition, the group's management is facing a serious crisis of confidence that will get better because of the difficulties of society. Last quarter, sales fell 19% to 10 million smartphones, while its net income was divided by more than two, to 329 million, for a turnover down 10% in one year at $ 4.2 billion.Some shareholders, including investment funds, require a change of direction or a sale of the group. The problems this week, compounded by the lack of communication of the group at the beginning of the week, fueling discontent. Yesterday, the title yielded 3.43% at the opening of Wall Street, a decline of over 60% year on year.

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The airline announced Friday morning the details of his mega-order long-awaited by the industry. Air France-KLM is in need of long-haul 110 and passes a total of 50 firm orders and 60 options from Airbus and Boeing. Choices that are equally balanced between the two aircraft manufacturers as the firm order for 25 Airbus A350-900 and 25 Boeing B787-9 and the options are based on 35 A350-900s and 25 B787. The slight advantage, theoretical, obtained by Airbus was offset by the secret location by KLM B787 10, said La Tribune.

The group did not indicate the amount of the order but at list price, the total value would represent an investment of $ 20 billion and approximately 11.3 billion in firm orders.Following its board of directors held Thursday in New York, the group said the acquisitions "are designed to be funded by cash flow generated by the group's operations."

In addition, the group plans to commission 73 new aircraft by 2024 and then the options are exercisable between 2026 and 2028. The first Boeing 787-9 will enter service with KLM in 2016 while the first Airbus A350-900 will integrate the Air France fleet in 2018. The airline declined to give guidance on the distribution of new orders between the two group companies. "The two companies operate the two types of devices," Air France said simply. Sign that the group is more integrated than before and that the merger between Air France-KLM starts synergies.

Outstanding issues

Points of legal and economic order are still being defined.The discussion include the drivers and maintenance. In fact, the A350-900 ordered will be powered by Rolls-Royce or any device so far the airline did not work with such engines. The most important maintenance service of Air France-KLM has to adapt to new circumstances, notably through new licensing agreements.

And even if Air France-KLM touts its choices "after a detailed assessment" including on energy and environmental performance of appliances, the critics could rocket. One hundred French deputies had indeed launched a petition in June to urge Air France-KLM, which the state owns 15.7%, to choose the Airbus A350 instead of the Boeing 787 for its next command.

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François Fillon on Monday took a trip to the nuclear power plant of Bugey in Ain – one of the oldest park of EDF, one of the reactors suffered its general review of thirty years – to reiterate the government's argument in favor of nuclear energy. Being understood, said the Prime Minister, that "safety is the top priority." The end of a busy year on the last record. Six months after the disaster of Fukushima, Japan, EDF must provide a copy within two weeks of testing the resistance of French power stations.

ASN will then evaluate, by December, the information on the resistance of plants to earthquakes and extreme flooding.Asked about the failure to take into account the risk of terrorism in these tests, François Fillon acknowledged that the current plants – unlike the EPR reactor being built in Flamanville – would not survive the fall of a "jumbo" in the case of an attack like September 11, 2001 but that there are "other means than concrete" to counter an air attack, referring to anti-aircraft missile batteries and fighter on permanent alert. The prime minister also responded to a question about the resistance of the Flamanville earthquakes, following the information published in Le Canard chains."No need to read Le Canard chains, he said, all information is on the website of the Nuclear Safety Authority" (ASN) has called, playing the role of "sting", a better resistance of building control fast payday loan.

Besson favor of "stress tests"

The Prime Minister also called for the establishment of international safety standards. A goal that will not be met "for years" according to Andre-Claude Lacoste, President of the ASN, because of the hostility of countries like China, India and the United States. Eric Besson, Minister of Industry, will defend to the IAEA in Vienna, September 19, the idea to conduct stress tests in all nuclear countries. Pending the possible orders of the nuclear policeman at the end of the year, EDF provides better security of its power at all times.Example, during the four months off during the revision of the number 5 reactor Bugey, pre-authorization for an extension of ten years, 25 million euros is being invested to enhance its resistance to earthquakes.

Security has its price. Henri Proglio, the chairman of EDF, has also invoked July 29 to assert that it would be "natural" that the price at which EDF has to sell part of its current competitors (price Arenh) increases until to 46 euros per megawatt hour, while the authorities have set at 42 euros on 1 January 2012.

Responding to the BBC on this, François Fillon said "common sense" the current level of Arenh but added that more security funding for renewable energy made inevitable the rise in electricity prices. In government, he added, to control it as much as possible.

After one week on the black market European markets, policymakers in the euro area seized by the horns of the question. Nicolas Sarkozy must indeed meet this Friday with German Chancellor Angela Merkel, then with the Spanish Prime Minister Jose Luis Zapatero. These exchanges aim to take stock after the bear market in Europe yesterday. The head of state has already mentioned this yesterday with Jean-Claude Trichet, president of the European Central Bank (ECB), which failed yesterday to restore calm on financial markets.

In their discussions, the three heads of state should include mention the announcement by Olli Rehn, Commissioner for Economic and Monetary Affairs this morning of a new stage in the debate on European bonds (Eurobonds). The news was welcomed on the European financial centers.After an open down sharply by 2.5%, the Cac 40 has reduced its losses one hour after opening.

A report on European bonds issued after the summer

Anyway, the official European, the European Commission will, in fact, a report on the subject "after the summer," putting on the front of the stage waving and debate divides EU officials for two years. This idea is not new in itself, proposes to issue debt securities to common European states. These securities are guaranteed by all Member States of the euro area, to allow countries unable to borrow on the markets on terms acceptable to the markets, to finance themselves. In short: it would be to issue debt on behalf of the European Union, as can the U.S. Treasury to communitarise debts of the countries of the euro area.The creation of this type of debt across the euro area would therefore raise the fears of investors about the creditworthiness of a particular state.

In addition to its economic dimension, the project also presupposes political choices instant payday loans. It is indeed based on the principle of mutual assistance in euro, which hit the sensitivity of some countries, notably Germany, which does not hide its hostility to the project. Main complaint: the countries financially "healthy" could only suffer through the European emissions, their solidarity with the countries most in need. In short, Germany does not want to take the weight of debts of some of the euro area.Note however that according to the draft presented by the Luxembourg Jean-Claude Juncker and the Italian Giulio Tremonles, advocates of the project, Eurobonds would not intended to replace the national debt.

Halt in mid-July

After being ignored for six months the project had been emerged from the closet in early July. But 15 days later, a new setback: Jens Weidmann, the head of the German central bank (Bundesbank) has criticized the project, saying that "there was nothing better to destroy a rapid and sustained strong making fiscal policy a common responsibility for the debts of States.This is exactly what some politicians and economists to offer Eurobonds to solve the problems of Greece. "

Whatever the conclusions of the report of the European Commission in September, the debate on the desirability of strengthening the political commitment at European level promises to be more agitated.

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The wiretapping scandal organized by the newspaper News of the World is experiencing a new twist. It seems that the phone Sara Payne, mother of an 8 year old girl abducted and murdered in July 2000 by a serial pedophile, has also been heard. The name of the mother appeared at least on the list of Detective Glenn Mulcair charged by the tabloid to listen to the voice mail of some of the 4000 victims alleged piracy of their phone line in the 2000s. It is not certain that the investigators were able to determine whether there had been an oversight and what could be nature.

What is certain, however, is that Sara Payne is not a single victim over. She had become very close to the weekly after the death of his daughter Sarah.As part of its combination of child protection, The Phoenix Chief Advocates, she collaborated with News of the World to obtain a review of British law on the pointing of sex offenders. The photo of her daughter and had served as part of a campaign known, conducted in cooperation with the Sunday newspaper, which has yielded the right of parents to be informed of the presence of pedophiles in their neighborhood. This legislation easing access to information on sex offenders has also been called "Sarah Law," a tribute to the girl.

"Sara Payne was a friend"

Sara Payne has been "devastated" by learning that she too may have been referred by his "friends" News of the World, said his association in a statement payday loan.The young woman feels betrayed, she was greeted in the latest issue of the tabloid, published in July, a newspaper that was not only a "force for good" but also an "old friend".

As editor of the press title between 2000 and 2003, Rebekah Brooks is at the heart of these new charges. "These allegations are particularly heinous and shocking in that Sara Payne is a very dear friend", has defended the former president of News International, the division of Murdoch manages the British titles. "The idea that anyone could log in that Sara and the team of the campaign was covered by Glenn Mulcair is unthinkable."

Rebekah Brooks has always denied any knowledge of the practices challenged in News of the World. A public inquiry into eavesdropping, conducted by an independent judge, was officially opened on Thursday in London.At the same time, it was learned Friday that James Murdoch, son of media magnate, was confirmed as head of the bunch UK BSkyB satellite channels. Severely shaken by tapping the case, the group Murdoch had yet been forced to withdraw in mid-July its offer to buy 61% stake in the company he does not already own.

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In the world of weight loss, it is called "Dukan effect." Far from referring to the weight loss of the followers of the method of Dr. Pierre Dukan high protein, the term refers to the earthquake has caused its rapid success in the market regimes.

"Since launching our website in 2008, 500,000 people have used our services," says the Figaro.fr Eric Levasseur, CEO of RégimeDukan.com, online service to support the regime. This figure does not however say how many customers are currently active on the site. To achieve this, the entrepreneur says he has not spent a dime on advertising. Media coverage and the very important word of mouth was enough. In addition, this success is due to an unbeatable price on the market, to 18 euros per month. In comparison, subscribe to premium services of Jenny Craig costs 380 euros per month, those of Weight Watchers, about 40 euros per month.

Three ingredients

Otherwise, the business model is based on Dukan a classic recipe with three ingredients. First, the publication of a book, "I'm not losing weight," bestseller in 2010. Then, offer coaching as a service fee. It is the function of RégimeDukan.com held by Marc Simoncini, Meetic founder, Eric Levasseur and children of the inventor of the method.

Last element of the strategy, products "house" manufactured under license, such as oat bran. "The 25 food products we offer for sale are regularly out of stock", says Eric Levasseur. The sale of meals, also proposed by Jenny Craig, has been tested since 1973 in France by Weight Watchers, the history of the area. For the latter, "the business of licensing products represent only a few percent of revenue," says her manager Corinne Pollier France.

The success of Dukan has not stifled competition. Instead, he seems to have created a renewed interest in France for the plans. Thus, Weight Watchers France announces "growth for two years" and has 120,000 active customers in early July. Jenny Craig brand, launched on the market in early 2010 by Nestlé hexagonal, celebrated for its part, the 10,000 th customer in late June. "It's beyond our initial objectives, ensures the boss of France's premium brand, Erick Moreau. We hired over 30 people since early 2011 and now have over 100 employees. "

Booming sales of surimi

Dukan is not only limited effect on the market methods of diet (500 million euros of turnover, against 5 billion for the sector of thinness at large). It also causes a tidal wave less visible in the food products that "light" generated 1.5 billion euros.It's simple: all the foods recommended in its method Dukan turn into gold. The turnover of surimi has enjoyed a double-digit growth in recent months. Sales of fresh cheese (fromage blanc in particular) grew by 14.5%, according to the specialist market research SymphonyIRI.

Still, with the recent controversy about the effectiveness of the regime and the disappointment of Dr. Dukan court, the effect will last Dukan he? "The ruling will not affect our business. The public is not fooled, says Eric Levasseur. We record even a 30% increase in registrations in the first half of 2011. "

Some competitors, however, fear side effects. "The media effect Dukan has cast doubt on the effectiveness of all plans," laments Erick Moreau.Others, like the union's general secretary of dietetics, Jean-Loup Allain, relativize: "For 30 years I have been in the business, plans star there was every year. Dukan has simply replaced the previous ones. "

Dukan is the world

With its success, start-up runs on equity and did not have to organize a capital increase from an initial one million euros. Its international expansion is also financed his own money, said Eric Levasseur. Closely following the launch of the book "I'm not losing weight" in these markets, RégimeDukan.com is being launched in Russia, China, Poland, Germany. It has been online for one month in the United States. In addition, it is already present in Spain, the UK and Italy.

At the same time, Dukan is recruiting 10 persons in Russia, fifteen in the United States.In total, the start-up has between 30 and 40 people abroad, in addition to its fifty employees in France, plus thirty in the rest of Europe.

Alongside the giants Fitch, Moody's and Standard & Poor's, "small" credit rating agencies are somewhat more severe in their ratings of sovereign debt …

In fact, earlier this year, more than half of Canadian sovereign ratings by DBRS, and the Japanese JCR and Rating & Investment (the three "small" agencies enjoying a certain notoriety) are quite correlated, and appear on average equivalent to Fitch, Moody's and Standard & Poor's. Chinese Dagong, however, stands out, since at best one third of his notes are the same as those of Moody's, Fitch and S & P. These notes have several characteristics. First, the "ratings" assigned by Dagong the major emerging countries [Brazil, China, India, Russia, Saudi Arabia, South Africa, note] are significantly higher than those of Western agencies.Then, his notes to the major industrialized countries [North America, Europe and Japan] are much lower than those of Western agencies. In both cases, the differential of notes can reach four notches, which is considerable.

What credit can we give these agencies?

They have mainly local influence, at best regional. So even if DBRS has a good reputation, is most active in Canada and the United States. It is also accredited by the SEC [Securities and Exchange Commission, Constable of the U.S. markets]. But it suffers from a lack of notoriety outside of North America. As for JCR and Rating & Investment, these agencies have an influence on the Asian continent, but tend to "surnoter" Asian debt issuers. Both are accredited by the SEC. However, Dagong this accreditation was denied two years ago.The U.S. authorities have found it too especially in the political influence of Beijing. Since then, Dagong never ceases to publish reports critical of both the U.S. monetary and fiscal policy, that the action of three. In summary, Dagong tries to embody the alternative in the rating industry. It is aware that the financial difficulties of the United States and several European countries confirm their views. Still, recent events such as doubts about the sustainability of the euro area and the uncertainties about the ability of the United States to halt the spiral of debt due to give Dagong.

Some leading economists, such as Patrick Artus (Natixis), Dagong now estimate that better reflects the reality, particularly offended to see the 'big three' to keep a high rating for U.S. debt.What do you think?

I share the view of Patrick Artus on the fact that the ratings of several countries are excessively high. Fitch, Moody's and S & P "surnoté" Greece and many European countries because they have seen, wrongly, that membership in the euro area reduces the risk of insolvency overnight pay day loans… It was a mistake. States whose public debt has risen sharply over the past decade that have not reorganized their welfare state and have sufficiently reformed their pension system should be degraded. However, I also think that Dagong "surnote" some emerging, such as China, Russia and South Africa. In detail, the "overweight" on criteria such as economic growth and foreign exchange reserves, but neglects the indicators of political and institutional stability, not thinking enough in terms of debt sustainability.For industrialized countries recorded a triple and double "A" by Fitch, Moody's and S & P can afford debt levels higher than those of emerging markets, given the importance of the middle class, better social cohesion, and greater ease in accessing capital markets.

In a context of debt crisis, and after the disappointments of the "Big Three" during the crisis (widely criticized, especially for high marks stamped toxic financial products) these agencies for the time being heard by some markets , she can gain influence?

For four years, it's true that small agencies, few involved in these scandals, have the opportunity to hold their own in the game but break into the industry rating is very difficult because the three major agencies hold almost all (95%) market share.To me, small agencies have only two possible strategies: either they specialize in industry niches or geographic, or they differ in their diagnoses and notations, like Dagong.

Do we need more competition in the industry of the rating?

Yes, and again, the new entrants will be more positive than their ratings diverge from those of the 'big three'. This can particularly help reduce the effects of mimicry on the markets. But regulators must ensure, however, that increased competition does not lead to an inflation of ratings that may be confusing. In addition to competition, agencies must review their methodologies.In the future, agencies should lower the country notes that even in times of growth, are unable to reduce their deficits, as these states will be vulnerable in the first economic downturn. This type of care would include agencies to better anticipate the debt crises.

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