The CAC 40, which again closed lower Wednesday on a clear, up the hill on Thursday. At the opening, the leading index in Paris climbed 1.17% to 3490.75 points before losing some points. At 14:30, the weekly listings in the U.S. fell better than expected. This has enabled the European indices to find the beautiful colors of this morning, as Wall Street opened up, at 15:30.

But the final minutes of the meeting were heckled. In the end, the CAC 40 nonetheless grabbed 0.72% to 3475.03 points. In London, the FTSE fell back 0.9% to 5155 points.

The European markets have relied on the surge on Wall Street Wednesday, but also on redemptions cheap. The NYSE has erased its losses late in the session to close up 0.2%.A technical rebound which was conducted in a context of bad macro news (sales of new homes in July after falling sales in the former, smaller increase than expected orders for durable goods). The Paris markets will also be comforted by Asia which has borrowed the same road this morning as Wall Street.

Side currencies, the euro remains strong against the dollar. One euro is worth 1.2717 dollars (0.51%).

The Paris markets have also reacted to the small decline in unemployment in France in July, fell after the market closes Wednesday. More importantly, they welcomed the battery results fell before the opening.

Accor flies, Gemalto tumbles

Wednesday, L'Oreal (3.88% to 78.71 euros, the biggest increase CAC 40) has announced an operating profit up sharply in the first half and higher expectations.This performance allows the number one global cosmetics find a level of operating margin similar to the record first half of 2008.

After his former branch of service Edenred, Accor issued this morning. The group announced a net loss for the first half of 64 million euros against a loss of 236 million a year earlier. Despite very conservative outlook, the stock market welcomed the performance: Accor shares took 2nd place in the ACC with an increase of 3.66% to 24.36 euros.

Credit Agricole has reported a net profit of 379 million euros in the second quarter, well above the 280 million expected by the markets. Net revenue reached 5.469 billion euros and the cost of risk fell by 13%.Again, the stock appreciates: the titles are among the highest increases with a jump of 2.63% to 10.16 euros.

L'Oreal and Total (0.05% to 36.99 euros), major shareholders of Sanofi-Aventis (+0.13% at 44.66 euros) would otherwise be reserved on the proposed acquisition of Genzyme, fearing that French pharmaceutical group pays its target too expensive, said Wednesday the banking sources told Reuters.

Bureau Veritas (2.68% to 46.6 euros) announced adjusted net income Group share up 8.9% to 149.5 million euros in the first half. Turnover was up 1.5% to 1.349 billion euros.The group aims to increase its sales in the second half of the order of 10% and expects a "slight increase" in operating margin over the full year 2010 on the current scope.

Gemalto has reported net earnings fell to 63 million euros in the first half and sales of 840 million euros, up 5%. The group said banking on accelerated growth in the second half, with a turnover of over one billion euros over the period. The title has sold 3.19% to 28.51 euros.

BioAlliance Pharma (3.18% to 6.16 euros) has received European agencies agreed in principle on the filing in mid-2011 the registration dossier of the drug against herpes labialis. The laboratory recorded a strong increase in its turnover in the first half and a net positive.

Bongrain, Lagardère, Stallergenes Etam and publish after the market closes.

The U.S. stock markets opened around the balance on Friday. LLE Standard & Poor's 500 and Nasdaq 100 fell back in effect respectively from 0.07% to 1069 points and 0.11% to 2173 points. The Dow Jones, it is at equilibrium aprfait 10,139 points.

A few days before the opening of the ball half-year results, investors play the card of caution. Within the Dow, the ball will begin, starting Monday with numbers from Alcoa.

On Thursday, the NYSE has lined up a third session. The Dow Jones gained 1.20% 10,138.99 points and the Nasdaq 0.74% to 2175.40 points.

In particular, investors welcomed the drop in unemployment last week. Registrations fell to their lowest level since early May, according to the U.S. Department of Labor. A relief after the disappointment on the monthly figures of employment.Other good news, the International Monetary Fund has excluded the possibility of a new global recession, despite the turbulence on the financial sector by a less stable. He even raised its growth forecast for 2010 to 4.6% against 4.2% estimated in April.

On the foreign exchange market, the euro was weakening against the dollar after a flight the day before. The euro hit a high for two months and passed a symbolic milestone strong, exceeding the $ 1.27 100% free credit score. The European currency, benefiting from renewed optimism over the health of banks on the old continent.

Today, U.S. investors expect stocks to wholesalers for the month of May

On the side of values, the title of Britain's BP, quoted in London and on Wall Street is particularly rowdy: -1.66% to 33.2 follar.The U.S. government Thursday gave the company 24 hours to discuss her new device designed to contain the oil spill in the Gulf of Mexico.

Always on the side of values, the U.S. producer of industrial gases Air Products announced Thursday it increased its bid for rival Airgas, whose level was deemed insufficient by its target. The group is now offering 63.50 dollars per share in cash, instead of $ 60 proposed in February, a total of some 5.3 billion dollars.

Note also the media giant Disney (0.57% to 33.5 U.S. dollars) have reached an agreement in principle to sell the film studio Miramax in a consortium including the fund Colony Capital, said Thursday night the Los Angeles Times, referring to a transaction of approximately $ 650 million.

Boeing (+0.17% to 64.84 dollars) has submitted its bid for ravitalleurs.EADS has filed its case yesterday.

While industrial countries emerging from crisis levels weighted with historically high public debt, emerging markets display patterns much healthier. Their good resistance during the recession of 2009 and an underlying trend towards greater stability has attracted the interest of investors.

"We see a positive snowball effect on emerging market debt: a dozen countries have been under positive outlook by rating agencies, which herald a recovery of notes, analytical Anne-Sophie Girault, a specialist in this Market Aviva Investors. Moody's, Standard & Poor's and others see a positive view of the low debt ratio of developing countries, which averages less than 40% of gross domestic product. Twice as less developed countries.

The emerging markets have also gained credibility in the markets."They have improved their fundamentals, the local central banks are becoming more independent, inflation is under control and steering of public finances is good," Frank J. Nicolas, Natixis AM. And the economic outlook is much better than in Europe, for example.

Result: institutional investors have been interested for nearly ten months to market, providing stability. They take long positions. So far, only hedge funds were present in the short term, making the market very volatile. Today, the market is 360 billion of debt issued in dollars and 1.4 trillion dollars of debt issued in local currency.

Record demand

In this context, the demand for emerging market debt from the investment fund has beaten all records in the first half, according to the calculations of Aviva.At $ 31 billion, it almost reaches the levels of previous years in just five months.

Emerging now are they safe? "These are pseudo-safe investments," says Franck Nicolas. "Beware of Loved tobacco." Clearly, the emerging countries are always a risk of sudden reversal of the situation. And if their fundamentals, growth, inflation, debt-positive, "markets, very nervous now, can still cause a contagion" of the debt crisis in emerging countries, recognizes Anne-Sophie Girault.

Between investors and steel, has installed a strained relationship. Base metals show poor performance down 6.44% on the previous three months and down 4.24% since the beginning of the year. On the London Metal Exchange, the components of this material are also losing ground as aluminum (-11.60% since January 1) or lead (-25.29% over the same period).

At issue: a doubt on the prospects of the sector which has strengthened since China announced placing steel in his sights. According to a statement from the website of the Ministry of Finance on Tuesday, the country will give tax rebates on exports of several products including steel and nonferrous metals, and that from 15 July. China justifies this decision by the fear of overcapacity in the sector when the economy goes again on the basis of a policy of credit support.China, world's largest producer, saw its production continues to increase by 20.7% in May year on year to 56.1 million tonnes.

The government, which wants to avoid "blind investment" and too many expansion projects, puts an end to these tax rebates that block trade relations with many countries. EU and U.S. impose a particular anti-dumping tax to restore competition they feel more loyal to several Chinese steel products.

Approaching the summit of the G20, this news is seen by observers as a new important gesture by the Chinese authorities, after announcing an easing of the exchange rate of the yuan.

Arc elorMittal sees a slowdown in demand

Meanwhile, ArcelorMittal was one point on the demand in the sector.According to the world's number one steel company, the apparent demand and actual demand for steel should remain positive in the second half of the year, will face even slower during this period. "European consumers are in a waiting phase. At the same time, stocks are still low, "said Lakshmi Mittal, CEO of the group. The latter believes that the problem is the same in the United States.

According to Lakshmi Mittal, the economic situation remains bleak. "Housing is still visibly weak. The car is still robust. The market for capital goods began to improve and engineering improves. However, the steel industry should return to its pre-crisis level until 2012.

This view was confirmed on Monday spoke Federation World Steel Association (WSA) who believes that "if China, South Korea and Turkey have increased their production in May compared to 2007, the United States, Italy , Spain and Japan have not yet regained their pre-crisis level. " The WSA also notes that if demand is expected, stocks, themselves, continue to rise: Global steel production rose by 29.1% in May to 124 million tons, exceeding by nearly 10% of its levels before the crisis.

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The tone rises between the administration of Barack Obama and BP. The head of the American branch of the oil company, Lamar McKay, said Tuesday at a hearing in Congress, he refused to promise the creation of an escrow account to compensate victims of oil spills in the Gulf of Mexico. The $ 20 billion has been raised in a letter to the CEO of BP, Tony Hayward. "I am not able to tell if an account is established or not," said Lamar McKay. "I can not commit, either one way or the other"

The idea had been raised by the White House. Several members of Congress while announcing their desire to put pressure on BP to put it in receivership on payment of its dividend in order to ensure compensation for victims of the disaster, compared to a "September 11th green" by Barack Obama.

According to the White House press secretary, Robert Gibbs, is already preparing the risposta in the Oval Office. Barack Obama will "be forced either to reach an agreement with BP to withdraw their control of the process of claims and entrusted to an independent structure, so that people who have been harmed to obtain the money they is due, "said the spokesman. The administration is based on the polluter pays law in force in the United States, which requires BP to pay the costs of plugging the leak of oil, cleaning the polluted coastline and compensation for victims.Traveling in Pensacola Beach, Florida, Bush assured the residents affected by the oil spill that would "whatever it takes, as long as it takes to be sure that BP is paying for the damage that it has caused.

An oration

President Barack Obama has formally addressed his countrymen on Tuesday at 8:00 p.m. (2:00 am, Paris time). He will be speaking from the Oval Office of the White House, space reserved for the most serious crises and whom he'd never used a speech to the nation.

A senior, Bush will announce the appointment of a person responsible for restoring long-term disaster areas by the oil spill that pollutes the Gulf of Mexico. The "czar" as the American press dubbed the mission will be to "restore the Gulf of Mexico.Not to where it was the day when the accident occurred. But to restore it to where it was years ago: to increase the life and vitality of the species, wildlife and natural beauty that characterizes the Gulf of Mexico, "said Robert Gibbs.

Barack Obama will set out above "the need to reduce our dependence vis-a-vis oil and fossil fuels. He will also discuss the "changes necessary for such a disaster never happens again more. According to an anonymous source, the U.S. president will "present the measures taken to protect those who suffer financially from this disaster, especially during the process of compensation."

"The tragedy was avoidable

Under pressure, BP must also face competition that dares to push it."I am convinced that the independent investigation will show that this tragedy was preventable," and called John Watson, head of oil company Chevron to members of the Committee on Energy and Commerce House of Representatives. The explosion and the sinking of the platform in late April Deepwater Horizon "show once again that all companies must work under the same strict safety and reliability. It is obvious that not following these rules has serious consequences, "he added.

"It is imperative that an investigation expert, impartial and comprehensive investigation takes place, because this incident represents a serious breach of standards relating to offshore drilling, for his part stressed the boss of ExxonMobil, Rex Tillerson .

In addition to the Chevron boss and ExxonMobil, ConocoPhillips and Shell were present. Facing them, Lamar McKay attempted to defend his group."I want to make things clear: BP will know no rest until the wells will not be under control and that we do not understand what happened," he said.

Ficth puts his two cents

BP has several weeks to manage its bad reputation. The group would also relies on advisers to help him. The efforts required will be considerable, especially since the rating agency Fitch has come to contribute to the debate on Tuesday, lowering the notches of six notes of the British major. The latter is now BBB AA cons. Fitch maintains it under "surveillance implications". The rating agency is particularly concerned that BP may be forced by U.S. authorities to place large sums into accounts in receivership.This is the first time that the note of BP is lowered several notches by the three leading rating agencies worldwide and it falls below the AA.

At the London Stock Exchange, BP shares ended the session on a further drop of 3.78% to 342 pence while the FTSE close up on 0.30%. In New York, the action is able to earn 2.18% to 31.31 dollars during the session on a market up 1.22%.

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Beware the "domino effect". This is the message that Louis Welsh, head of EADS, the European governments address in an interview with German newspaper Handelsblatt on Monday. "We tell our clients in government: we understand that you need to save money. But do not destroy the fundamentals of our industry. "For Louis Welsh, it is imperative to" protect the research and development "in Europe.

Keeping a stable euro

The boss of EADS look very closely monitoring the crisis of the euro. While the costs of aerospace group are charged in Euros and aircraft orders paid in dollars, the decline of the euro is good news in the medium term. However, Louis Welsh stressed the importance of stability of the euro.If he refuses to make any predictions on the future of the euro, the president of EADS warned European governments against excessive rigor.

The more so that the defense is particularly affected by fiscal efforts put in place either side of the Rhine. In Germany, the Defence Minister Karl-Theodor zu Guttenberg said that large spending cuts would be made. In France, the government should cut sharply in the 2011-2013 budget of the defense. According to Les Echos, fiscal discipline could cost between two and five billion euros to the defense the next three years.

"National priorities different"

Another concern expressed by Louis Welsh, the risk of every European country favor of "different national priorities," which would jeopardize the common defense different programs, such as the A400M military transport aircraft."That adds up to be a domino effect for the sector," warned the skipper of EADS. As negotiations dragged on, the group hopes to finalize the contract on the A400M customers with the seven countries (Germany, France, Spain, Great Britain, Belgium, Luxembourg and Turkey) "by the end of July," adds Does it pay day loan cash advances. The first copy of the A400M will be delivered to France in early 2013.

In this interview, Louis Welsh hopes to resume delivery of EADS Tiger combat helicopters to Germany this year. Berlin had suspended its order for 80 helicopters built by Eurocopter subsidiary of European giant last week due to technical problems. An order valued at 3 billion euros. "We deliver two new machines to the German pilot test in July.If the tests have a positive outcome, we can deliver five Tiger this year. "

Tensions around the tanker contract

Regarding the close battle opposing EADS Boeing to provide tanker aircraft to the U.S. Army, Louis Welsh rising tone. "We receive daily obscure and unfounded accusations of Boeing in the U.S.," says he. The American manufacturer EADS last Tuesday accused of attempting to develop trade relations with Iran and other countries hostile to the United States. Boeing advocates also believe that development aid granted to EADS and Airbus by European governments are illegal. "The growing nervousness Boeing shows that we have a chance to win," Louis Welsh analysis.

On the home front, EADS is not in lack of challenges.Decidedly optimistic, Louis Welsh ensures that the timetable for the A350, the future long-haul Airbus, will be honored with a commercial launch planned for 2013. Furthermore, the production of A380 superjumbo is now "under control". The program will return a profit within five years, says Louis Welsh. But everything will depend on developments in the euro-dollar.

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After a year 2009 more than difficult, Natixis confirmed at the beginning of 2010, renewed glimpsed at the end of last year. The bank has indeed registered the first three months of 2010 its third consecutive profitable quarter, up from 464 million euros.The group confirmed its target of a net banking income more than 6 billion in 2010, according to a statement issued after-hours trade Tuesday.

Net revenue (equivalent to sales) reached 1.63 billion euros, up 28%, and Natixis confirmed its revenue target of more than 6 billion for the whole year.

As the fourth quarter of 2009, the portfolio of illiquid assets of more than thirty billion inherited from the crisis has only slightly affected the result (-16 million euros).

BPCE: Exposure to Greece to 2.1 billion euros

The parent company Natixis, BPCE, published a group net profit of 1.01 billion euros in first quarter 2010 against a loss of 1.149 billion euros in the same period a year ago.Its revenues rose 64% to 5.973 billion euros in the first quarter against 3.641 billion euros in the first quarter 2009 paydayloans.

In a statement issued last Thursday, the group announced that its BPCE exposure to Greece package totaled 2.1 billion euros, of which 882 million euros through its subsidiary Natixis. BPCE exposed to 1.4 million euros to the Greek sovereign debt and Natixis to 160 million euros.In contrast, private debt is fully supported by Natixis to the tune of 722 million euros.

BPCE: 25 billion euros of GDP by 2013

The group aims BPCE net banking income of 25 billion euros by end-2013 from two thirds of the commercial banking business and insurance and third trades Natixis.

At the Paris Stock Exchange, Natixis closed down 0.82% to 3.75 euros in a market down by 0.73%.

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MEPs call last Tuesday and Wednesday on the reform of Chambers of Commerce and Industry. The text provides enhanced regional giving more weight to the 22 regional chambers, leaving a major initiative to 126 local chambers attached to them. Both supporters and opponents battled for months. The elected officials of small rooms were afraid of losing their freedom. The Board of Paris wanted a status recognizing the specificity of the Paris region. She satisfaction. The Chairmen of the Boards of nine major cities (Lille, Lyon, Marseille, Nantes, Strasbourg, Bordeaux, Nice, Toulouse, Paris), grouped in the Association of Metropolitan ICC, asking for adjustments taking into account the local government reform. "I auditioned more than 50 personalities.The text has found a good balance, "says Catherine Vautrin, UMP deputy from the Marne rapporteur of the bill reforming the consular network and vice-president of the National Assembly.

LE FIGARO .- Members consider the draft law reforming chambers of commerce and industry. That will change this reform?

Jean Francois-BERNARDIN. – The necessary reform has been the subject of much discussion and wide consultation within the ICC network. To better meet the needs of businesses, this innovative reform aims to combine the emergence of regional and maintaining the territorial proximity. Hence the establishment of chambers of region and territorial chambers.This balanced reform, thanks also to the work of Parliament, is sufficiently flexible to allow each region based on its individual merits, to decide what it wants to pool at the regional and local store.

The chambers can pool resources such as general computer, payroll, legal services at the regional level, policy coordination heavy training or support to the world, while remaining firmly rooted in the departments. The innovations of territorial chambers can more easily be generalized to the national and regional level.Finally, the reform will provide businesses with seamless service quality throughout the territory.

The new elected regional chambers they decide everything?

But the new elected chambers in the region are also those who will lead the ICC territorial! The reform granting them a great capacity for initiative. The chamber region collect tax revenues paid by businesses. His elect will redistribute this money to the needs of territorial chambers, but also in terms of collective projects of ITC in the region.

The contributions paid by businesses will they drop?

The reform is partly about! We have stated repeatedly that we were ready to lower our tax burden by 10% in five years personal loans for people with bad credit.Is a serious commitment. If everybody did the same …

The government wants more. Can you do this drop in three years?

We do not refuse to do better. We are discussing with the government. We must find the most cost-effective. If you reduce your revenue by 20% and efficiency 50%, no one wins anything. We hope there will be a real impact study before any decision to avoid budget that we are forced to cut services useful to businesses.

A drop too much she would staff reductions?

We do not want layoffs, no more than the government.That's why we're fighting on the pace of implementation of the reform and reduction of our revenue.

The reorganization does it have consequences for employees of the rooms?

The staff of territorial chambers should be legally attached to the chambers of region from 2013. The presidents and the Director General of the ICC will retain territorial obviously command responsibility. The reform will create new opportunities for employees of ICC and regional authorities in their region.

How long will the upgrade does?

There will be no big bang day after the vote on reform by the Parliament. This reform represents a new stage of our modernization. It will take three years, five years or more to produce its full effect. We are determined to go as quickly as possible.The modernization of the Ministry of Economy, which begins to bear fruit, began a decade ago.

The Paris Chamber of Commerce wants the reform to be adapted to the needs of a world class capital. Have you found a common ground?

The bill provides that the Paris area has eight rooms grouped in a single departmental public institution in the region. The eight rooms have the same missions near the territorial chambers.

The number of rooms will he fall?

This movement, which is already underway, will continue. We've gone from 167 to 148 rooms, and soon 126 at the end of the year. Nord – Pas-de-Calais had 12 rooms, it does have more than 4.

Our goal, broadly speaking, a room for departments to keep close with companies.But the condition of maintaining this proximity is to accept to play collective regional level.

When the elections took place?

The prime minister and our minister, Herve Novelli, want elections to take place before the end of the year. This will probably start in December because it is time for our network to focus on the essential: the support of our businesses and our territories.

After the dispute over bonuses for traders, another controversy begins with the prospect this time of a world … without traders: a world where stock computers more powerful have gradually replaced the human operator. The equity market out there more effective and more transparent? Not sure … The subject, in any case, is taken very seriously by the authorities on both sides of the Atlantic.

After the SEC (Securities and Exchange Commission) on the U.S. stock market watchdog, the Committee of European market regulators (CESR) has launched a consultation to professionals on market transactions with high frequency (high frequency trading).This technique involves placing orders to buy and sell within a period of time less than a millisecond, to take advantage of price differences between the two tiny, but multiplied by a considerable number of daily transactions, sufficient to notch margins fine: $ 21 billion U.S. last year, according to analysts at Tabb.

Battle of nanoseconds

Hence the irresistible rise of such interventions. According to the consulting firm Aite Group, the high frequency trading carries 25% of share trading in Europe, and should reach 30% by the end of the year, 45% in 2012. This practice has exploded with the introduction in 2007 of the Directive on Markets in Financial Instruments Directive (MiFID) in Europe, which ended the monopoly of traditional stock exchanges.CHI-X Turquoise platform "alternatives" have sprung up, multiplying the choices for investors, but also offering the ability to expertly programmed computers to track the price differentials and sequences of commands Lowest fee payday loans . No wonder so if the authorities are investigating the European stock market activity, when the board of Europe more generally on a revision of its Directive.

Investment banks and hedge funds that have mounted these high frequency trading departments provide positive forces in the markets to which they provide liquidity. Institutional investors, however, complain that these houses are able to guess their market interventions and scrounge margins at their expense.Algorithms malignant or spyware? The managers complain and an increase in canceled orders that would, according to them, to test their appetite.

Finally, the rise of high speed trading results in a frantic race technology firms involving microprocessors and platforms for exchange. With unintended consequences at the time of dematerialisation. When the thousandth of a second makes the difference, distance becomes a key performance! The need to get physically close to its customers hyperactive, explains in part why NYSE Euronext has moved from Paris to the outskirts of London, the bulk of its teams.

As more servers are close, less latency is high, the waiting time is the obsession with automata."There are already discussions on the latencies between Inner London and its suburbs," recounts a close transatlantic business market. Regulators to respond if this battle has nanoseconds or night markets.

United and satisfied: the European family welcomed Friday to have averted a major crisis, after having reached an agreement Thursday to come to the aid of Greece when the latter feels the need. "The euro area takes its destiny in hand, welcomed Nicolas Sarkozy, speaking of" not major "countries in the euro area. After the tensions of recent weeks, the French president stressed the agreement between France and Germany. "I think it was a relief for all of Europe to see that we were able, in the service of the European ideal, to reach an agreement," he said.

Angela Merkel has also spoken of "important day for the euro, saying" very satisfied "with the agreement reached.Indeed, the Germans have left their mark on this mechanism: they did accept the principle of a partially provided by the IMF and obtained a de facto veto power, since the aid plan can be triggered that with the unanimous agreement of the Twenty-September But Berlin has not sacrificed as much for the idea of Europe, has assured the Chancellor, compared to the "Iron Lady" Margaret Thatcher into the German press. "These decisions show that Member States will not allow the euro area is destabilized and solidarity that exists," she stressed.

European officials have reiterated that no good practical help and had been decided that the goal was paradoxically not use the device. "We hope it will not need to be activated," assured the President of the European Council, Herman Van Rompuy.The idea is enough to reassure markets that they agree to lend again to Greece at lower rates. The initial results were encouraging faxless cash advance . On Friday, the risk premium difference between good Greek and German 10-year fell by 9 basis points to 304 points. One that is still very high.

Build trust

In Athens, the relief was palpable. The agreement sends "a very positive signal to markets," assured the Prime Minister George Papandreou and the government will launch a new loan "timely."

The European Awards for their part, reacted mixed, while the euro was on top of $ 1.34 (it had plunged to below $ 1.33 before the summit)."I hope that financial markets will now act on facts, not fiction," said President of the European Commission, Jose Manuel Barroso.

It is indeed crucial to build trust. "There is no country that is in a situation comparable to that of Greece, on Friday assured the leader of the Eurogroup Jean-Claude Juncker. But markets fear a domino effect. Portugal is the first line, which has seen its rating deteriorated by Fitch. Ireland, Italy and Spain are on a tightrope, with their finances well into the red. More broadly, 20 states on 27 of the EU are subject to excessive deficit procedure; this week, the Commission expressed concern about their optimism about their strategy for ending the crisis.And for Economic Affairs Commissioner Olli Rehn, "this year will be the first real test for the implementation of the budget strategy adopted last year.

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