Newspapers : 18th November

French 'Barack Obama' still a dream. Henry Samuel, The Telegraph (en)
" ... If anything, age was an even bigger handicap than colour in France, said Miss Yade. "Obama's speechwriter is 25 years old: but in France at 30 you're not credible. The 68' generation are monopolising power. It's a shame, because a country that deprives itself of energy and youth is threatened with dying out." ..."

The euro is too dear . The Telegraph (en)
" ... It is doubtful that the euro can retain its value against the pound, even if the Bank of England continues to ease monetary policy here (something it would not be in a position to do had Britain joined the euro). The pound has come under pressure because the markets are not altogether happy with the fundamentals of the British economy, notably the public finances.
Yet it also offers the way out for the economy, which will push the pound up again.
In the current parlous circumstances, the value of the euro is too high, causing alarm among EU policy-makers. Further interest rate cuts by the ECB cannot be far away ..."

Editorial Comment: Bye-bye exports. The FT (en)
" ... But avoiding the sort of profligate spending of the US and UK has not saved Japan, Germany and China from credit bust fallout. Finding buyers for their exports is proving hard in a global economic downturn. To strengthen their economies, policymakers have to encourage their people to go shopping ...
...The German government has more room to manoeuvre, with a projected budget surplus for this year. It has to seize the opportunity and cut taxes so that consumers, after years of stagnating wages and rising taxes, have more left to spend. The European Central Bank should also cut interest rates further. This would offer additional short-term relief, but would not help wean the economy off exports ..."

Russia to raise import duties. Alan Beattie, The FT (en)
" ... Dmitry Pankin, deputy finance minister, said Moscow would increase tariffs on imported cars, a move that had already been planned to protect Russian car producers. Russia has also announced a general review of trade agreements, including commitments made as part of its application to join the World Trade Organisation. The review may result in duties being increased and import quotas for sensitive products being cut ...
... The European Commission said the news was not particularly troubling, as the duties would cover only a small part of trade ...
... Fredrik Erixon, director of the European Centre for International Political Economy, a free-trade Brussels think-tank, said: “I am not surprised at all. I don’t think the G20 was a meaningful exercise in trying to tie down its governments’ trade policies.”..."

Credit bottlenecks threaten businesses. Richard Milne , The FT (en)
" ... Banks withdrawing finance from small companies is the biggest problem facing the European economy, according to a group of 47 of the continent’s largest industrial groups ...
... “That is perhaps the single most important issue: the availability of credit to SMEs [small and medium-sized enterprises]. It is a very severe situation,” he said. “It needs a lot of discussion with the banks. There are a lot of bottlenecks.”...

Queen Sofia Unamused by a Book Quoting Her . Victoria Burnett, The NYT (en)
In a statement read to the press late last month, a spokesman for the royal family said the queen “deeply regrets that the inaccuracy of the comments attributed to her may have caused discomfort or offense.”
The statement said the queen had been quoted “inexactly” and suggested that Ms. Urbano had published comments intended to be private.
Ms. Urbano denied this and said galleys of the book had been reviewed by the queen’s office, which had approved them for publication.
Journalists who closely follow the royal family said that the king was incensed by the book and that those responsible for giving it the green light may yet be fired.

Les pays pauvres éternelles victimes de la crise. Jean Merckaert, Le Monde (fr)

" ... Depuis trente ans, les pays pauvres subissent de plein fouet les conséquences d'une course au profit effrénée qui a fait perdre la tête à la finance mondiale. A l'heure de refonder le système financier international, ils ne sont même pas conviés à la table des négociations.
La chronique du drame est éclairante. Acte I, l'endettement. Dans les années 1970, à la recherche de débouchés pour leurs liquidités, les banquiers occidentaux endettent massivement les pays du Sud à des taux (flottants) défiant toute concurrence. Les Etats leur emboîtent le pas, en faisant crédit à des dictatures féroces comme aux Philippines, au Congo (ex-Zaïre) ou en Argentine, en échange de leur allégeance au bloc de l'Ouest. Acte II, crise de la dette. En cause, au-delà des motifs géopolitiques : la remontée en flèche des taux d'intérêt, suite à une décision du Trésor américain, et la dégringolade des revenus d'exportation avec la chute des prix agricoles. Acte III, l'ajustement structurel. A partir des années 1980, les grands argentiers du G7 exigent des pays pauvres qu'ils sacrifient les dépenses de santé, d'éducation ou d'emploi pour rembourser la dette ..."

La concurrence déloyale est à nouveau la règle. Annie Kahn, Le Monde (fr)

" ... tous ces plans ont été décidés dans l'urgence, mais "ces mesures sont-elles provisoires et seront-elles supprimées ensuite ? Ou sont-elles faites pour durer ?", s'inquiète M. Cohen.
A Bercy, on se semble loin de se poser la question. "La Commission a donné son aval aux plans nationaux, car ils sont compatibles et homogènes, veut-on croire dans l'entourage du secrétaire d'Etat à l'industrie. Et la disparition d'une entreprise réduit la concurrence. Donc le droit prévoit qu'un Etat peut aider une firme dans ce cadre."
"La Commission n'osera pas s'opposer aux actions des Etats membres", note M. Seabright. Et "l'Organisation mondiale du commerce préférera empêcher le protectionnisme et l'instauration de barrières tarifaires. Elle va fermer les yeux sur le droit de la concurrence", ajoute-t-il. Les contribuables et consommateurs en seront pour leurs frais ..."