After interventions all over the place the pedagogy

After interventions all over the place, the pedagogy. On a slight lull in the market background, Nicolas Sarkozy and François Fillon is are coupled, yesterday, to explain the policy conducted by the France the financial crisis, the first by the Council of Ministers in the morning, the second in the National Assembly.

A policy that takes in a word: Dexia, the "case", according to the Elysee Palace. "Take control of a bank in trouble, remove its leaders and replace them with men who have the confidence of the Government, recover the establishment, remit the interests of the State on the market when the situation improves," such is the intervention of the France model schema, detailed the Prime Minister in the Assembly. Which makes it not necessary, he said, the actions on the guarantee of bank deposits have decided other European States (as the Spain again yesterday). And this for two reasons: because intervene upstream, by saving the banks of the bankruptcy, gives depositors a guarantee to 100 ", explained François Fillon. But also because it empowers more banks. "This is not the State to do their job", said Luc Chatel, the Government spokesman, to the National Assembly. "The State is not a bottomless well: take a blocking minority State participation, it allows you to act on the course of events and retrieve the implementation later", says an adviser to the Elysee Palace.

Other precision made yesterday: there was never question of proposing a European intervention fund to save the banks, have hammered the President and his Prime Minister. And so much worse if some in the élyséen entourage, challenged Monday this idea to the order of the day, accusing Angela Merkel to generated a market panic by his refusal to such a proposal last week. A heavy weight of the Government, Nicolas Sarkozy himself would have expressed yesterday by the Council of Ministers a certain irritation to the German policy. Similarly, it is highly mobilized on the European scene, to maintain a semblance of unity: it receives this week the heads of Government Polish (tomorrow) and Spanish (Friday).

"React immediately."

In any event, the idea of the intervention fund is very clearly excluded since yesterday, for the complexity that would involve action at twenty-seven. "For Dexia, the decision was made between 4 pm and 7: 30 a.m.: we have not supported the idea of a European Fund because, to save a Bank, there is a need to respond immediately", explained François Fillon at the Assembly.

On its two major options, party leaders interviewed by "Les echos" display different positions. Which augurs a controversial parliamentary debate this afternoon, despite repeated calls to "national unity" uttered by François Fillon. And this is not the other part of the anti-crisis policy, namely the decisions taken to cushion the impact on the economy, that will change this impression. On the contrary: François Hollande (PS) and François Bayrou (Modem) call including a plan of action clearly more important that the measures taken to support the housing and credit to SMEs (see opposite). All, of course, without digging deficits.