International News

It is in six weeks from 1 July that the law on the reorganization of the electricity market is to take effect. In the coming days, the gazettal of orders on prices will end a long series of months.

In this folder to boost competition in the sector, there is more suspense since the government has established conditions for redemption of nuclear electricity from EDF for its rivals: it will be 40 euros per megawatt hour (MWh ) from 1 July and 42 euros from 1 January 2012. A scheme which largely corresponds to the aspirations of EDF: the company, below 42 euros, had discussed the scenario of "looting".In front, the other operators have defended the basis of 35 euros, which are calculated on the current regulated rates.

But now the Regulatory Commission (CRE), Constable of industry practices, offers a different vision, and especially more reasoned, that of government. These, indeed, have given their price scenarios, but without much explanation to the key.

In its decision of May 5 – Le Figaro has procured – the regulator first recall that to make a reasoned opinion on the draft decree, he had to "establish the identification method and cost accounting (…) to reflect the economic conditions of production of nuclear power history. " But this method of calculation, according to the resolution of the CRE leads to a price ranging from 36 to 39 euros per MWh.This estimate is below the repurchase rate set by the government.

Formally, the regulator therefore not permitted under the price of 42 euros per MWh. Certainly, he said that the government wants to anticipate "the investments needed to promoting safety in nuclear power plants," but "these costs are not known to date, and the CRE is not able to appreciate" .

The controller is not alone in discussing the figure of 42 euros. On Monday, the Supreme Council of Energy, which brings together all actors involved in this case, adopted an amendment deeming it inappropriate.This amendment has no impact on law enforcement, but it is indicative of the perception of the situation.

Audits of nuclear

Rather than this threshold of 42 euros, the CRE recommends "that the potential effects on production costs of measures undertaken audits on all French nuclear power are valued only as they materialize in the accounts of EDF and are then fully integrated into the regulated price of access to nuclear power history. "

Is it provided a negative opinion given to the law? In reality, it is rather a surveillance.The controller takes note of any additional expenditure on nuclear power in the wake of the disaster Fukushima, but even if the pass, he prefers to know the exact amounts to be allocated.

Remains to the European Commission, guardian of the reality of opening to competition, to address the issue. "It will certainly ask for accounts in the true sense of the term in government. Similarly, operators will be heard, said one observer. But do not expect a decision very quickly, given the time required. "The start of the new system will be thoroughly examined.

In the light of an early meeting smashing, with the Dow Jones up more than 1%, the NYSE closed modestly in the green Friday. The Dow Jone gained 0.43% to 12,638.81 points. The Nasdaq index of technology stocks has taken its share 0.46%, to 2827.56 points.

The mood on Wall Street's opening, driven by the release of employment figures better than expected, has been tarnished by rumors from the euro area. Greece had indeed threatened to leave the eurozone, according to the German magazine Der Spiegel, citing sources close to the German government. A ifnormation quickly rejected by the major European capitals and in Greece itself.

U.S. stocks have opened sharply into the green on Friday, strongly supported by the publication at 14.30 good employment figures for the month of April.The Dow Jones advanced 1.10%, to 12,723.12 points and the Nasdaq by 1.09% to 2845.48 points.

Thursday for the third straight session, Wall Street had ended in retreat, investors are unpleasantly surprised by the rise in weekly jobless claims. The fall in commodity prices had also weighed on Wall Street and on most stock exchanges. Asian markets were down this morning.

Oil, for his part ended in the red, a barrel of light sweet crude for June delivery touching down to 97.18 dollars. In one week, falling 15%. This is the largest decline in weekly percentage terms since the week 19 December 2008 when prices fell by 26.8%.

The commodity index had plunged by 5% Friday, its heaviest correction since the 2008 financial crisis and one of the largest in its history.This violent decline in oil and metals weighs heavily on many sectors like oil and steel or producers.

On the foreign exchange market, the acceleration surprise hiring in the U.S. and the turmoil associated mainly in the euro zone have precipitated the rise of the dollar. After passing during the session under $ 1.45, a first for 10 days, the euro traded at 1.4341 shortly before 22.30, down 1.37%.

Kraft Foods profit down

Values ​​to follow

Kraft Foods 2.91% to 34.36 dollars

No. 2 worldwide agribusiness has announced a profit of 799 million dollars in the first quarter, down from $ 1.8 billion last year. The benefit was then boosted by asset sales. Turnover was up 11% to $ 12.6 billion. Organic growth was 4.5%.For 2011, the Group expects organic growth of 4%, against 5% previously announced, and a total growth between 11 and 13%.

Sara Lee: +0.99% to 19.47 dollars

In the same sector, Sara Lee announced a quarterly profit of $ 153 million, against a loss of 336 million last year due to exceptional items. Turnover was up 6.8% to $ 2.22 billion below the $ 2.23 billion expected. Gross margin was down to 33.2% against 37.6%. The group has raised its selling price by 3% on average and anticipates further increases over the next 6 months.

Visa: 0.58%, to 79.16 dollars

Visa has announced his side a 23% increase in profits in the first quarter to 881 million.Net banking income of 2.2 billion, up 15%, driven by higher payments to international and a positive currency effect of 2%. The main uncertainty for the group focuses on the reform sought by the Fed on the fees charged on payments. The new law could reduce the turnover of the group between 11% and 15% and earnings per share of 20%. In addition, the group announced a new share repurchase program of $ 1 billion.

AIG: 1.36%, to 31.21 dollars

The insurance group has achieved for its first quarter 2011 net income of 269 million dollars against 1.8 billion a year earlier.However, the insurer posted a loss of $ 0.35 per share against earnings per share of $ 2.66 last year following the redemption of shares held by the U.S. Treasury for $ 385 million and the additional cost of 427 million related to the redemption of preference shares.

CF Industries: 5.28% to 136.07 dollars

CF Industries announced for first quarter 2011 net income of $ 282 million after a deficit of 4.4 million last year.

Fluor Corporation: 7.27%, to 70.49 dollars

Fluor Corporation completed the first quarter 2011 net income of $ 140 million against 137 million last year.

Microchip Technology: 1.04%, to 40.96 dollars

Microchip Technology has reported for the fourth quarter of 2010/2011 with a consolidated turnover of 380 million up 37% year on year and net income from continuing operations of $ 131 million, up 72% over the year.

Priceline.com: -1.02% to 528.59 dollars

Priceline.com posted a net profit in the first quarter of $ 137 million, up 57% over one year, earnings per share $ 2.66 $ 2.44 against the dollar and 1.7 expected last year .The turnover amounted to 809 million, an increase of 38.5% over one year.

Public Storage: 0.61%, to 24.80 dollars

Public Storage has announced a net profit in the first quarter of $ 148 million against $ 35 million a year earlier.

Sunoco: 3.44%, to 41.44 dollars

Sunoco recorded a deficit of 101 million dollars in the first quarter against a deficit of 63 million last year. The board of directors also declared a quarterly dividend of $ 0.15 per share.

Zhou Mingwang is a young Chinese entrepreneur very reactive. Twenty-four hours after the official announcement of the royal wedding between William and Kate, 16 November, Zhou placed online on its website chinamingwang.cn a copy of the engagement ring, a large blue sapphire set with diamonds, worn at the time by Princess Diana, she received a gift from Prince Charles.

The jewel, consisting of a zircon crystals and 14, is sold for a whopping $ 2.75 to $ 8 per piece, the price varies depending on the quantity purchased. Located in Yiwu city, south of Shanghai, a center of low-cost production, Zhou took care of changing the jewel just enough to avoid infringement litigation payday loans in one hour.

For the first orders from Great Britain, flocked applications everywhere, even Australia. Recently, a French magazine has purchased 35,000 for a commercial transaction.

If the idea has since made a few followers among the competition, the young man, who has already sold more than 100,000 copies, table for this year on a strong rise in earnings thanks to Kate and William. Friday, he will follow the ceremony in his factory with 40 employees.

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The false Renault spy case comes to an end for Matthew Tenenbaum. The youngest of three executives dismissed earlier this year accepted its reintegration into the group, according to the agreement reached with management on Monday. "I can confirm that it is reinstated. It remains to determine what functions, it is being discussed these days, "said Thibault de Montbrial, his lawyer. The other two concerned Balthazard Michel Rochette and Bertrand, they have decided not to return.

The other part is returned Philippe Clogenson. The latter had been dismissed for corruption in 2009, also on the basis of anonymous accusations that proved unfounded. Renault reinstate it next month as director of "business development" Renault Consulting, the consulting division of the group.

Back to the wall

The return of Matthew Tenenbaum Renault may have a bitter taste.A new audio document, published by L'Express on Tuesday, makes indeed account for the severity of the direction towards him during the meeting on 3 January with Christian Husson, legal director of the company. That day, part learned with amazement accusations of industrial espionage and the dismissal proceedings against him.

Confident Christian Husson Matthieu Tenenbaum launches: "We know that you have committed serious acts, unethical at Renault, and constitute criminal offenses. You'll leave here earlier with a layoff conservatory. The latter seems stunned: "I do not see at all what you mean." Then follows a real game of ping-pong between the two men Proceedings:

– "I think you know very well," said Christian Husson.

– "No! "Replies Matthew Tenenbaum.

– "Yes, yes Matthew …"

– "We know each other!"

– "Of course we know each other. But here, we know "

– "But you know what?"

– "We know."

– "But you kidding! It's not going head! "

– "It's going very well," said Christian Husson, which states in part that his "cronies" are examined in the offices nearby no fax payday loans.

Confession or resignation discrete

Despite the pressure and lack of explanations, Matthieu Tenenbaum continues to blanket denial: "To be escorted by hounds and finish it tells me that I have two choices, either confess or I am made walk for eight days, excuse me fall out of the closet like that, but what you speak? "

Tired, legal director offered him a "deal": "Either you cheek me, Commissioner Mills and the suspect who denies any ', or you end up in more discrimination (…) If you deny everything, that's what will happen .It will trigger a cumbersome procedure, criminal, and certainly with the key to serious consequences for you (…) Let you have more discernment, and it leads to resignation (…) that is to say that you hand your resignation with some details on what information you passed to the Chinese. And it stops there. "

Christian Husson Tenebaum then invites Matthew to "think carefully" to the maintenance of 11 January with Jean-Yves Coudriou, the chief executives. "Stop saying that you did nothing. We know, "he says.

"My hands are clean"

At this stage, the choice of frame is yet done: "If the only way to restore the truth is the hard way, I will take the hard way. But I do not see anything else I can do, "says Matthew Tenenbaum. "You can check all my accounts, my emails, my stuff, digging my home search …but never in my life I would have given any thing outside of the company! "he protested. "I have clean hands so you can do anything you want. I never turned a penny of this company. "

Despite the determination displayed frame, Christian Husson does not bend. "You'll go to your office seeking your business quietly without wishing the wishes to your colleagues. Hello Matthew! "Says he at the end of the interview.

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France-Soir has missed its target. Relaunched on January 17 with great fanfare with a promotional campaign for a $ 4.5 million, the newspaper of the young Russian Alexander Pugachev can not take off in sales. According to data reported to OJD, the distribution of the daily France paid amounted to 71,361 copies in January 2011 against an average of 74,531 copies in 2010. The new France-Soir has witnessed a drift of its newsstand sales. These are lowered in January to 46,000 copies, the worst month ever recorded the title since its first revival in March 2010, where he sold more than 73,000 newsstand copies. The situation had deteriorated again in February.At the same time, sales by third parties (airlines, restaurants …) journal has never been higher, at 22,000 copies in January, compared to less than about 4,000 copies in March 2010.

The new formula was launched under the leadership of Remy Dessart, managing editor since last August, would enable France-Soir "to pass more quickly to more than 100,000 copies," hammered in early owner. But Alexander Pugachev, who has already invested over 50 million euros in the newspaper, took the risk of destabilizing its faithful readers.It has increased the selling price of 10 cents to 0.60 euro for a paging maintained at 32 pages, and especially his book horse was reduced to almost nothing, pagination as the racing decreased from 8 to 3 pages .

Crédit mutuel sought

The son of Russian oligarch Sergei Pugachev, who plans to inject another 20 million euros this year, he will continue long to replenish the paper? "Everything goes well, we work hard to make the newspaper," Remy loose Dessart, who does not wish to comment on the financial difficulties of France-Soir. Last Tuesday, Alexander Pugachev convened a crisis meeting with his directors, as revealed by Press News. While its monthly losses always exceed two million euros, France-Soir was hoping to break even in 2012 with a circulation of 150,000 to 170,000 copies.Goals that are too far pushing Alexander Pugachev to seek partners. He recently asked Michael Lucas, chairman of Mutual Credit and leading publisher of regional newspapers throughout the Group Ebra.

After opening down, Wall Street back into positive territory on Friday. The Dow Jones gained 0.16% to 12,003 points, the S & P 500 ahead 0.50% to 1302 points and the Nasdaq rose 0.33% to 2710 points. Caution remains appropriate. Investors fear the consequences of the earthquake that hit Japan last night. Bad news that comes on top of disappointing indicators released Thursday and the tensions that persist in Libya.

Oil continues to unwind

These concerns, however, help to relax the price of oil which opened Friday down $ 3.05, passing below the 100 dollars to 99.65 dollars exactly.

On the macroeconomic front, retail sales in the U.S. rose 1.0% in February from January, as analysts anticipated, according to figures released Friday in Washington by the Department of Commerce.

U.S. consumer confidence fell in March, according to an index released Friday by the University of Michigan, which was 68.2 against 77.5 the previous month.

Restocking of manufacturing firms and corporations increased 0.9% compared to December in the U.S., according to figures released Friday by the Washington Department of Trade and rather good news for the U.S. GDP.This increase is slightly greater than the median forecast of analysts who gave 0.8%.

AIG: -0.49% to 36.30 dollars

The insurer American International Group said on Thursday to buy back $ 15.7 billion in cash (11.4 billion) of mortgage assets that the U.S. government had recovered during the financial crisis through the bailout group.

National Semiconductor: 3.88% to 14.71 dollars

National Semiconductor has published an annual turnover less than expected for the third quarter of fiscal year due to destocking at its distributors, but its forecast of sales growth for the current quarter is in line with expectations .

Clearwire: -1.74% to 5.65 dollars

The Clearwire CEO Bill Morrow has resigned as part of a wider reshuffle at the head of the wireless network operator, amid difficulties to finance its investments and dispute between the group and its majority shareholder Sprint Nextel.

Chevron: 0.64% to 99.71 dollars

Chevron announced the sale of its refinery in Pembroke, Great Britain, for 730 million dollars U.S. refiner Valero. The latter said in a separate release that the acquisition would be accretive to its earnings immediately, adding that the transaction should be finalized in the third quarter.

Apple: +0.41% to 348.09 dollars

Apple launches this Friday the marketing of the new version of its iPad tablet.

In Brussels

Ireland and other followers of the corporate tax can breathe a minimum: despite the Franco-German ambitions, the future "pact" of European competitiveness does not require them to raise their tax benefits. But the respite promises of short duration: in mid-March, the European Commission intends to deliver this explosive issue on the table, with the tacit support of Berlin and Paris. In the EU, the tax is a matter of national sovereignty, with the right of veto in the European sphere. Each state tax at will. Some heavy, some lighter in the image of Ireland.For a generation, Green Island was a sampling of 12.5% on profits (against 23% on average in the EU and 35% in the U.S.) one of the essential attractions of its strategy investment-oriented multinationals.

The tide turned last fall when Dublin came to the window to rescue the euro. On this occasion, Nicolas Sarkozy noted that Dublin could also replenish its coffers by looking for revenue wherever they are: "I can not imagine that our Irish friends do not use their flexibility, their taxes are lower than others ", he let go at the bend in October.

Harmonization

Since Angela Merkel took over by making a minimum taxation of benefits one of its key European Pact of competitiveness. "The market was clear: Germany and its financial strength will fly to the rescue of the euro and European countries in trouble if everyone holds itself home to a minimum of discipline free business cards. The corporate income tax and especially the convergence rates in the EU are part of the arsenal. With Ireland, four countries find themselves in the sights, both inside and outside the euro area: Cyprus, Luxembourg, the Czech Republic and Slovakia.

To obtain the necessary adhesion to the "pact" of seventeen of the euro area, the chairman Herman Van Rompuy and Angela Merkel have finally put some water in the Franco-German wine.The declaration to be submitted to the Summit of the euro on Friday in Brussels, commits the Heads of State and Government to restore order to public finances, but she advocated, explicitly, "without harmonization of tax rates."

Proponents of tax convergence has not said its last word. Five days later, on March 16, the Barroso Commission intends to relaunch the debate in another way: it wants to harmonize the tax base of corporation tax in the EU, that is to say providing a tool for Twenty-measure common to September Once established this barometer, it will be possible to establish a recognized scale. It is up to the big states, it is said in Brussels, then back to the political pressure against dumping tax.

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Shortly before the opening of U.S. stock markets, the Nasdaq 100 index futures and Standard & Poor's 500 index retreated 0.62% respectively at 2289.25 points from 0.60% to 1297.70 points. The Dow Jones was due in part to its decline from 0.44% to 12,041 points.

What foreshadow a third straight session of declines. Yesterday, the Dow Jones had however managed to reduce its losses throughout the day to finish on a slight decline of 0.9% to 12,105.8 points. The Nasdaq, which fell 2% in session was also limited the damage, finishing on a withdrawal of 1.2%. The Standard & Poor's 500, after losing more than 1%, did ultimately crumbled by 0.6%.

The escalating violence in Libya andthe outbreak, more vivid than ever, oil, continue to weigh heavily on markets, on both sides of the Atlantic.Especially since Libya has suspended exports of gold and black as the risks of contagion to other exporting countries is not excluded.

In this tense international situation, which could be added on Thursday, some concern investors face early elections in Ireland, macroeconomic indicators of the day will they manage to weigh?

Durable goods orders, new housing and unemployment

On the agenda on Thursday are expected, from 14.30, orders for durable goods in January, enrollment to unemployment benefits. Thereafter, at 16.00, new home sales. The weekly petroleum stocks are finally known, at 17:00.

Orders for durable goods are expected up 2.8% or 0.5% excluding transportation. 405,000 new jobless claims are also expected.The FHFA index of house prices should receive a decrease of 0.1%, while sales of new housing could fall by 7.3%.

GM and AIG publish their figures 4th quarter

On the corporate side, General Motors (GM) will announce its results for the fourth quarter before trading, while AIG to sacrifice the performance after market no fax cash advance.

Investors may also keep an eye on Procter & Gamble, whose chief financial officer, Jan Moeller, participates in a Consumer Analyst conference in the afternoon.

Sears Holdings has reported a quarterly profit decline because of poor sales from the department store chain that bears his name.

Limited Brands announced Wednesday night a 27% increase in earnings for the fourth quarter thanks to healthy sales of its lingerie brand Victoria's Secret.The group posted net earnings of 452.3 million dollars, or $ 1.36 per share, against 356.1 million ($ 1.08) a year ago.

Bank of America was sued by investors who require it to redeem their mortgage loans which are backed by over $ 1.06 billion of securities they hold. Net income for the fourth quarter fell to 374 million dollars (3.43 dollars per share), against 430 million dollars (3.74 dollars per share) a year ago.

Magna International announced yesterday that it returned to profit in the fourth quarter, production and sales of cars continues to increase worldwide. Net income for the automotive stood at $ 216 million, or 88 cents per share.A year ago, the equipment had suffered a loss of $ 139 million or 62 cents per share over the same period.

Moreover, airlines, including American Airlines (-6.55% at the end), United (-6.8%) and U.S. Airways (-7.5%) should still pay the price, this Thursday, Arab crisis and soaring oil prices running.

Hewlett Packard (-0.6%) for its part will probably be very guarded today, having been severely punished after publication of its results.

The Pentagon is expected to unveil on Thursday its decision on the mega contract for refueling tankers to the U.S. Air Force, for which Boeing and Europe's EADS are competing for several years.

Ethics and Professional Conduct market, terms and level of detail in the communication of large listed companies are very heterogeneous. This conclusion emerges from a study jointly conducted by PricewaterhouseCoopers (PWC) and students from Sciences Po

Of the 80 largest capitalization on the Paris (CAC 40 and 40: the "Next40"), only 10 have a dedicated code of ethics, as recommended by the AMF in November 2010. This charter, not mandatory, declining at the enterprise level the concepts of insider trading, inside information and duty of abstention, "in addition to an already very precise definition in legal terms," says Elodie Fornas PWC, in charge of the study.

In total, 69 companies of the panel (including the 10 already mentioned) have established internal rules of conduct, but only 53 communicate publicly (on their website in their document, 2009). Without naming them, the study underscores the total lack of communication on this subject in 5% of heavyweights rating (CAC40) and 22.5% of the 40 companies following. "Either there is a failure to communicate, or market devices ethics are not sufficiently advanced in these companies to justify an official communication," says Elodie Fornas. Unlikely however that the first hypothesis applies to companies often expert on codes of speaking.

Among those who made the choice of internal rules of conduct, the supports and the level of explanation of concepts are very different.Some specify them in their global ethical code (29), others in the charter of the administrator (10), others prefer the rules of the board (23).

Finally, details of concepts is sometimes very random. On the definition of insiders, 18 companies believe it is only corporate officers, 5 others add executives, and 30 others include all employees. In several cases, some employees are not even officially informed of their status as "insiders."

The explanation of "inside information" differs among the 12 companies finally showing the 4 criteria of the definition of the AMF General Regulation (non-public information, said having a significant influence on the course and dealing directly or indirectly the issuer or the securities of companies) and companies that do not repeat 3 (they are seven), or who do repeat that 2 (14 companies).

A more mature in the Anglo-Saxon

These differences raise questions, while the practice of communication ethics market can greatly affect the image of the company and the value of its stock exchange. Witness the case of aircraft manufacturer EADS, rocked for months by suspicions of insider breaches.A case that Colette Neuville, president of the Adam (Association for the Defence of Minority Shareholders) calls never happen again.

"The approach of the French companies on these issues appears less mature than in the Anglo-Saxon countries, where market rules are more stringent," says Elodie Fornas. Including the United States where, since the Sarbanes-Oxley Act of 2002, a code of financial ethics is mandatory for listed companies. " In France, there seems to prefer the incentive approach, like the AFEP-MEDEF 2008 on good corporate governance, from business organizations, not the stock market regulator.

"The guide AMF in November 2010 is too recent to measure its effect on corporate practices.Nevertheless, he'll probably get them to rethink their rules and procedures relating to market conduct, and communication to affirm their commitment to the subject, concludes Élodie Fornas. And if the transition to a mandatory does not seem relevant, listed companies have an incentive to follow these recommendations for reducing the risk of insider breaches and sanctions, media laws and regulations made thereunder. "

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The affirmation of the Sino-American couple on the international scene and the reception of the White House to the French proposal to reform the international monetary system have not started the ambition of Nicolas Sarkozy. The head of state gave Monday morning at the Elysee kick off a year 2011 marked under the seal of the international retailer, to reporters and foreign ambassadors in Paris (live webcast Facebook and Dailymotion), his goals for the G8 summit in late May at Deauville and the G20 early November in Cannes. The press conference will also be an opportunity for him to discuss the crisis in Côte d'Ivoire and the fate of hostages kidnapped by al-Qaida.

Despite criticism and diplomatic hurdles, reform the international monetary system remains at the heart of the project Elysian.This issue was central to the presidential consultations with Chinese leaders, Indian, Russian, Brazilian past two months. It will remain this week when the president will travel Thursday to Davos and Sunday at the African Union summit in Addis Ababa (Ethiopia). The visit of the Head of State on the African continent will also be an opportunity to discuss other priorities G20: the regulation of commodity markets and the financing of development down since the crisis.

Questioning the dollar

While the sherpas of the G8 and the G20 meeting in Paris to floor until Monday on French ideas, Nicolas Sarkozy is already facing objections from some key partners.Very attentive to anything that could jeopardize the status of reserve currency the dollar, the U.S. Treasury was the first to leap, advising the French presidency to promote above all a flexible exchange system. "It is important that the currencies of all major international trade evolve in a flexible manner to facilitate global adjustment," said Charles Collins, Assistant Treasury Secretary, last week in Washington online cash advance.

Beneath techniques, this remark encapsulates the diplomatic hurdles that stand in the way of the French Presidency. Okay fight against exchange rate volatility harmful to trade, the G20 is divided on whether to regulate foreign exchange.Three countries have an interest in the status quo: the U.S., home of the king dollar, which China wants control over its currency and Germany that the euro enjoys a more favorable exchange rate with the former Deutschmark.

For his part, Nicolas Sarkozy has repeatedly criticized the euro-dollar, saying "only $ 1.30" the European currency remains "overvalued", penalizing exports. In his struggle against the privileges of the dollar and monetary disorder ambient, France can boast the support of key emerging G20 (China, Brazil, India and Russia).A coalition may be helpful but insufficient.

The slopes of the report by Michel Camdessus

Nicolas Sarkozy received Saturday by Michel Camdessus, former IMF chief, a ten page report outlining the options for reform of world monetary system as too volatile and dependent on the dollar, with exchange rates away from fundamentals. These trails go through a strict exchange rates, targets surplus and current account deficits and strengthening the IMF's role as policeman of the exchange rate. The report suggests increasing the role of special drawing rights, the IMF unit of account, which can be used as a reserve asset for central banks in emerging countries.

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