There is a real economic problem to resolve

Do you consider that exceptional measures recently taken by the Member States will help to resolve the crisis in the euro area

Coordinated and vigorous reactions of the Governments and the ECB have to stabilize, at least in the short term, a situation which might otherwise have become very critical. Before the European Summit on May 7, all the symptoms of problems already found after the bankruptcy of Lehman Brothers began to manifest itself, even if it was not with the same acuity: scarcity of liquidity on the interbank market, gauge the "spreads", abnormal value of assets in illiquid markets,... Measures were therefore welcome both and issues.

In these circumstances, why the single currency continue to depreciate

Europe and the France with Europe are living a crucial moment in their history. To permanently restore confidence, the euro area Governments must implement the measures announced. For each Member State, it means take serious steps to return to a balanced budget. And for the euro in its area, it means a United and determined in all the States action to coordinate their economic policies. Which requires a significant qualitative leap fact constituting an economic government of the euro area.

General austerity won't break the growth

It is a matter of setting economic policy. On the one hand, the level of the challenge-cits to offset the effects of the crisis is not sustainable over time. The other, a landing of ultrafast and undifferentiated public finances according to the States at the levels required by the Treaty is neither CSR-list nor desirable, politically and economically. Finally, the current level of the euro is good news for the indus - sorts by exporting French and European.

The speculation is therefore not responsible for the current crisis

It must not confuse the symptoms and root causes.

There is a real economic problem to resolve. If we need, today, economic strategies contact, it is in our common interest not to please the markets. In a monetary union, only economic cooperation can produce positive economic results in the medium and long term. Divergent strategies do not.

The creation of an economic government implies a surrender of sovereignty which is not unanimously...

There is not under control of the euro area output scenario. "Ordered breakup" of the euro area, this does not exist. The collapse of the euro area would necessarily be extraordinarily expensive and painful for all Europeans, in growth, jobs, quality of life. Share the same currency implies a profound economic solidarity. We knew from the outset. It now comes to this solidarity in work. The rescue of the Greece plan is a first example. As decisions on 7 may, they make me optimistic about the fact that the France and the Germany, including, have privileged together the path of European deepening.

Some consider that the Germany made rider only. What do you think

I am sure that the France and the Germany will be able to act hand in hand.

Were you just heard on the financial regulation. Do you think that Basel III standards pose a risk to the financing of the economy

In Europe, banks finance the bulk of the needs of the economy. From a macroeconomic point of view, it would be unwise to position all cursors at the same time in the same direction. While the recovery is fragile, and as the budgetary policy will become less accommodative, should not, in addition, restrict credit because then you get good results. Basel III standards, as they are presented today, meet a goal of securing the system. Should effectively strengthen bank capital and liquidity, and it is normal that the riskiest activities are more taxed capital. But these standards will have an effect of recessive if they are all applied at the same time and indiscriminately. Everything is matter of do-wise and all calendar, otherwise will be mechanically drying of the credit and increasing its cost.

What would be the impact of these standards for BPCE

We have developed several scenarios for Basle III. We particularly anticipated a strengthening of our own funds to meet the requirements of the regulators. Our ambition is to strengthen our capital structure and our financial strength. Our ratio of funds to own "hard", which was 6.4 in June 2009 and 7.3 in March 2010, will be more than 8 in 2013.

Do you think that should be split up some banking activities, as recommended by Paul Volcker in the United States

It is a theoretical concept that is likely to dissolve in its

execution! It is very difficult to distinguish between own-account and client-oriented activities. Therefore, I do not see how this idea in practice. I see not why this principle would ensure greater financial stability. Banks that have suffered most during the crisis were all, or almost, pure investment banks and were not commercial bank. It is very difficult to draw the line between client's own account and activities. You will find all possible splittings of banks or economic models in banks.

Do you see distortions of competition in the application of the rules on bonuses

French banks strictly apply the rules under the control of the supervisory authority. But this is not the case everywhere and we are distortions of competition every day, especially in the United States and Asia. However cannot be permanently out of step with the rest of the world.

What balance are you getting your first year at the head of the Group

In one year, group BPCE became an actor in French, and even European banking landscape. The results of the first quarter reflect the progressive recovery of the Group and the operational performance of its functions. The group is conso-lide, strengthens its financial base and releases from the margins of manoeuvre for its future developments. By 2013, we will have repaid the State with our hard equity to more than 8. In one year, we installed a new management team, made a comprehensive analysis of our risks, defined a strategic industrial line clear. The new banking group holds its rank.

You have defined the future contours of the new group. You are what timetable you fixed for assignments

There is no other schedule than a good value of our assets and a good allocation of our own funds. Respect for our financial trajectory does not assignments; We are not "forced" sellers The repayment of State aid can be outside any assignment.

Are you satisfied with the results of Natixis

Yes. They prove the relevance of the strategic direction presented in August 2009 on the basis of the diagnosis made with Laurent Mignon in June 2009. We construct little by little a bank integrated group BPCE, leaving profits. Natixis has very good teams and a high quality trade Fund. Natixis is on the right path, but its recovery is not completed and should register in the long term.

Is Natixis designed to remain listed

We focus on the relief of Natixis and demonstration of profitability in its current structure. There is no plans for withdrawal of the rating to the order of the day. We implement what we have provided, our priority is the implementation and execution of the strategic plan of Natixis.

The General Assembly of Natixis takes place Thursday. What will you say to the small shareholders who agreed to the rating in 2006

I understand that they are not satisfied with Natixis stock route and that they sometimes bitter. But I also say they watch the course since March 2009. I believe strongly in the potential of this company, even if the environment is not simple. It's true that Natixis was not a nice stock market history, that he was very affected by the crisis and that Furthermore the situation was aggravated by the fact that the introduction on the stock exchange is made just before the collapse of the credit bubble. That said, since three years, his "cumulative" route is not worse than the majority of French competitors. We need time, confidence and perseverance to succeed the remedial action plan that we have undertaken.

The Caisse des Dépôts entry in the post will indirectly strengthen its share in the NOC. Are you going to take the opportunity to give flat shareholder

Life insurance is a strategic business for us. How to restructure will depend in part on the evolution of the regulations on own funds. We will see by the end of 2010 if it is more interesting in terms of solvency to develop this business internally or in partnership.

The repayment of State aid forced it it procurement

Non. The two subjects are not related. Aid approved by Europe were not aid in the rescue but were part of a plan of support for the financing of the economy. They therefore do not carry restrictions in terms of growth. Therefore, we will strengthen us internationally by acquisition or organic growth through Natixis in the management of assets for example. I would add that our goal is also to repay such aid as quickly as possible.