In my view the IMF too darkens the table

Before the Summit of the heads of State on 2 April, in London, the G20 Finance Ministers are found today and tomorrow in the British capital. In an interview with the "Echos", Christine Lagarde details the France proposals.

The United States want more stimulus, and the Europeans argue for a reform of the financial system: the meeting of the g-20 Finance Ministers does not open to a dialogue of the deaf

Each is based initially on his national square meadow, with banking economic situations and policies different. The United States insist on the need for a strong, rapid and coordinated stimulus. Why Because they are the latest to implement their plan of support and that they face a major crisis. The British, they are concerned about the stimulus, but a little less than Americans; Their absolute priority is the safeguarding of their banking system, which faces difficulties to a considerable extent. For most countries of continental Europe, the urgency is the elaboration of rules, the recall of the discipline and the possible sanctions through a new architecture of the financial system. The emerging countries want to be more present in the international financial institutions. Finally, the Chinese are rather in the position of arbitrator because they have cash flow. I have confidence in the fact that the positions are closer, as was the case before the Summit in Washington on 15 November.

The g-20 countries have different assessments of the depth of the crisis. The United States, like the IMF, are not resumed as of 2010, in contrast to the European Central Bank. Are you on a line "dsk" or Jean-Claude Trichet

I am rather of the opinion of Jean-Claude Trichet. We are building on a recovery current 2010. It is a little disturbing to hear other voices saying that the economy will leave surely not next year. The United States giving the feeling that they do not themselves to their recovery plan.

In my view, the IMF too darkens the table. Me, I am not persuaded that there is this year a global recession. When you look at the predictions of the Fund, it does not account for all components of fiscal stimulus. For the France, for example, he has forgotten the additional investment of public companies.

Should we not first and foremost address the issue of banks clean, especially in the United States, to speak of recovery

It is imperative that the Americans call their banking system in running order. The successive announcements of the Treasury Secretary, Tim Geithner, could give markets an Impressionist sense. If they respond poorly, it may be that they feel the unfinished side of these plans.

Are European plans sufficient with committed other means

European efforts are very important. They represent 400 billion, or 3.3 points of GDP by summing the effect of the automatic stabilizers who play a key role through such benefits social and massive investment recovery. There is no additional European stimulus on 2 April. Indeed, this is not the place for this. The priority today is to implement on the ground and as soon as possible the expenditure on which European Governments have committed their responsibility to their respective parliaments. And to present instruments of measure to show achievements.

It hit the low point of the crisis Do you see signs of improvement

I think that businesses will soon begin to rebound their stocks, which could reboot the pump. But it should not be illusions: recovery will take the form of a "corrugated", with ups and downs. To enter a virtuous circle, States must restore confidence by giving clear and strong signal to the financial community and citizens. Namely that, collectively, we will really restore rules and sanction abuse.

What are signals

We first make progress on the issue of tax havens. They must accept the transmission of data and the lifting of bank secrecy. There are three lists: the non-cooperative tax centres, the financial stability Forum, i.e. the countries which, in fact, do not play the game of cooperation, and the FATF, for money laundering. For each list, we need to take concrete decisions. If there is no willingness to cooperate, we will ask all our banks to disclose information about their transactions with these countries. We also denounce the bilateral tax agreements including.

And for banks to maintain their links with these centres

We could increase as regulatory own funds requirement proposed in the Larosière report. I have good hope, the international context is very favourable to the principle of transparency. It is