Obviously these devices are not sufficient

The German project of support to the financing of companies clearly seduced Nicolas Sarkozy. "The idea of granting credit facilities to businesses is a good idea," said yesterday at a press conference with German Chancellor Angela Merkel, the head of State. "We will do as the Germany", he added. German, the project, the amount that could reach 100 billion euros, is is stated yesterday. The great happiness of all sectoral federations, who suffer from the crisis of credit, the Minister for the economy, Michael Glos (CSU), has confirmed, on the N24 chain, that a fund could be adopted as early as Monday. "We want to create an instrument now in order to use it when it will be necessary", he said, in response to criticism from some economists, who believe that the Bank rescue plan, voted in mid-October, should fulfill this function. Aid to banks, more restrictive than in other countries Europeans, have been slow to put in place in Germany, so that companies feel yet effects. Commerzbank is the first to be launched, yesterday, an obligation secured by the State. Two scenarios are being studied in Germany: the State provides a guarantee for credits contracted by companies with banks either, it gives a financial envelope for the KfW German equivalent of the Caisse des Dépôts to grant loans directly. "We prefer guarantees model similar to that implemented for the banks," said Michael Glos.

In France, the reflection is also committed several weeks in the Elysee Palace and the Government. If it considers that the banks support plan worked better in Germany and mediation between banks and enterprises (coordinated by René Ricol) "works", Executive worried now about funding long-term enterprises. The case of the automobile now seems the most obvious. "We finally decided to work together on the automotive industry, with German Ministers and business in the States General of the automobile", also said, yesterday, Nicolas Sarkozy (see below), Angela Merkel adding that both countries will floor on a joint programme of research and development for the car of the future.

With the exhaustion of the credit lines negotiated before the crisis, the entourage of the economy Minister, Christine Lagarde, which indicates "what we're watching now, is the renewal of the credit lines", indicates record evidence of difficulties. Despite the decline in the rate, which is expected to soon materialize in loans, and the second tranche of 10.5 billion euro recapitalisation of banks open here in late March, the Government said so "to listening, ready to act".

The State would a new stage: early October, it had made available to banks 22 billion for SMEs, including from the funds of the booklets of sustainable development. The Caisse des Dépôts had also strengthened the credit line granted to OSEO, which guarantees loans to SMEs. And beginning of December, the Secretary of State for foreign trade, Anne-Marie Idrac announced additional guarantees for exporters. Obviously, these devices are not sufficient.

Temporary derogations

These plans of direct support to enterprises would be facilitated by the temporary derogations granted by the European Commission since mid-December. With the difficulties of funding "exceptional" encountered by companies, "The Member States can grant, without having to notify them in Brussels, subsidised loans, a reduction of the premium to be paid for loan guarantees, the investment capital for SMEs and direct aid of an amount less than EUR 500 000", indicates the Commission a note passed unnoticed. A guarantee of credits would be not free of annoyances. First, guarantee loans to multiple players results in "dispersion of the signing of the State", indicates in Bercy, which should also be careful not to create distortions of competition between companies.