In Europe the ECB maintains lines of action

While the hypothesis of an expanded G8 Summit takes body, do you think that a "refounding" of the financial system is possible

In my opinion it is premature to want to reform the financial system. It seems more sensible to wait for the world economy is distributed and that it has understood all the parameters of the current crisis to amend the system. Today, it is hardly the case. And then there is always the risk, when seeking to learn the lessons of a crisis, to create the conditions for the next crisis too fast in surréglementant.

Who is responsible for the current crisis

It seems to me that there is a general problem of regulation. I found it astonishing that the giant insurance in the United States, AIG, could engage in the business of the "CDS" without be controlled. Probably there was the part of supervisors and regulators a lack of power, a lack of coordination and of negligence.

What do you think the management of the crisis on the European side

It is a catastrophic example of lack of cooperation. Some States have taken decisions without concern for the dramatic consequences that it might have with their neighbours. The fact that the Irish have guaranteed deposits which, by contagion, led the British to make the decision, unprecedented, recapitalize the banking system. That Governments want to save themselves their institutions in difficulty, it is understandable. But Governments have forgotten that they are hosting a pan-European banks and financial markets are closely related.

The idea of a European Fund to rescue you was it useful

A supranational entity which would have come to save the European banks was not viable because, unlike the United States, there is no single political authority in Europe. Should have at least been an instance of dialogue showing investors and financial markets that the decisions are made in good coordination with other Member countries.

The concerted intervention central banks on rates is a better signal

It was the best possible response. I think that this concerted rate cuts is a turning point in this crisis. I hope that, now, the central banks will consider that the global slowdown, which will degenerate into recession in the coming quarters, largely removes the risk of inflation and gives them the possibility of using the weapon of the rate to stabilize the global economy and financial markets.

Can this decrease facilitate the recovery of interbank loans

The crisis of confidence in the banking system is that it is not very well known which figure in the assets of banks. Therefore, they are reluctant to lend to each other. If one makes the most flexible credit conditions, increasing the incentive to lend.

You are rather optimistic

The concerted action of central banks comes late, but it is welcome. Nevertheless, I am afraid that it will not avoid the global recession. One of the reasons for the decline of the equity markets is that many investors are aware of this reality and revise downward their profit forecasts. It has not directly to do with the crisis of the interbank market.

What crisis scenario do you

It is too early to say that the worst is behind us. For me, there are two options: a global recession, with which we will serve the excesses of the past and which will start late 2009 with good fundamental best. But there is also a black scenario, where central banks fail to boost world demand. This would be the case if credit markets remain blocked, or if the Fed could cut rates. In Europe, the ECB maintains lines of action. But I am afraid that it was too waited. The risk of recession were clear in the spring. There was a certain blindness to the ECB with regard to the real economy.