This means that new bubbles are preparing

The growth rebound to which we are witnessing a few weeks ago he says the end of the crisis

I would not say it. The current recovery is powered by the decline of commodity prices, the end of the movement of destocking of enterprises, the support of States to the banks and the economy, and the flood of liquidity spilled by central banks. In these conditions, the rebound was insured. But the survival of the economy is totally dependent on this artificial ventilation. And it is not in condition to be quickly disconnected.

You don't think so not the strength of the recovery

It is an extremely complicated period novel. This crisis has blurred all traditional benchmarks and highlighted the growing role of developing countries into the world economy. The optimistic scenario would be that the financial relief, second wind today at the end device, has enabled to initiate a virtuous circle of the market economy. If the unemployment decline and consumption is resistant, will be a real recovery. But the volatility of opinions, economic statistics and the financial markets is still very high and the slightest incident could have significant adverse effects. One thing is certain: the global social security counters have closed and leave the planet work without a net.

You are not very optimistic...

Or very pessimistic! But it must be said that the main factors which triggered the crisis worsened since. Big, deemed out of control before the crisis, banks have become overweight. Same thing for the States, already over-indebted, that became Bled, budgetary laxity is now a matter of circumstance. Finally, the liquidity, excessive for ten years, is now overabundant. This means that new bubbles are preparing. Central banks best so far, will have to play in the coming months a new and very subtle. If they withdraw liquidity too slowly, the inflation of assets form impressive bubbles. If they are too fast, real risks of relapse of the economy appear. In any case, should pay the Bill for the overindebtedness of developed countries re their growth for a few years. Need to rely on the major emerging countries to play the locomotives of the world economy.

The recent difficulties of the Greece have revived fears of bankruptcy of a sovereign State. Is this risk there

Sincerely, I believe that this potential is not threatening Europe. The bankruptcy of the Greece, which is not the most likely scenario, had no major impact on the euro area. Without evidence of cynicism, I would even say that the difficulties this country constituted an unhoped-for chance to limit the excessive appreciation of the euro! More seriously, I do not think the failure of the larger States. There is no doubt a bubble on sovereign debt, but with a reasonable rise in the interest rate, the larger States will continue to find creditors. The main risk today is not the financial bankruptcy of the States, but the economic bankruptcy. I mean Japanese syndrome of consumers who prefer to save heavily to prepare for withdrawal, foreseeable consequence of the excessive deficits.

Under these conditions, is higher taxes preventable

The France must at all costs escape, even if it is vital to run to reduce the public debt. In reality, we cannot tax or household, it would be unbearable, or companies, which suffer from a disability of competitiveness. It will therefore take more tackle public spending. Excellent work has already been done. But number of transfer to companies, enough unarticulated, expenditures could be reduced in the coming years in exchange for the commitment not to increase taxation and alleviate the regulatory.

Should you attend a new movement of banking consolidation in Europe

Some institutions continue to suffer in Britain, Switzerland or Germany, and will have to find partners. But in the immediate future, essential sanitation of bank balance sheets should take on major operations of reconciliation. The survival of a significant risk in bank balance sheets and future strengthening of capital constraints should limit the ability of banks to realize acquisitions of major.

How to limit the systemic risk presented by the largest banks

First by discouraging them from becoming too big! And, in any case, not relying on the taste of the day the American Glass Steagall Act, which provided separation of banks according to their activity. This would be an aberration as companies seek a banker of synthesis to address their need for funding, the bank credit or market instruments. It should rather focus on what appears to me to be the heart of the topic, i.e. activities for own account. Management on behalf of banks to systemic risk should

be passed to the fine comb. Can regulate the amount of own funds without carefully examining the quality of the own-account. And, after all, the role of banks is not to take risks to their own heritage, but to finance their customers.

Are pay in finance not too high

They are, and for a long time. Can not permanently dissociate the income of a sector of its social utility. However, this utility is now questioned, quite unfairly elsewhere. The bankers of the world must therefore demonstrate decency. But be careful not to address only the bonuses of bankers. Some banking activities are performed by others, the asset management, mergers & acquisitions for example Council. In addition, the competition between banks is global. It may not penalize banks of a given country to their competitors, Bank or not, domestic or foreign. The decision of Gordon Brown to tax the bonuses of the traders is destructive to the City if it is isolated. The planet finance, it is the Americans that set the tone, and they do nothing on the subject. Do we want to leave the field free to us banks

The stock you appear they constitute a more virtuous than the bonus pay mode

No doubt, because they are of long-term variable remuneration. In the order of virtue growing if I dare say, there is the fixed salary, bonus, free allocation of shares and stock options. The temptation that have some banks to replace all or part of the variable by an increase in the fixed seems suicidal. Many institutions did not survive is starting with banks to human size.

You are very favourable to the generalization of stock options. For what reasons

Because the France has a serious problem of competitiveness since fifteen years, related course in 35 hours and too high tax pressure, but also to the failure of the investments made by the companies and the State. Hence the interest of the great loan! Companies invest, it be that all employees are self-employed. However, the concentration of the stock on some explains the large gap between the salaries of managers and the other since the 1980s. It would be ideal to assign actions to all employees, even if I measure that is not so simple. We have ten years in the company financial. It is obviously more complicated in SMEs in major groups rated, but there are solutions. I could never understand that the left does not vigorously defend this mode of remuneration paid by the shareholders to employees, and therefore highly progressive.

Should we not review the conditions for the exercise of stock options awarded to leaders, to avoid suspicions of insider trading

Yes, absolutely. The current rule requiring managers to retain one-third of the assigned options is not enough. Should the transfer of their shares by managers is subject to rules of transparency and over several years, even if they have already left the company.

How do you change the management of assets and asset management business

It is a job that becomes more and more competitive. Mass industrial asset management has already begun its consolidation with the assignment by Barclays of BGI with Blackrock CAAM and SGAM closer. However, the management of niches to the outperformance gives way to actors such as we. Wealth management, the expected volatility of financial markets in the coming years is a wonderful opportunity for private banks that are sure to be mobile and diverse.

What was the impact of the crisis for the company Financière Edmond de Rothschild

As each crisis, it has helped our development abroad, in Europe, but in China and Latin America also. We especially have the ambition to become a great emerging operator here in a decade. This is the charm of the shareholding family to reason on a generation... The inevitable decline of our result has not prevented us to continue to invest and to strengthen our teams.

Could rapprochement with the Rothschild Bank not sense in view of the complementarity of your activities

This will not happen, and has elsewhere no interest. The Rothschild Bank wishes not to dilute in closer to a larger management group, and the Group Edmond de Rothschild does not dream to expand in the activities of "corporate banking". Moreover, the size is a critical factor in any of our respective professions. What is vital is the confidence attached to the Rothschild name and each of the two houses was better preserved during the crisis.