The last conclusion is our economic model

Let us face: we face a time of uncertainty as us have ever known: rare are indeed those who lived through the crash of 1929. Politicians, bankers, economists must seek all the causes of the financial crisis. Capitalism too often irresponsible, which speculates on the speculation, must be better regulated. How long can this last No one knows. But, if it is something that the industry must find without delay, what are solutions guaranteeing the development of their enterprises deal with the contagion of the crisis in the financial markets on the real economy. Why Tomorrow, if not today, the market will suffer a severe narrowing of the credit. States have helped or nationalised financial institutions to prevent a systemic crisis. They will do the same with our companies. This is not desirable! On the other hand, we must take advantage of this crisis to do, with humility and lucidity, a moment of reflection and already draw five lessons that can be summarized as follows: back to fundamentals!

1 - To focus on its mission. For years, too often, benchmarks are are scrambled. Everyone should do everything. And many were anything. The crisis shows that we must return to simple ideas. An industrial group must be in the industry. Finance should not be an end in itself; It must again that she should never have cease to be a tool at the service of enterprises and citizens.

2 - Take diversification. For years, some argued that firms specialize on a trade and a single. Back to fundamentals again.Crisis confirms, while on the other hand, the strength of diversification in its strategic sector. Exercise types of complementary activities, be exposed to different economic cycles, especially broad geographic implantation, this produces a same effect: more strength in the turmoil.

3 - Opt for financial wisdom. For years, some favoured the "leverage", the lever of the debt, and to "boost" stock market courses, preferred to make shots rather than controlling spending and work on the growth in long-term activities. Return to the fundamentals, there still. The crisis will demonstrate that stock market depends first and foremost of the evolution of the results. Even better, less abundant liquidity will be a priority on those who have a strong balance sheet and confident relations with partners-bankers.

4 - Preferred a stable ownership. To create value, and this, a company needs to control time. It must be able to decide itself what invest, what to give and at what pace. She needs continuity in management. She needs to take the Cape at the time where everyone flutters. From this point of view, a stable ownership and that was more stable than the family control is a great comparative advantage.

5 - Cultivate the spirit of resistance. There are patterns. The last was to strong finance, acquisitions all-out, business multi-line. These modes have a constant: they are ephemeral. You need to know to resist.

These principles, from my experiences of business leader, I added a few conclusions they also very simple. The first concerns the Lagardère Group. The crisis coming, I am more than ever convinced that our strategy a group diversified focused on content, rigorous in its management, having a stable shareholders was and remains the most relevant.

Tomorrow is being decided today. For Europe, for the France as for our groups, the crisis should not only be regarded as a danger which it preserve by the downturn. The crisis may be an opportunity for who has known and will invest, innovate, anticipate. I have confidence in our ability to prepare for the future.

The last conclusion is our economic model. Some capitalism is in question: seeing large American banks rescued by nationalizations, it would almost want to exclaim "Marx, come back, they became fools." We are witnessing, in a renewed form, a questioning of the criticize aspects of anglo-saxon capitalism. If the crisis we had at least a virtue, it would be to rehabilitate the industrial capitalism, to strengthen the regulation and overcome the dictatorship of the short term. That long live capitalism (good)!