Member of the Bank shareholders Pact recently dissolved, the pattern of Dexia gives "echos" the reasons for his opposition to the Nyse-Euronext merger project. He particularly regrets the lack of political mobilization on the folder.
What will be your vote on the merger with Nyse Group at the General Assembly
We will vote against the proposed transatlantic merger. This merger with the New York Stock Exchange, it seems to us, two fundamental problems. First of all, it is a takeover of the Nyse on Euronext. It's sort of the birth of "AmericaNext". While management of the stock market progress obtained certain guarantees in governance, as parity in leadership bodies. But I doubt that these measures are sufficient in the long term. Of forces is clearly favourable to the Nyse.
This operation, contrary to the original vision of Euronext, as a pan-European stock exchange. Finally, under the guise of open market, the United States demonstrate regulatory hegemony. More fundamentally, we are the realization of vacuum in terms of European reactions on developments of importance to our economic fabric.
Today, is vote against the transatlantic project not to isolate Euronext
A solution that can appear logical in the short term is not necessarily in the long term. Euronext is actually in a particular situation today. We have no grievances with respect to the management of Euronext. Closer ties with other European exchanges became impractical or difficult. The directive "markets of financial instruments" will also soon banks to compete with the traditional exchanges. Finally, we understand that there are a number of commercial or industrial advantages behind this project.
What we regret, is the absence of European alternative to the proposed approximation. We might sell our participation and accept the value without participating in the debate. We might also appreciate the Nyse-Euronext transaction taken in isolation and without taking a broader perspective. But we have preferred to give our reaction as a European Bank. If everyone on point operations and continue in the future as a succession of decisions taken in the short term, it will not later complain that Europe is structurally handicapped.
Other members of the dissolved Bank shareholders Pact share your point of view
Others will likely vote against. But it is not for me to speak to their place. Do not forget that the silence of some actors does not constitute membership. But I have no illusions about the outcome of the Assembly.
Finally, you regret that the policies are not invited to the debate...
Yes, it would have actually had that the Finance Ministers took the subject. For us, the real debate is this: why Europe is positioned not in the long term The Union wants to have the tools to defend its economic and social vision over the long term The stock market is an instrument vital for growth and employment, more widely for the market economy. However, the current political vacuum results in the inability to protect.
What do you expect now
We hope that the General Assembly of Euronext is the opportunity of this debate. That impetus be given. The vacuum generated a nationalist reflex in different European countries. It is not that will allow us to defend our economic and social model based on a Pact of solidarity which however involves the creation of wealth more than forty years. It is essential that the European Union knows a burst and define its industrial, economic and social future.