Of course this amount would be not spent

In Europe, are you confident in the ability of political leaders to resolve the crisis The European Fund for financial stability (EFSF) of 750 billion is sufficient

In reality, the means mobilized to help countries in difficulty do not amounted to 750 billion. Need to amputate the $ 200 billion since the Ireland and the Greece are de facto from the equalization system.

On the other hand, the fact that the States participating in the Fund are not all of the best note, in this case a triple A, the quality of the emission of the Fund would be somewhere around AA. To strengthen the device, so it took surgarantir European titles (120) and devote reserves in cash. In total, for EUR 100 Fund ready, it must issue 120 euros. Therefore, in the Irish case, actually available amount is of the order of 56 billion euros, not 75 billion as announced on the paper.

These reserves being made to ensure adequate funding of the support to European device, should be on the table 2,000 billion euros. Of course, this amount would be not spent. It is just a liquidity reserve. But it is essential to ensure the return to stability. This is only a part of the solution. The size of the Fund was established exclusively the needs of financing known States. But, in my opinion, additional funding needs, because of the fragility of the situation of European banks, needed.

What do you mean by that

The problem of the banks is not just the risk of insolvency of the institutions of the periphery of Europe. The banks of the countries in the heart of Europe are also at risk, in the image of the German Ländesbanken. Many central banks of Europe hold sovereign debt of the peripheral countries. They are very exposed in these markets with the size of their social capital. The situation could be manageable if the Spain is not caught in turn in the crisis.

Do you think that this could happen

The situation of the Spanish banking sector is problematic. The Spanish Government has instruments of radical reform to get out of case and regain growth. For the time being, the Madrid decisions are purely cosmetic and are also partly a budgetary discipline to one of the central State level. But we lack information about what is happening at the level of the regions, which are still a wasteful logic. At this stage, the alternative is simple: either Spanish banks are restructured or while the Government will have to appeal for international assistance. Who, moreover, is not a dramatic event, because it would be precisely to seek support to avoid a default.

What do you think of the European Central Bank's action in this crisis

For the time being, it has implemented the only real solution to stem the crisis. But it is a bad solution, because it buys the debt of countries in difficulty without the slightest consideration. The difference of 750 billion Fund, which ready under condition of reforms in the recipient country. However, this is not the only problem. The European Central Bank (ECB) may not continue indefinitely on this track, since it is itself exposed to the risk of default of a sovereign State.

What should do you to permanently settle the crisis

Overcome the crisis, to put European banks in a special regime and determine exactly what institutions must be liquidated later fall of sovereign debt. The first "stress tests" were a joke. It must next be carried out by independent bodies. It should also be considered for restructuring sovereign and Bank debts, and to ensure that States and banks have access to sufficient liquidity. Should the European Fund for financial stability at height of approximately 2,000 billion euros. To finally create the permanent aid mechanism for after 2013 before the summer. These drastic measures will lead not by weakening of the euro but a building. These are current policies to spread costs over time that permanently weaken the single currency.

The interview in full on lesechos.fr