On the nonretroactivity of such a measure

How has the European Investment Bank supported the economy since the beginning of the crisis It announced a sharp increase in its lending in stimulus in Europe. Has this effort paid

European leaders had asked us to increase our loan of EUR 50 billion over two years. We took the bet with 29 additional billion ($ 79 billion in any) awarded in 2009, a perspective from 18 billion more in late 2010 and 10 billion in 2011, before returning to normal in 2012. With three priorities: loans to banks to lend to SMEs (12 billion euros last year), the fight against global warming (17 billion euros) and the economic convergence in Europe (29 billion euros), with emphasis on the countries most affected by the crisis. In granting loans for national investment programmes, we have helped countries such as the Lithuania, the Hungary or the Portugal to use money from the structural funds.

Could the EIB not act as the European Fund of stability with its capital as security, issue bonds to the benefit of countries in difficulty, or even help its banks

Its statutes the him do not! They stipulate clearly that our loans, or our guarantees, must always be directly related to investment projects. This forbids us, therefore, to support States or banks in difficulty.

These last days of the Eurobond was much talked again. Are you positive

I think, as Commissioner Olli Rehn, that this formula is interesting intellectually, but, politically, it is unlikely to be adopted at this time. Share the debt of the countries of the euro area would mean that the Germany would pay more when it borrows. It seems difficult to accept the German citizen. However, the idea that a country could access to such a mechanism, it has taken the necessary measures to reduce its debt significantly, I become nevertheless interesting to dig t. This mechanism could be designed as an incentive to clean up public finances.

Where is the creation of "euro project bonds", announced by José Manuel Barroso for his second term at the head of the Commission

One must distinguish between what is meant by euro-bonds. There are first what I call the "Delors-bonds": it was the idea to use the loan issued by the European Union to finance trans-European networks of transport or energy. This technique perfectly ortodoxe - borrow to invest - and defended by that who was then President of the Commission was rejected by the vast majority of Member States.

There is then the "Juncker-bonds", to which you allude, issued by the Member States acting jointly to benefit from an average cost of funding, even if an agency European debt borrowing to their account. C his option has to be rejected by the Germany. Finally, there is the "Barroso-bonds", which would be issued either by the Union or by the Member States, but by a dedicated company having supported infrastructure project. A charge for it, find investors long-term private. The European Commission and the EIB would help it there by coordinated operations of credit enhancement. These obligations could benefit from the notation needed to attract pension funds or insurance companies. We think this new instrument under the next financial perspectives of the Union, i.e. for after 2013.

The Ireland will be rescued and the European financial stability Fund, perpetuated. The message to the markets by the European authorities it seems you sufficient

It is because it was not. On the merits, Angela Merkel was quite reason to seek a last contribution of the private sector as a future permanent mechanism crisis for after 2013. But the manner in which it was created a total confusion. No doubt because the markets react too quickly, but also because the message was not clear enough. On the non-retroactivity of such a measure. And its banality: this is merely to introduce clauses already recognized by English and American rights! It is therefore especially form requires care: markets that horror of uncertainty, should send an unequivocal message. I hope that the lesson is learned to the EU of weekend summit. It would be useful to make public, as soon as possible, the text proposed to insert in the Treaty of Lisbon to create the future permanent mechanism. This would allow everyone to see it's a very limited change.

on which the 27 Member States agree unanimously.

The most vulnerable countries of the euro area does are not pushed bankruptcy by very harsh austerity programs, which kill growth and prevent them mechanically to repay their debt

It won't be easy, but I think that they can escape. Was given a year in addition to the Greece to achieve its objectives and should get more time to repay the aid.

The crisis has revealed many dysfunctions of the euro area. The single currency, for example, allowed non-competitive countries debt beyond a reasonable...

The euro has protected almost too. It has not caused inflation, except locally as Italy, where traders took advantage of the changeover to the single currency to increase their prices. He favoured alignment of declining interest rates, which allowed certain Member States debt cheaper. With, it is true, the temptation to which some countries have died: disproportionately benefit without the pull the alarm signal. But imagine what would be the situation of several States of the zone if it did not have the euro: they were all devalued, except the Germany. The German Government would be in a situation where its currency to appreciate, which would probably not please the German exporters! Indeed, the Slovaks and Slovenes are very pleased to be entered in the euro area just before the debt crisis.

The euro has not, nor provided promised growth: ten years, it has always been in the euro area less than the European Union. How is achieve in the future, while the bubble, which fed the burst

European growth would have been lower without the euro. Of course, it did not expected growth supplement. But it is for reasons that have nothing to do with the single currency. First, the internal market is not fully completed. The Commission considers that one or two points of growth could be earned by promoting cross-border venture capital investments, by facilitating the recovery of claims in another country of the Union, by completing the integration of the electricity market and applying fully the services directive. Then, the gap in competitiveness with other regions of the world is increased. Productivity is, on average, increased by 1.6 per year in the US, between 2000 and 2006, when she progressed to 0.9 in Europe! European firms invest less in research and development than their competitors American, Japanese and soon, Chinese. This is why it is necessary to develop the venture capital in Europe, put in place a European patent at an affordable cost, and attracting foreign researchers. Consider that a quarter of enterprises in Silicon Valley are run by people from China or from India! Need more graduates of higher education: Europe needs more skilled workers 16 million and will remove 12 million jobs to low qualification by 2020. We are not prepared for this change: only a third of the 25-34 years have a university degree in Europe, against 40 in the United States and more than 50 in the Japan. The Germany considers that it lacks 400,000 engineers, which cost him a point of growth. Countries that have invested in training and research, such as the Sweden or the Finland, are now in a better position.

Are you not worried by the difference in policy between the ECB and the Fed, more lax

The ECB has pursued a more disciplined policy, rightly. You try to correct the fundamental imbalance in the global economy which, in my opinion, is one of the main causes of the crisis: the imbalance between savings overconsuming which, like the United States, and others who surépargnent, as China. The debt of the United States is now equivalent to that of all developing countries in meeting! With a mirror excessive savings rate from countries such as China. As long this double imbalance will not been corrected, fear of new bubbles. From what I understand, the French Presidency of the G20 intends to continue the discussion on this point. Should include identifying what indicators might allow to say that a deficit is excessive. In sum, the exercise of expanding multilateral surveillance to other aspects than only budgetary imbalances, that we began in Europe, must be conducted at the global level. A reform of the international monetary system would be also useful to better involve China.

The anglo-saxone press CITES your name to preside over the ECB. Would you be a good candidate

The President of the ECB must have experience of central banker. I have not...