"La zone euro doit retrouver de l’ambition"
M. Bruno Le Maire était à Luxembourg les 9 et 10 octobre 2019 pour participer à la réunion de l’Eurogroupe ainsi qu’à la réunion des ministres européens de l’Economie.
- Déclaration de M. Bruno Le Maire à son arrivée à la réunion de l’Eurogroupe (Luxembourg, 9 octobre 2019)
- Présentation du rapport du groupe de travail à haut niveau mis en place par la France, l’Allemagne et les Pays-Bas sur l’approfondissement de l’Union des marchés de capitaux (Luxembourg, 9 octobre 2019)
- Joint press statement : Ministers Wopke Hoekstra, Bruno Le Maire and Olaf Scholz welcome the report of the High-Level Group and call for concrete EU action towards further developing the Capital Markets Union
- Déclaration de M. Bruno Le Maire à l’issue de la réunion de l’Eurogroupe (Luxembourg, 10 octobre 2019)
Déclaration de M. Bruno Le Maire à son arrivée à la réunion de l’Eurogroupe (Luxembourg, 9 octobre 2019)
Concernant la succession pour la Direction générale de Renault : Le processus est-il lancé ? Où en est-on ? Thierry Bolloré va-t-il partir ?
M. Bruno Le Maire : "C’est au président de Renault, Jean-Dominique Senard, et au Conseil de Renault de prendre des décisions sur la gouvernance, ce n’est pas le rôle de l’Etat actionnaire. Le rôle de l’Etat actionnaire est de définir une stratégie pour Renault et pour l’alliance. Nous avons défini la stratégie avec le Président de la République, c’est de réussir la transformation technologique de Renault et de Nissan, avoir une stratégie industrielle pour l’alliance qui permette à Renault et à Nissan de réussir cette transformation technologique du véhicule autonome et du véhicule électrique. Voilà la feuille de route fixée à Jean-Dominique Senard, le président de Renault. Maintenant c’est à lui et au Conseil de Renault de définir quelles sont les personnes les mieux à même de mettre en œuvre cette stratégie. Mais cela, c’est le rôle de la gouvernance de Renault, et ce n’est pas le rôle de l’Etat actionnaire. Nous faisons toute confiance à Jean-Dominique Senard pour choisir avec le Conseil la gouvernance qui sera la mieux à même de mettre en œuvre cette stratégie industrielle que nous avons fixée avec le Président de la République il y a maintenant plusieurs mois.
Si M. Senard décidait de prendre quelqu’un d’autre que Thierry Bolloré, donneriez-vous votre feu vert ?
M. Bruno Le Maire : Nous avons toute confiance en Jean-Dominique Senard, je le redis. Nous faisons toute confiance à Jean-Dominique Senard, à la gouvernance, au Conseil de Renault, pour faire les meilleurs choix possibles et pour mettre en œuvre la stratégie que l’Etat actionnaire a définie. Cette stratégie n’a pas varié depuis plusieurs mois, nous voulons que Renault réussisse sa transformation technologique, soit une belle entreprise industrielle capable de résister à cette transformation technologique majeure, la plus importante depuis le début du 20e siècle. Le véhicule autonome, le véhicule électrique : ce sont des défis considérables. Nous voulons une stratégie industrielle claire, visible, convaincante pour l’alliance. C’est la feuille de route que nous avons fixé à Jean-Dominique Senard et à la gouvernance de Renault. Ensuite le Président de Renault et le Conseil d’administration décideront qui sont les mieux à même de mettre en œuvre la stratégie. Ce n’est pas à l’Etat de s’immiscer dans le choix de la gouvernance de Renault. C’est au président de Renault et au conseil de faire les meilleurs choix.
Jeudi prochain il y a un Conseil d’administration de Renault. Est-ce que le sujet pourrait être sur la table ?
M. Bruno Le Maire : Posez la question au président de Renault. Pardon de répéter les mêmes remarques mais je pense que c’est bien que chacun soit dans son rôle. Le rôle de l’Etat, celui que nous exerçons depuis maintenant plusieurs mois, est de s’assurer que cette stratégie suit bien son cours, qu’il y ait une vraie stratégie industrielle qui soit lisible pour les salariés, les marchés, les consommateurs sur l’alliance Renault-Nissan. C’est ce qui nous importe. Quand on a dévié de cette stratégie, nous avons rappelé la stratégie au moment où il fallait la rappeler. Pour ce qui est de la gouvernance, nous laissons à Jean-Dominique Senard, au conseil de Renault, à qui nous faisons toute confiance je le redis, de faire les meilleurs choix possibles pour la gouvernance de Renault.
In the eyes of American tech you have almost become the number one enemy of Facebook and Libra. What exactly is happening there ? Because you have made it clear that, in your view, it is not going to happen, at least in Europe.
M. Bruno Le Maire : I am absolutely not an enemy of Facebook, neither an enemy of Google or Amazon. I just want to recall some principles. If you want to have a sovereign currency, it is up to the state, and only to the state, to be responsible for a sovereign currency. It is not the role and it should not be the role of a private company to try to get a sovereign currency like a sovereign state. That is why I made clear from the very beginning that we should not accept to have Libra being developed on the European territory. We have to give some clear responses to the challenges posed by the fact that there are some financial transactions that are too costly, that there is a question for the efficiency of those financial transactions, and we need to put some concrete proposals on the table, concrete responses to those challenges. But we do not want a private company to create a sovereign currency, because I strongly believe that it would be a risk for the sovereignty of the state. There are also risks linked to the possibility of having money laundering through this currency, the possibility of funding terrorism through this currency. But these are technical and political challenges that we could address. But there is one challenge that we would not be able to address if we open the door to Libra, it is the question of sovereignty. A currency is a question of sovereignty, and sovereignty should remain in the hands of the states.
You had a very successful G7 , both in Biarritz and the finance. But in terms of that trade tensions, it seems that it has escalated after the Boeing case. Do you think we’re back for round 2 ?
M. Bruno Le Maire : I would not use the word “round 2” but as you know, I really believe that a trade war is really a risk for growth all over the world and both political and economic mistake. So we should do all our efforts to try to alleviate the difficulties, to try to calm down the situation and to avoid that trade war. The consequences of a trade war between the United States and China will be very important on the world growth next year. It should be around 0.5 growth level that would be diminished through the trade war. I am just back from China and I know that everywhere in the world there is the same concern about the fact that there might be an important slowdown next year in 2020 due to the trade war. So let’s do all our efforts to avoid that trade war. In the Boeing Airbus case, I made very clear from the very beginning that we should try to pave the way for a settlement between the United States and France. And it remains our French position ; we should do an utmost effort in the coming days to pave the way for a settlement between the United States and Europe. What do we want ? Do we want China to take a stock of a conflict between the United States and Europe ? Is that really what we want ? We should avoid that. And we should try to find a settlement between the United States and France. I made that point very clear to Robert Lighthizer when I met him in Washington and we keep to the same position. We should avoid trade tensions between the United States and Europe. Having already a trade war between China and the United States is enough. Do not put some more difficulties on the trade international situation.
Investors are looking at Renault and thinking this company is not just able to move over from the Carlos Ghosn scandal. What is really happening ?
M. Bruno Le Maire : I am really confident that Renault Nissan will be able to go out of the difficulties. Renault and Nissan are very strong companies with very high skills, very high level of technologies. We are on the process of defining a clear strategy for the alliance between Renault and Nissan. We fully support Jean-Dominique Senard who is at the head of Renault. He is on the process of defining a new strategy for Renault and Nissan. I am confident that Renault and Nissan in the 21st century will be successful.
So there is no bad blood with the Japanese because (inaudible]
M. Bruno Le Maire : Of course not, of course not. On this point too he made very clear that we want to reinforce the alliance between Renault and Nissan. We are in the process of doing so, we are confident that Jean-Dominique Senard and the team around Jean-Dominique Senard will really find right responses and the right answers to the current difficulties. Renault and Nissan are great companies, strong companies, with a very high level of technologies and they have all what is needed to be successful on the 21st century.
Vous êtes venu parler de l’Eurozone et du budget, qu’est-ce qu’il reste des propositions qu’a fait Emmanuel Macron en 2017 ?
M. Bruno Le Maire : Je suis d’abord venu parler de la croissance, parce que notre sujet de préoccupation majeur pour les 19 Etats-membres de la zone euro, pour les 27 Etats-membres de l’Union européenne devrait être la croissance. Nous ne pouvons pas nous satisfaire d’un niveau de croissance aussi faible que celui que nous avons aujourd’hui. C’est qui est en jeu derrière c’est notre capacité à investir, à réussir le défi technologique, à créer des emplois pour nos compatriotes. Nous voulons vraiment nous satisfaire d’une croissance juste au-dessus de 1% ? Tout le monde devrait être insatisfait de ce niveau de croissance et tout le monde devrait partager notre niveau d’inquiétude sur les perspectives à venir et le risque d’avoir un ralentissement en 2020. L’OCDE nous le dit. Le FMI nous le dit. Les économistes nous le disent. Qu’est-ce que nous attendons pour agir ? Il faut que les Etats qui doivent rétablir leurs finances publiques les rétablissent, c’est ce que nous faisons en France. Il faut que les Etats qui doivent gagner en compétitivité prennent les mesures structurelles pour améliorer la compétitivité de leur économie. C’est ce que nous faisons en France avec Emmanuel Macron. Et il faut que les Etats qui ont les capacités budgétaires nécessaires grâce aux efforts qu’ils ont faits dans le passé investissent davantage et soutiennent la croissance dans la zone euro. Nous devons tous être solidaires. Les 19 Etats-membres de la zone euro doivent être solidaires pour créer davantage de croissance, davantage d’emplois davantage, d’investissements dès maintenant.
C’est ciblé sur l’Allemagne, quel est votre message à votre collègue Olaf Scholz ?
M. Bruno Le Maire : Je ne cible personne. Nous sommes tous dans le même bateau. Nous sommes une zone monétaire commune et j’aimerais que chacun réalise ce que cela veut dire « une zone monétaire commune ». Cela veut dire qu’il y a des règles que chacun doit respecter. Nous les respectons. Mais il y a aussi une ambition. L’ambition de la zone monétaire ne peut pas uniquement la stabilité. Cela doit être aussi la croissance, cela doit être l’emploi, cela doit être l’investissement, cela doit être le financement des technologies, cela doit être la facilité à réussir dans la compétition face à la Chine et face aux Etats-Unis. Il faut que la zone euro retrouve de l’ambition, de l’ambition pour ses peuples, de la croissance, de l’emploi et de la souveraineté technologique. Et cela suppose que les Etats qui ont aujourd’hui les capacités budgétaires nécessaires investissent davantage. Nous, en France, nous faisons notre part du chemin. On nous demande depuis des années « Rétablissez vos comptes publics ». Nous rétablissons nos comptes publics. On nous demande depuis des années « Faites des réformes structurelles » mais depuis deux ans et demi nous faisons des réformes structurelles, sur le marché de l’emploi, sur la fiscalité et maintenant sur les retraites. Nous disons aussi que ceux qui peuvent investir davantage doivent investir davantage. Vous voyez que je ne pointe pas du doigt un Etat ou un autre en lui disant « Faites ceci, faites cela ». Je dis que chacun a sa part du chemin à faire, que la France fait la sienne, et que les autres Etats qui ont les capacités budgétaires nécessaires doivent aussi faire la leur.
On the tax proposal today, what’s your opinion on the proposals ?
M. Bruno Le Maire : I think we have a very good proposal from the OECD on the digital taxation, on the two pillars, on the digital taxation and on the minimum taxation. So, I really hope that we will be able to give a new impetus to this key question. As you know, our purpose is to find an agreement on the two pillars, minimum taxation and digital taxation by the beginning of 2020. So, that’s a very timely proposal, which is very close to the position that has been always defended by France. So, we fully support that approach but now the key question is to find a consensus and a compromise among all the members of the OECD in 2020. Merci à tous./.
Présentation du rapport du groupe de travail à haut niveau mis en place par la France, l’Allemagne et les Pays-Bas sur l’approfondissement de l’Union des marchés de capitaux (Luxembourg, 9 octobre 2019)
"Good afternoon, dear ministers, on behalf on the next Capital Markets Union (CMU) high-level group, and in particular on behalf of my two co-chairs Joachim Joachim Nagel and Corinne Corien Wortmann-Kool who unfortunately could not be with us this afternoon. Let me first thank you for trusting us with the task of analysing with a fresh eye the EU market led financial capacity, five years after the launch of the Capital Markets Union. We conducted our work in full independence and having always in mind the EU vision and the common interest of the member states. Overall, our feeling is that since the crisis the financial sector has not yet fully regained citizens’ trust and that the purpose of the Capital Markets Union should be better articulated and more widely spread. And that the geopolitical, Brexit, trade tensions, the social, aging population, and economic risk of slowdown context, have significantly changed compared to five years ago. Accordingly, we propose a real shift of priority and from a first face of the CMU that focuses on revitalizing the financial European ecosystem that suffered from the crisis, we recommend now that the new face gives priority to responses to citizens’ needs and to investment in the real, the digital and the sustainable economy. And to do it in a manner that the EU integrated competitive, deep and liquid capital market, be one of the top two financial centers of the world. To do so we unanimously recommend to member states, to the European Union institutions, to supervisors and also to the industry itself to focus on four components of what is a robust capital market which our competitors have.
Number 1 is to generate more long term savings to serve citizens’ needs, descent pensions, turn them into investors and use that capital into financing the transition to a real sustainable economy.
Number 2 : to massively develop equity market to respond to SMEs needs but also to finance the digital innovation and EU champions. And also simplify IPOs on the public market for SMEs.
Thirdly is to reduce fragmentation between various financial centres that will exist in the EU by favoring more market players’ mergers, avoiding supervisor recompetition and putting the supervisor refunction at the right level and also by proposing an ambitious digital finance action plan.
And fourthly, fourth component of competitive market to develop the debt credit market in a way that it increases the international role of the euro. This is about euro sovereignty and setting the example and we invite all Member states to issue sovereign bonds by 2021.
So we hope this report will trigger from you a high level of ambition and we stand ready to assist you on any further step and you can count on our energy. Thank you very much.
M. Bruno Le Maire : I just want to thank all the people that worked on this report, especially Mr. Demarigny, because I really think that they have made an impressive job, a very useful one and they are putting the fingers right on the issues that we will have to deal with. So you are making proposals. Now we have to transform those proposals into decisions. And we are all aware with Olaf, with Wopke that we will have to face key technical difficulties, but it is up to the politicians to overcome the technical difficulties, so that we will be able to put in place a strong Capital Market Union. I am just back from China. I was in Beijing yesterday, and we have to be aware that if we want to face the challenges of the 21st century, if we want to be able to face the technological competition with both the United States and China, if we want to have the necessary funding for sustainable development, we clearly need a Capital Markets Union. That’s clearly one of the most important challenges for the Eurozone. The possibility of getting access to disruptive technologies, the possibility to be successful in the definition of a sustainable growth is directly linked to the entry into force of the Capital Markets Union. I just want to add a very last point which is the remark made by Mr. Demarigny about the role of the euro. If we want in the 21st century the euro to play the same role as the dollar and to be one of the strongest currencies in the world, we also need to go this way and to follow the recommendations of this report. So thank you for the tremendous job that has been made and now it is up to all of us to put that into force. Thank you.
M. Olaf Scholz : I’m very happy that after all the work that has been done in the past, we know get a roadmap for the things that we’ll have to be done in the next time. There is a lot of things since the Capital Market Union is a very key element of the further development of the European Union. If we want to have a united and sovereign Europe, it is necessary that we use all the economic potentials we have within Europe. Looking at the markets, we see that this is not the case yet and all the progress with all the new regulations we had in the last years did not change the real situation. That we have different markets, country by country and not a single market looking at the capital situation in Europe. This has a lot of effects on economic growth and the possibilities we have. Because companies, those who are starting with their work, who are trying to grow are just looking to more or less great national markets but they don’t have the opportunities coming from a not fragmented, united, European capital market. And this is the reason why it is good for any one of us and for the citizens of all of our countries that we are making more progress in this question. I’m very happy that the request for giving us some advice is answered by you now and you did it in a short time, this has to be mentioned. So now, with the new Commission starting and with the new work linked to that, I think this is really the agenda we will follow. I’m very happy that you did so and you could be sure that we are working on this. It is not just a paper, which will be put in the others. It is something that is a working map. I think this is the real thing. Let’s start working.
M. Wopke Hoekstra : When you look at the European infrastructure and you think about what it is that we have and what it is that we should have, you soon realize that a Capital Market Union is actually the missing link, or at least one of the very important missing links in the current infrastructure. To me and I think to all three of us, all three of the countries, but also all three of us as individuals, that has been the inspiration to also come up with the idea of asking a group of very qualified experts to help us come up with a perspective and a road forward. And I wanted to thank you and your commission very much because I think you’ve set the bar very high in terms of the quality of the report but also with the speed with which you have delivered this. I can only hope that we can emulate that in the months to come, both in terms of quality but certainly also in terms of speed. So, thank you very much. It is very good to have this and we are very much looking forward to continuing in this road. Thank you./.
Joint press statement : Ministers Wopke Hoekstra, Bruno Le Maire and Olaf Scholz welcome the report of the High-Level Group and call for concrete EU action towards further developing the Capital Markets Union
Luxembourg (Wednesday 9 October 2019)
Wopke Hoekstra, Minister of Finance of the Netherlands, Bruno Le Maire, Minister of Economy and Finance of France and Olaf Scholz, Federal Minister of Finance of Germany, have received today the report “Savings and Sustainable Investment Union” of the Next Capital Markets Union High-Level Group. They warmly thanked the Next CMU Group for their high-quality work and welcome the ambitious recommendations.
While the Ministers highlight the progress achieved by the CMU in the last five years, they see a need for further measures to provide long-term investment opportunities for citizens and to further strengthen and integrate the EU market-lead financing of companies and economies.
The report considers there is a need to focus the CMU priorities on citizens’ needs and towards the financing of innovative and sustainable EU real economy. Generating more long-term savings possibilities, strengthening equity markets, integrating further capital markets by enhancing financial flows and promoting the international role of EU financial markets, are key issues for shaping the future discussion on CMU.
The Ministers look forward to closely work within the ECOFIN Council, with the European Parliament and with the European Commission to take concrete steps to bring the Capital Markets Union forward in the upcoming European political cycle.
The Next CMU High-Level group was set up following a declaration by the three Ministers on 16 May 2019.
- The Next CMU High-Level Expert Group is composed of high-level experts from Germany, France, the Netherlands, Italy, Spain, Poland and Sweden with public, private and academic experience representing different parts of capital markets. The Next CMU Group was tasked by Ministers to analyse, with a “fresh eye”, the EU’s market-based financing capacity five years after the launch of the CMU and to make recommendations on the way forward. An initial approach was presented at the informal ECOFIN on 13 September 2019 at the invitation of the Finnish Presidency of the Council.
- The members of the Next CMU High-Level Expert Group are : Fabrice DEMARIGNY (Chair), Partner at Mazars, Chair of the Board of the European Capital Markets Institute (ECMI) ; Corien WORTMANN-KOOL (Co-Chair), Chair of the Board of ABP Pension fund ; Joachim NAGEL (Co-Chair), Executive Board Member of KfW ; David VEGARA, Chief Risk Officer and Executive Board Member of Banco Sabadell ; Lauri ROSENDAHL, President of Nasdaq Nordics and Nasdaq Stockholm ; Marcello BIANCHI, Deputy Director General of Assonime ; and, Artur GRANICKI, Partner at Wardyński & Partners.
Déclaration de M. Bruno Le Maire à l’issue de la réunion de l’Eurogroupe (Luxembourg, 10 octobre 2019)
How are you ?
M. Bruno Le Maire : "I’m fine thank you. Je vais peut-être commencer en français. Donc, nous avons obtenu hier un accord sur le budget de la zone euro. C’est une très bonne nouvelle. Le budget de la zone euro a été longtemps une idée portée par la France, portée par le Président de la République. Désormais, nous savons que ça sera une réalité et qu’il y aura un budget de la zone euro qui sera prêt en 2020 et qui pourra être opérationnel en 2021. Donc, nous avons trouvé un accord hier sur le cadre général, sur les modalités de financement, sur la manière dont le budget pourra répondre en cas de crise économique. Donc, nous avons fait une avancée importante hier. Il reste bien entendu encore des sujets à régler je pense en particulier à l’accord intergouvernemental mais l’accord qui a été obtenu hier c’est un pas majeur dans la bonne direction. Nous savons désormais que cette idée du budget de la zone euro sera demain, en 2020, une réalité.
Maybe I will switch to English, just to say that the agreement that we found yesterday is a major step in the right direction. The euro zone budget used to be an idea, which was supported by France and by the French President. Now, we know that it will be a reality by 2020 and it should enter into force in 2021 with the MFF. We have defined a solid framework for the euro zone budget. We have also defined the governance of the euro zone budget. And we have envisaged all the solutions if we would have to face an economic difficulty, so that the euro the euro zone budget might be a response to that economic difficulty. So once again, I’m really happy with this major step that we have reached yesterday. I think that we are now not far from having concretely the euro zone budget that we were expecting.
Mister Le Maire, the criticism here is that it’s too little too late. That’s it’s been watered down so maybe times that it has almost lost meaning. Do you think that it’s overly pessimistic and that it ultimately opens the door to make it bigger in the future ?
M. Bruno Le Maire : I really think that it’s over pessimistic and it’s time not to be optimistic but full of willingness. We have a solid framework for the euro zone budget and that’s a major step in the right direction. I just want to recall to all those who are full skepticism or pessimism that two years ago, when I was explaining the necessity of a euro zone budget, there was no support for that idea and it was only an idea. Two years later, this is a reality. We know from now on, from yesterday, that there will be a euro zone budget by 2020 that will enter into force in 2021. Two years to make a reality with the euro zone budget. I think that’s a success for all the euro zone members. Of course, there remain a lot of things that must be fixed and we still have to think of the best way of putting the IGA into force. We will have to extend the level of the global amount of the euro zone budget. We are aware of that. But once again, we should be proud of the result that we got yesterday.
Do you think it’s accurate reports that came out that the tone inside the room was still very untrustworthy, that there was huge debate that perhaps wasn’t exactly positive but a little bit more acrimonious ?
M. Bruno Le Maire : You know, when you are building something totally new, which is a game changer, because having a euro zone budget is a game changer with the view of reinforcing the euro zone, making the euro zone stronger to face an economic or financial crisis, and reinforcing also our common currency, of course there are some skepticism, there are some debates, there are some discussions. We had yesterday difficult discussions among the Member States because we are creating something totally new, which is a game changer for the euro zone. When you are willing to really change the things, improving the euro zone, putting a game changer on the table, you have to wait for difficult discussions. So, we had yesterday difficult discussions. That’s fair. But at the end, we were able to find a compromise and that’s the most important point for me. We are in difficult times. We are facing a slowdown everywhere in the world. We have a lack of growth within the euro zone. We have been able to give a response to that by creating a solid framework for the euro zone budget.
And speaking about the next compromise for you maybe may be the OECD level one for the digital tax. How is that looking ? Did that come about any other discussion ? Are you happy it’s gaining a momentum ?
M. Bruno Le Maire : On that issue too which is a very complicated one, we all know that there is a need for a new international taxation system, because there is a loophole in the international taxation system, which is the fact that the biggest international companies can make huge profits without paying the due taxes because there is a loophole in the international taxation system. We are having able at the OECD level to have a formal proposal for both the digital taxation and the minimum taxation. On such a sensitive issue, where what is at stake are billions of euros of taxation. I think that it is an important step forward to have this proposal from the OECD. Now on the basis of this proposal it is time to decide. I really hope that all the members of the OECD will be able to decide by the beginning of 2020 on both the international digital taxation and the minimum taxation. We will have important meetings at the end of this month in Washington in the margin of the IMF meetings. We will have G20 meetings, G7 meetings and I hope that we will be able to seize the opportunity of these important meetings to make step forwards to a compromise and decisions on the digital taxation.
Just very quickly, on the trade war this week, it fair to say there was a real escalation again between the US and China. Cecilia Malmström said that there was a clear case on Boeing that the Americans wanted to XXX not settle. What are you thinking about this ? Can you use Airbus to counteract the measures that may come about ?
M. Bruno Le Maire : I am still advocating for a settlement in the Boeing case. We already have a trade war between China and the United States. And we are all aware of the dramatic consequences of this trade war between China and the United States on the level of growth. We should all be aware that a trade war between China and the US means 0.5 world growth less than expected. Do we really want to add a trade war between the United States and Europe to the Chinese and American trade war ? That’s my question. I think that it would be wiser to pave the way for a settlement between the United States and Europe. If the United States do not want to pave the way for this settlement, of course we won’t have any other choice. But to also take measures at the European level. But there is still some time to try to find a compromise on the settlement and I hope that wisdom will be at the table of negotiations.
Very quickly speaking of time, some in the administration believe that the Europeans are actually not serious about the negotiation because you’re hoping that Trump is not going to be reelected. Do you want to gain time ? Is that what you operate on, perhaps that Trump won’t be there so why negotiate now ?
M. Bruno Le Maire : You know I am not mixing the trade negotiations and the political situation in the United States. We are in charge of the European interests. I am of the French economic and financial interests. I know that this is not in the interest of Europe to enter into a trade war with the United States. I strongly believe to that this is not in the interest of the United States to add a trade war between the US and Europe to the current trade war between the United States and China. So I am still in favor of a settlement but as all the European members, and as the European commission, the American administration must be aware that if there is not a settlement, Europe will not have any other choice, but to retaliate and to put sanctions. Thank you"./.