The purpose of the g20 is obviously wider

In a week, the g-20 Summit will be held in Pittsburgh to make a balance of step after the intentions and recommendations expressed in London last April. Hope that the controversy over bonuses for traders will not be the tree that hides the forest of the real challenges. The measures proposed are sympathetic, but should not believe that they will solve the problem of hypertrophy of the financial sector, denounced, rightly, by lord Turner, patron of the English Governor, and he passed by an investment bank. If, as seems to be the case, the activity of trading is very lucrative and depends largely on the talent of some, their remuneration will remain probably excessive as long as the activity itself is not limited. Should allow to banks or other institutions who have implied a warranty of taxpayers, the systemic risk that their fall could create, develop speculative operations, that is the real question.

The purpose of the g-20 is obviously wider. This instance, where 85 of world GDP is represented, and which combines the key emerging countries, is the best placed by its size and its legitimacy, to bring the elements of global governance which are still sorely needed. Financial regulation is the most immediate field of action, to draw lessons from the current crisis. It is to make the difference in financial activities, between those that are necessary for economic activity and those that, attractive actors, have excessive risks compared to their economic profit, and who are the "hypertrophy" referred to by lord Turner. Extremely difficult operation, which involves an element of arbitrariness, and which must absolutely be conducted at the global level, if one wants to simply move the problem. The successes in a few months on tax havens show that, if it is a common will, it is possible for major countries to obtain aggregate results.

On these issues, Europe, long in the trailer of Wall Street practices, has been able to make proposals, through a certain convergence between the Franco-German tandem and British positions. The American side, regulators, in reorganization, could move closer to theses European, but the influence of Wall Street on the Congress and the resurgence of the traditional distrust of the intervention of the State, orchestrated by the Republican party in the controversy over health insurance, may limit the reformist ambitions of the Obama administration.

Business industrial French are aware of the essential role of finance and the advantages, access to market financing, of globalization. They wish that their dialogue with their real, particularly institutional shareholders, is not overly disturbed by games and the opacities of speculators little interested in their future. Transparency, loyalty, identification of risks are principles to be applied also to the participants of the financial sector, regardless of their status.

At least equally important: the g-20 must also prepare the Copenhagen Summit on climate change. The United Nations process, where the 195 countries are involved, is struggling to move forward. The g-20 is a circle where breakthroughs might be prepared. While the US Senate has begun consideration of the draft law on energy and CO passed narrowly in the House of representatives, it is difficult to assess the margin of freedom available at this time President Obama to really engage the United States. But the ideas are progressing. China is being in a position of strength for negotiating with considerable funding for its program of emission reduction potential, but it no longer disputes the goal, and even the India seems to show a little more flexibility. The g-20, without leading to a specific result, can contribute to the maturation of the process, giving directions for Copenhagen.

At the time where warning signs of crisis exit is observed here and there, although it can still take real certainty, companies are anxious to continue to build their future, with three main objectives: to register in a world whose centre of gravity will continue to move to Asia and to stay competitive, direct their activities to this sustainable growth which our planet needs and that Governments must prepare and make possible, finally build on the skills of their employees they worked, contrary to received ideas to spare during the crisis. They need rules of play and prospects for this controlled globalisation and sustainable growth that they are calling for. A success - or failure - of the meeting of Pittsburgh will be serious consequences.