This is not the case in the United States

17Th Paris international financial meetings open today at the Armenonville Pavilion, where some 1,000 participants are expected by Paris Europlace, promoting the French association. Its President, Gérard Mestrallet, returned to "Les echos" on the challenges facing the European authorities to the US, today is to adopt their proposed reform of the financial system. He says that we should abandon the accounting convergence with the United States, "rather than go headlong into a single system that would confirm the dictatorship of the fair value", and demand a change in the governance of the IASB.

What balance are you getting the last G20 in Toronto

The g-20 has not totally reassured us. There is a European isolation on some public positions. In my view, this demonstrates the need for the progress of the other parties, to avoid weakening our European financial industry at the time, including where the United States approach the final phase of their project of reform. We have especially large concerns about the new prudential standards should apply the European banking sector. The criteria considered today for European banks may curb access to credit for businesses and slow recovery. This is not the case in the United States. US banks do not always apply Basel II, and in Europe, we are already in Basel III, whose consequences are likely to be highly destructive to the economy given the level of own funds required. Do not forget that, on this side of the Atlantic companies to finance 80 from banks and 20 on the markets. The proportion is exactly opposite in the United States.

In terms of accounting standards, the differences between the US and Europe are also growing...

Indeed. The approach of the FASB body of accounting standards in the United States, Editor's note and that of the IASB its equivalent at the international level, Editor's note accounting for financial instruments are diametrically opposed. Whereas European users businesses, banks and investors s ' agreed that the application of the "fair value" was devastating at the time of the crisis, the FASB encourages the full fair value! " I am well aware that the convergence between standards accounting us and European is one of the priorities of the g-20, and we in principle support, but I think that lack of agreement on the "fair value", it is better to have two systems over a single bad at this stage. In addition, I think that should change the governance of the IASB, forced him to expand his circle of experts to the first users accounting standards: business leaders, banks, investors and analysts...

You mentioned in the European internal market Commissioner, Michel Barnier

We have a very active dialogue with the authorities of Brussels and the approach must be coordinated between the various members of the Union. Should speed up the political agenda that corresponds to the general interest of Europe. We rely heavily on the energetic action of Michel Barnier to build a European industrial strategy in the field of financial markets and to accelerate the harmonization of the Community rules.

You two years after the bankruptcy of Lehman Brothers, always say that the place of Paris has withstood more than the City of London

The City is still very powerful and responsive, but we consider that the place of Paris resisted better. The proper management of most French banks the evidence, their universal Bank model with rather mitigated the crisis. The permanent dialogue between the French regulators and users of markets guaranteed a level of regulation for the protection of investors. This resilience in a context of crisis helped Paris Europlace international link with emerging financial places at fort development potential, such as Dubai, Qatar and recently Moscow. The place of Paris intends to continue to improve its positioning, including on the financing of SMEs and the development of long savings.