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At dusk, fauna connected to press at the entrance of the Centre Pompidou, invitation registered by hand. An opening? Not quite. The April 7, the Beaubourg Museum in central Paris, was privatized by Coca-Cola. The capital city hosts every week a handful of marketing events like this, but this one is unique, hence the exceptional affluence.

More than for the unlimited drinks and canapés, all are there to see Karl Lagerfeld. The artistic director of Chanel designed a collection of three bottles of Coca-Cola Light, launched with much fanfare on the terrace of Beaubourg. TVs have come from all over Europe, on the promise of a few minutes interview with the star. Magazines have published photos of the evening across the continent.A promo for gold Coca-Cola Light!

Since its appearance in a graceful Road Safety campaign in 2008, where he was wearing a fluorescent safety jacket ("It's yellow, it's ugly, it's not going with anything, but it can save your life ", he said it), Karl Lagerfeld multiplies contracts with brands. Most of the time fixed fee paid by classified top secret, sometimes a percentage of sales generated.

Steinway piano to the Yule log Lenôtre through a limited edition of the Petit Larousse, a pair of Repetto shoes and outfits for Barbie, the designer is able to affix his signature everywhere you least expect it.In recent months, he created an eyewear collection Optic 2000, played in a Volkswagen ad, directed the 2011 Pirelli calendar, shot commercials for the launch of Magnum ice in the United States and developed a mobile hairdresser Schwarzkopf. The back looks just as prolific. The U.S. department stores Macy's will distribute a collection of ready-to-wear scratched Lagerfeld, who just draw a new limited edition shoe Hogan, a variety of ST Dupont lighters and pens and Orrefors crystal glasses.

All this, without tarnishing his own image nor nor that of its major employers, Chanel and Fendi, which could hold your nose when they saw him commit themselves with consumer brands and, worse, the smaller competitors.

Review of each project

The success of this tightrope follower of the great discrepancy is due to "system" Lagerfeld.All through the partnership (SNC) Karl Lagerfeld, owned by investment fund Apax Partners. This relates in particular to social "research and development of any product bearing the trade name of Karl Lagerfeld."

"Karl has such an aura that many brands want to associate with him, says Christian Stahl, Partner at Apax Partners payday loans direct lenders. It is able to spend the most exclusive luxury brands for cheap. "But as talk of selling p Karl Lagerfeld as a common license to groups and advertising agencies who would do what they want. Karl Lagerfeld is Pierre Cardin.

"We receive every week a number of proposals around the world," said Pier Paolo Righi, CEO of the company. All are reviewed by a committee of five people around Karl Lagerfeld."Only 40% of the proposals are accepted, ensures Sophie Delanglade, director of the studio, which, among other things, denied a proposed umbrella. The project must be sufficiently creative, inspiring the team and match what fun Karl. "

For collections of ready-to-wear and accessories projects co-signed by Karl Lagerfeld and a registered partner, the designer engages the same team as its own line, to be released next spring on the Internet. "It is essential that projects are complementary and not competitors," said Pier Paolo Righi.

Far from any delegate to the studio, Karl Lagerfeld, workaholic and perfectionist, is personally involved in each project. Her photo shoots are always performed with the same assistants, and with models that selects itself. To begin with, often by his male muse Baptiste Giacobini.His clients can afford a reference to the universe … For Chanel campaign Dom Perignon, Karl Lagerfeld has ensured that a few years ago shooting, shooting sessions were held in his mansion at the time … "With furniture specially down from the attic," recalls an officer of the brand. Same organization for shooting the 2011 Pirelli calendar, made in his photo studio staff, with jewelry and cabinets designed for shooting …

Communication millimeter

Karl Lagerfeld's team takes great care to communication operations around partnerships. The step is essential for brands: even more than the turnover by product designer Lagerfeld, the launch campaign is allowing them to benefit from their association with the stylist. But the personal image of Karl Lagerfeld, demanding and a perfectionist, is at stakeOnly around him is entitled to control this crucial phase, press kits to the organization of events, always assigned to the same agency. For the evening Coca-Cola, it recruited the young models, revamped to Karl Lagerferd wearing a white wig with ponytail. Lagerfeld's house, the business contributes to the maintenance of the myth, and vice versa.

Degradation by the Moody's rating of Japan, expected by market participants, since the rating agency announced last May that it might lower the note by the country, did not seem unduly disturbed the Cac 40 .Despite a trend rather soft on Wall Street, the Paris index, after opening up 0.99% to 3114.98 points, just lowered its mid-term gains (0.69% to 3105.56 points) before returning frankly on the rise in the early afternoon, to close up 1.79% to 3139.55 points.

At the London Stock Exchange, the FTSE-100 took 1.49% to 5205.85 points, while the Dax-30 from the Frankfurt Stock Exchange gained 2.69% to more openly 5681.08 points.

Investors wanted to be optimistic, pending the announcement by the government, scheduled for 18 hours, a series of measures to reduce France's deficit of ten billion more.

In addition, the United States, the macroeconomic data of the day were quite positive, contributing significantly to support the trend in the second half of the session.According to the U.S. Department of Commerce, orders for durable goods across the Atlantic rose more than expected last month. (+4% Over the month, against a 2.5% increase expected by analysts).

A little later, the Congressional Budget Office (CBO) revised its outlook on the U.S. budget deficit. According to this independent body, the budget deficit expected to fall to 8.5% of GDP this year and 6.2% in 2012, when the Bureau so far provided a deterioration of public finances for 2011. Finally, the CBO expects a growth of U.S. national wealth by 2.3% this year and 2.7% in 2012.

However, for the euro area, orders were down in June (-0.7%) after a sharp rise the previous month, according to data from the EU statistics office Eurostat (0.5% expected by analysts).In May, they had jumped 3.6%, driven notably by the orders of capital goods, following a 0.3% decline in April.

On the currency market, the euro remains stable against the dollar. To 17 hours, the European currency was worth 1.4406 dollars against 1.4436 dollars late Tuesday.

The cyclical resume, L'Oreal, the largest decline Cac 40

Oil prices were up on their side at the same time, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. A barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars, while a barrel of "light sweet crude" for delivery in October has appreciated by 81 cents to 86 totally free credit score.25 dollars on the New York Mercantile Exchange to 18 cents. A trend reinforced by the publication in mid-afternoon to the unexpected drop in U.S. crude oil reserves.

Values ​​cars, battered in recent sessions, repeat colors Wednesday. Renault leads increases the Cac 40 mid-term, and accounted for 3.29% to 25.55 euros. Michelin climbed 2.12% to 46.53 euros.

However, Total, which should benefit from the outcome of the conflict of Libya, was much increased in recent days.It yields 0.65% to 32.87 euros on Wednesday in mid-session on profit taking.

L'Oreal also declined, from 2.04% to 78.22 euros, the biggest drop CAC 40.

ArcelorMittal: 2.82% to 13.86 euros

In Australia, Macarthur Coal said it continued to seek a white knight to counter the hostile bid from ArcelorMittal and Peabody Energy.

Iliad: + 1.14% to 82.45 euros

A subsidiary of Iliad, Free, filed an appeal with the State Council on the conditions for the government of 4G mobile phone licenses, according to Le Figaro.

Accor: + 1.95% to 23.56 euros

The hotel group has published on Wednesday operating profit rose by 27.5% to 199 million euros in the first half.Accor has also returned to earnings, its net profit amounting to 41 million euros in the first half against a loss of 15 million last year over the same period.

STMicroelectronics: + 2.07% to 4.3 euros

Fitch has downgraded the long-term European manufacturer of semiconductors "A" to "BBB +" with perspective, particularly because of the weakness and lack of profitability ST Ericsson, a joint venture with Ericsson specializes in chips for son-free communication.

In the wake of STMicroelectronics, Alcatel-Lucent is 2.22% to 2.44 euros.

Eurotunnel: -0.51% to 6.03 euros

Eurotunnel said it had suspended the booking of tickets for passengers on the weekend of August 27 and 28, one of the most responsible for the cross-Channel traffic after the filing of a notice of indefinite strike by several unions.

Sanofi: -0.15% to 49.87 euros

Aventis Pharma, Indian subsidiary of Sanofi, confirmed the purchase of business without a prescription Universal Medicare, a non Indian pharmaceutical side. The title was won

Inditex, one of the largest apparel retailers in the world is in the middle of a scandal in Latin America. The investigation by Brazilian authorities on two of its suppliers workshops clothing brand Zara in Sao Paulo showed 48 irregularities. Sixteen illegal workers from Bolivia and Peru were forced to work at 14 hours a day, said Wednesday a spokesman for the Labour Inspectorate of the State of Sao Paulo. They were paid between 274 and 460 Brazilian reals per month (120 and 200 euros), which is below the minimum wage of 545 reais (238 euros), as required by labor law in Brazil. Among the illegal working in the workshops, there was a girl of 14.

"This is the largest operation since the launch of the eradication of precarious working conditions in Sao Paolo," said in an interview with the NGO Reporter Brasil controller Guiliana Cassiano Orlandi. "The workshops were not inspected at all conform to standards. In addition to dirt, workers, working in rooms filled with tissue, increasing the risk of fire, "said a statement from the NGOs. The survey comes as Brasilia launched a crusade against slavery in the sectors of clothing, coal and industrial sugar cane.

According to the committee of inquiry, the illegal workers in two workshops sewed blouses for spring-summer collection of the brand Zara.These were bought to the owner of the workshop for 7 Real part (about 3 euros), while the same gowns, with labels "Made in Spain" were sold at 139 reais (61 euros) in the store mark west of Sao Paulo.

Suppliers stigmatized

The Ministry of Labour of Brazil said it had already imposed 52 fines on Zara "for various irregularities." Last May the Labour Inspectorate of the same Brazilian state has already discovered in the town of Americana, 130 km from the metropolis an illegal garment factory owned by another subcontractor to Zara. The government investigation, which focused on four garment factories last spring, showed that all the clothes in these workshops were made for the Spanish brand.

According Reporter Brasil investigation pointed the finger at one of the subcontractors of Zara, the company AHA, which would thus manufactured illegally for nearly 46,000 Spanish brand clothing guaranteed approval cash loans. This company would become the largest supplier of tissue of the Brazilian subsidiary of the Spanish group between July 2010 and May of this year. "At the same time, the company has significantly reduced the number of its employees. The number of employees hired legally would have come back from 100 to almost 20, "says the report of the investigation. As for the subsidiary of Zara in Brazil, she issued the authorization to affix the labels of its brand on these products only if "they were consistent with standards," without considering the conditions of manufacture.

Regulation "required"

In a statement, the Inditex Group requires that "the supplier responsible for the unauthorized subcontracting regulates the situation immediately," accusing him of "externalizing the information" which must remain secret in the name of the contract that binds him to Zara . Inditex has also clarified that the Brazilian Ministry of Labour is doing what is necessary to legalize the situation of illegal workers. Brazil has granted visas to some of them until they receive compensation, say some government sources.

Brazilian products represent just 1% of world production of Zara. Much of clothing is provided by Spain, where the company owns its own factories, and Portugal. According to the estimation of the group, by "illegal" production represents only 0.03% segment in Brazil."Brazil is the third largest American market after the United States and Mexico," says Spanish producer, which owned 30 stores in 2010 ennviron in the country. "We plan to open more stores in Brazil in the future."

This is not the first time, the Inditex group is accused of mistreating its employees in emerging countries. Earlier this year, one hundred workers of a textile factory in Cambodia have vanished because of difficult working conditions, exposure to chemicals and stifling heat in the premises. The plant manufactured garments for major global retailers, including H & M, Marks & Spencer and Inditex. According to the International Labor Organization, at least 12.3 million people are victims of forced labor in the world.

Wall Street does succeed in chaining a fourth consecutive session? Nothing is less certain. Within two hours of opening, the futures contract on the Dow Jones was down 0.74% at 11,319 points, those on Nasdaq and the S & P 500 dropping 1.09% to 2182 points to 1.05% to 1185 points.

Nervousness investors won again a few hours of a meeting in Paris between German Chancellor Angela Merkel and French President Nicolas Sarkozy. The two leaders are to discuss ways to implement to improve governance in the euro area and contain the problems of sovereign debt. No decision is fundamental to expect from this meeting, warned a spokesman for Angela Merkel yesterday, let alone on the front of the Eurobonds claimed by many investors. The latter will not even up for discussion.And it is this fact which disappointed observers who expected progress on the subject. In Europe, markets are plunged into the red.

European growth disappoints

The bad mood is also expected to result from the publication of European indicators disappointing that send negative signals about the health of the euro area. Germany, European locomotive, reported a surprise slowdown and sharp growth in the second quarter. The entire euro area saw growth of 0.2% after increasing 0.8% in the first quarter.

United States, the agenda includes the release of housing starts, prices for import and export and especially of industrial production.This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, Home Depot, Wal-Mart, Dell and Saks must publish their quarterly results on Tuesday.

Agilent Technologies has reported after-hours trading Monday a profit of $ 330 million, or 92 cents a share, in the third quarter, up 62% turnover is up to 1.69 billion.

Berkshire Hathaway would have taken a stake in the retailer Dollar General.

It all starts in late July in the French newspaper Le Monde. In a lively pen, "Philae" tells, in twelve parts, how a role play between two traders who are bored leads to rumors of a plot against Angela Merkel and the euro, all on the eve of elections French law of May 2012 ….

In this series of summer, we follow the wanderings of a young journalist from the Wall Street Journal sent to Frankfurt, headquarters of the European Central Bank and the financial hub of Germany. The names of the characters in the story are well known: Bruno Le Maire, portrays in Germanophile finance minister, Mario Draghi, Governor of the BCE, to the old speculator George Soros. On the agenda of the masters of the economy, threats to Societe Generale, next target of a takeover bid, and the Italian bank UniCredit.Their exposure to Greek debt fueling concerns.

Although it is amazed by the accuracy of the descriptions and the likelihood of situations, the informed reader understands that this is a fiction. In August 2011, Bruno Le Maire is not finance minister, but of Agriculture, and Italy's Mario Draghi has not made the head of the ECB, which is still headed by Jean-Claude Trichet.

On a rumor of a fall fiction real

It seems, however, whether this summer series that has inspired the fictional journalists Mail on Sunday, the Sunday edition of the Daily Mail for a story published Sunday catastrophic. In this paper, Simon Watkins and Dan Atkins have Societe Generale "at the brink of bankruptcy after terrible losses from its exposure to the Greek debt" and UniCredit "could collapse so similar" to the French bank.

The journalists added that "David Cameron has interrupted his vacation last night [Saturday, ed] to discuss the situation with Nicolas Sarkozy", a fact that has not been confirmed but exists also in the series of daily French.

Listed on online sites such as CNN mentioned on many forums, Twitter by many users, copied on blogs, the article from Monday, August 8 heat the rumor machine. Many elements accrediting effect the veracity of the article in the Mail on Sunday: Societe Generale is very exposed to the Greek crisis. August 3, his boss Frédéric Oudéa announced quarterly earnings down after a depreciation of 395 million euros for the shares of Greek states.

Wednesday morning the rumor that the company would be general in a situation so serious that the French government should intervene to save her is growing the market payday advance. The surprise announcement of a meeting at the Elysee Palace on the financial situation in the morning is a bombshell, and credibility to the words of the Mail on Sunday. The lack of communication officers of the Societe Generale does not help.

Meanwhile, as the stock market collapsed and with it the other financial stocks. At the heart of a black session, rumors succeed: France could lose its triple AAA, the government must save the banking system …

Only the evening that the management of Societe Generale denounces rumors and application to the financial markets opened an investigation into the launch of these sounds.But the damage is done: the bank saw its stock melted from 14.7% in one trading session.

A series of unexplained errors

Several questions remain: how an article in the Sunday edition of a tabloid, usually specializing in photographic study of cellulite British starlets, he could be taken seriously and set fire to the stock market ? How is it also possible that the two journalists of the text may have been confused, which to be inspired by what has been a fiction?

The text of Philae is, indeed, confusing realism. Hidden under the pseudonym, a journalist from the Tribune, Brussels correspondent of the daily economic, and whose employment by the evening paper did cringe at the writing of the World.A French bank would also indignant at the tone of the newspaper that gave off the soap truth, so much so that the newspaper added from 1 August 1 line warning: "Le Monde reminds its readers that situations, facts and figures reported in this fiction is imaginary and should not be taken as an expression of reality. "

There are no quotes in the article by Watkins and Atkins, which are directly drawn from the World Series, but the charges against SocGen and UniCredit, and the words of the intervention of Nicolas Sarkozy to be found in both documents. The Daily Mail has deleted Article guilty of its online site and apologized, acknowledging that the paper was based on "false information". Thursday noon, the Cac 40 fell below the symbolic threshold of 3,000 points, while Societe Generale fell by 7.26%.

Wall Street hesitates. As in Europe, investors do not seem entirely convinced by the agreement reached in the night between Democrats and Republicans on the debt. At the close, the Dow drops 0.09% to 12,132 points, the Nasdaq lost 0.43% to 2745 points and the S & P loose 0.41% to 1287 points.

It is in extremis, on the night of Sunday, which is reached an agreement on raising the ceiling of U.S. debt, after a speech critical of President Barack Obama. Two days before the deadline set by the U.S. Treasury, the stakes were high: without this increase, at least 2.1 trillion dollars, the United States, on the edge of default, could sow the wind panic on financial markets.

Barack Obama has managed to generate compelling reconciliation of Democrats and Republicans on this agreement, investors now hope to see a bill passed in the coming days. But that will depend on the Congress which has yet to give the green light, no later than Tuesday night. Similarly, no one knows how to react, however, the rating agencies. Despite the compromise finally reached on the debt, the loss by the United States, their AAA rating is not excluded and would have severe repercussions on the economy and markets.

After selling more than 4% last week, which will remain the worst of the year, the Dow had yet started the day up 1.10% at 12,277 points.Standard & Poor's 500 and Nasdaq 100 progressed to their respective share of 0.86% to 1303 points and 2785 points to 1.05%.

The manufacturing sector to the death

At the macroeconomic agenda, a bad surprise helped to fill the atmosphere: the growth in manufacturing in the United States slowed in July against all expectations, according to the purchasing managers' index released Monday by the Institute for Supply Management (ISM), which fell to its lowest level in two years. The index of manufacturing activity of this organization stood at 50.9 last month, its lowest level since July 2009, against 55.3 in June. The market economists polled by Reuters on average expected 54.9.

Construction spending in the U.S. have also increased by 0.2% in June, according to figures from the U.S. Department of Commerce published Monday.These expenditures reached 772.3 billion dollars, while analysts polled by Reuters had forecast a rate unchanged Same day payday loans.

This week, analysts said Aurel BGC, "investors will focus on indicators confirming whether a rebound in growth. In view of the latest indicators movement is far from certain. Auto sales (Tuesday) and retail sales side on Wall Street for the month of July will be eagerly awaited. This weekend, the employment figures will be released by the BLS.They will be very affected by the lay-off of 20,000 staff in the State of Minnesota. "

73% of companies did better than expected

The European steelmaker ArcelorMittal and U.S. mining company Peabody Energy (-1.48% to 56.62 dollars) on Monday made a hostile bid on the Australian Macarthur about 4.7 billion Australian (about 3, 6 billion euros), after the failure of talks to reach an amicable agreement. The board of Australian mining group declined Monday to support the joint bid from ArcelorMittal and Peabody to 15.50 dollars per share.

The title of the American manufacturer Ford (1.23% to 12.36 dollars) could take 25% as the group reduced its debt, is launching new models and trying to expand in China and India where he remained late over its competitors, said Monday the magazine Barron's.

Shares of online retail Amazon.com (-0.54% to 221.32 dollars), which is just below its record high, could earn 10% to 25% if the investment result rapid growth of its retail operations, cloud-computing and Kindle reading light, said Monday the magazine Barron's.

The railway company of the UAE, Etihad Rail, said Monday it has ordered seven locomotives Electro-Motive Diesel, a subsidiary of U.S. manufacturer of construction equipment Caterpillar (1.95% to 100.72 dollars).

On the corporate side, after Merck (-2.05% to 33.43 dollars) and Chevron (1.32% to 105.39 dollars), which published its quarterly results Friday, the ball of publications in the U.S. coming to an end.Nearly 65% ​​of companies have indeed published their findings in the U.S. and 73% reported earnings above expectations.

Among the publications planned the first week of August, include those closely watched CBS, Cephalon, and Pfizer (Tuesday). Will be followed by Comcast, Time Warner and Mastercard (Wednesday). Then, Kraft Foods (Thursday), Procter & Gamble and Viacom (Friday).

Two regional leaders of Lidl Ile-de-France – Nord were placed under judicial supervision. They are suspected of discrimination in hiring, reports Le Parisien. They have ordered the makers of their 70 stores not to recruit persons of foreign origin in residence with "privacy and family life." A woman dismissed on this ground a complaint. The trial will be held August 18. The accused may three years in prison and 45,000 euros fine.

Refuse these cards have been living as a principle in the network Ile-de-France – Nord "at least six store managers will spread to the investigators," said Le Parisien. The staff representative UNSA, Fatiha Iraki, would have met "some thirty CV repressed," she told the newspaper.Lidl Why would he conducted such a wage policy? Residence cards "cost several hundred dollars per year per employee," said the steward.

Lidl's lawyer denies the charges: no guidance was given. There are many foreign candidates in the regional management, it is normal that some owners do not see themselves hired, he explains.

Sudden brake on the French economy. The second quarter growth should be two times less than anticipated previously Banque de France (BDF), the institution announced Friday. It reduced its growth forecast to 0.2% for the period April to June, against 0.4% previously and 0.5% in its first estimate. The government expects growth of 2% over the year.

This revision severe downward is motivated by recent activity indicators published by the monetary institution. She recorded a decline in June industrial output (4 points to 99 points) and a slower growth in services (-1 points 99 points). The activity, however, should be stabilizing, according to forecasts from the BoF.

Reduced consumption

"The growth in the second quarter will be much less impressive than the first, reflecting the end of the phenomenon of stock recovery in business and the decline in consumer spending due to inflation and the decision of the premium the case, "said Mathilde Lemoine chief economist at HSBC France. It is also banking on 0.2% growth over the period.

These figures confirm the slowdown in recent months in France, after a very dynamic first quarter. The leading index of activity came out in late June PMI fell sharply, reaching a lowest level in eight months, to 55.4 points. "Industry as services are affected by a drop in new orders, which does not bode well for future growth," Analysis Ken Wattret, chief euro zone economist at BNP Paribas.

French exports did not spark either in recent months (0.9% from March to May), particularly because of slower sales in Asia. However, the French manufacturers seem to keep their spirits up. The INSEE index posted in June were up 3 points to 109 points. A level above its long-term average.

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The world's leading consumer is again in top form. The annual accounts ended June should show an increase in turnover of 5% over last year, when sales reached 78.9 billion dollars. Bob McDonald, who took over the group in the middle of the crisis in July 2009, was last week in France for his first visit since taking office. This former military academy at West Point, who spent five years in the U.S. Army before joining Procter in 1980, his book Figaro battle plan to win every year 200 million new consumers.

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The support is not official, but the formula leaves little room for doubt. The U.S. treasury secretary, Timothy Geithner, "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general direction of the IMF." In the race to succeed Dominique Strauss-Kahn to head the institution, is a way for Washington to support the European rather than his rival Mexican Agustin Carstens.

This statement therefore encourage what Christine Lagarde who must, on Thursday, passing his oral exam before the Board of the IMF. She must convince the 24 members it is the most capable of governing the IMF in the current turmoil. Agustin Carstens, he led his interview Tuesday.

The Mexican Fund for an impartial

During this session, had said Monday the institution, "each candidate will present his views on issues facing the Fund and its member states, and administrators will be able to interact with the candidates." Mexicans called for an increased IMF resources permanent, impartial, representing more emerging economies on its board of directors.

Christine Lagarde was in turn focus his presentation on an IMF "responsive, cooperative, legitimate and fair." So far, she expressed hostility to a restructuring of the Greek debt. When asked whether she was confident before the interview, the French Minister exclaimed: "Forever!".

Two shadows loom, however, about his candidacy. First, the case Tapie, who has rebounded earlier this week, and the Greek crisis.Brazil has indicated, through his representative at the IMF, Paulo Nogueira Batista, he expected the future Director to hold a position of severe vis-à-vis Greece: "We need strong action to obtain from Athens, and a clear financial commitment on the part of the euro area. A general statement is inadequate. " A position held since the beginning of his campaign by Agustin Carstens, who says he even opened a debt restructuring if necessary.

Preordained

For many observers, however, the game is a foregone conclusion for Christine Lagarde. "The French Minister on course to win," and headlined the Wall Street Journal on Thursday morning. She enjoys the strong support from almost all European countries, over 15% of the vote.One member of the board should, however, provide support to Agustin Carstens: Mexican director representing Spain and Latin America, 4.7% of the vote. Brazil has not made clear in his favor.

The decision should ultimately be taken on the basis of consensus, not wanting the institution or place one of its member countries is at odds vis-à-vis a future director or humiliate an unsuccessful candidate. The outcome of the deliberations is expected Tuesday at the earliest, and June 30 at the latest.

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