In this area there is nothing to identify scapegoats

Senator Philippe Marini, presented in early November, a draft law to better supervise the consumer credit. And the President of the Republic, in his speech of Compiègne on the fight against poverty at the beginning of December, came to relay this initiative in asserting itself to stricter supervision of revolving credits. Excesses were, of course, committed in this area and it is clear that debt-burdened households have, in their overwhelming majority (84) contracted the credits without a deadline. It appears thus urgent to avoid that banking exclusion complements today's drama of overindebtedness. As such, 917.000 records were deposited from July 2003 to July 2008.

A possible reform of the consumer credit must nevertheless take into account all of the items in the folder. At the macroeconomic level, academe in Brussels (which has stigmatized the French banks support plan), you will have to do more credit to businesses and households. Indeed, the deflationary dynamics are initiated by the wealth losses due to the decline in the prices of the assets, or the debt of the private economic agents, both, leading to the decline in demand of households and deflation. French households being slightly indebted to their European counterparts and, above all, American, there is a margin of manoeuvre in the field of real estate credit as in that of the consumer credit, which must not underestimate the importance in times of budgetary scarcity.

Remains to deal with the risk of a rise in the debt overhang. In this area, there is nothing to identify scapegoats. It must certainly punish abuses. But the problem today is not to credit, but to better credit. The "bad-debt" Senator Marini, should object responsible for credit. And, in this area, rather than strengthen already nitpicking and poorly applied regulation, better open new avenues, unjustly neglected (because probably pushing certain well understood interests).

Is it the rate of wear that, in the State, discourages the banks to certain credits, in particular on certain segments of the depreciable property credit. Similarly the "positive file" which, by allowing to know the exact debt of each client, design banks. Is it normal, in fact, that banks today may not have knowledge of the history of debt of their clients and can therefore, nolens volens, to "wash" the risk of over-indebtedness But could also, at this time of crisis, to be more than originality and consider adaptation in France of Community Reinvestiment America Act, which allowed far better than the micro-credit fund for disadvantaged households without succumbing to the "charms" of "sub-prime". Under the terms of this Act, the banks that do not wish to intervene in this type of clientele must financially compensate those who accept to take this risk. The idea deserves at least to be dug.

In short, there are multiple ways to improve the "credibility" of French crisis and, in the household doing, to make possible better (the "best" credit) by avoiding the worst ("too" or "least" of credit). In times of crisis, need to avoid over-regulation and getting creative "What we must fear... is fear" ("what we must fear, is fear itself"), told Roosevelt by launching the New Deal in 1933. It cannot be better to say...