Question: What is your outlook?

Philippe Cayla: I think the main problem is in the unbalance of trade … of foreign trade between developed countries and the European countries … developing countries to get a larger share of the cake, of course. Which is a … in some sense, as long as they abide by democratic rules. But the problem is when non-democratic countries like China or others develop themselves at the expense of democratic countries. Which means that these are countries … I mean non-democratic countries where you have no trade unions. So … and we even discover in China that there is some slavery. So we can't compete with such countries. And so either these countries become democratic, and so the trade unions are able to demonstrate to gain a wage increase, and to rebalance the foreign trade in more … in a safer way. Or it creates a crisis, because I don't see the imbalance of foreign trade it's valuable for the U.S, it's valuable for Europe continuing at that pace, very rapidly. If it's a game where the rules are not the same in other countries, I think it's a major problem. It's an imbalance of foreign trade.

Recorded on: 7/2/07