Archives March 2022

On March 31st 2022, the rate of the 10 years bond issued by the French State has reached 1,02%. At the beginning of the month, this rate was 0.43% and, a year ago, -0.35%. This rebound is not the consequence of investors mistrust about France due to a strongly growing indebtedness because it is general in the euro-zone and the spread with the German bond on the same maturity has little fluctuated around 40 basis points. It is more revealing of the financial markets moves about the anticipations of the European Central Bank action. The phenomenon is ...

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The sanitary crisis had already shown the unsuitability of the European rules in the energy area. The break of several supply chains had provoked tensions on fossil fuels which were, especially in France, passed on power prices. The States had to intervene to protect the purchasing power and the situation of enterprises whose production costs would be weighted down.To that already fragile situation are added now the consequences of the invasion of Ukraine by Russia which is one of the main supplier of fossil fuels of Europe. Its exports constitute an essential source of revenue and allow to financing ...

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It is obviously not a chance if the Russian assault against Ukraine has been launched the day after the closing ceremony of the Olympic Winter Games in Beijing. The attention of the world must not being diverted. China saw in that ceremony an opportunity to increase its international influence.  And Moscow wanted to protect the priviledged links the Russian leaders had with their Chinese couterparts. The Vladimir Poutine presence during the inauguration, when he had not left his country since the beginning of the pandemic, had been an other symbolic gest revealing his will to be sure, if not of ...

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