It is frequently said we must not be guided by fear. But is it a good manner to govern to frighten the people of your country? In a few days, we have just had two declarations of high public officials about the dangers for the public finances the increase of interest rates and  inflation represent on the charges generated by the country indebtedness. They included catastrophic numbers without any link with reality. The non-expressed objective was, of course, to make a pressure on the opinion in order to stop to be in favor of wages and social benefits increases to ...

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The publication by INSEE of its first estimation of the French growth during the 1^st quarter has surprised and disappointed. GDP has stagnated. During the same time inflation reached year on year 4.8% and it was not needed more for the spectre of stagflation to be reminded, the worst situation an economy can know with, in the same time inflation and the growth stoppage, which frequently constitutes the preliminary signal of a recession. These worries are yet excessive and the figures are less alarming than they look like because this stagnation occurs after a strong rebound in 2021 ...

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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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