The first quarter of 2016 is finishing in a much better situation than it has started. Invalidating, once more, analysis and forecasts of most of economists, the world has not been hurt by the failure of a major country, having consequences outside of its borders. There were no recessions among large developed economies and growth went on, only at a slower rhythm than it would be necessary to reduce disequilibrium caused by the 2007-2008 crisis, unemployment for some of them, excessive indebtedness for the others.

Chinese economy is following its path. Shanghai Stock Exchange is regaining, day after day, the ...

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When, during 2007 summer, banks realized they had, in their books, assets which were constituted with irrecoverable loans, financial planet started to be shaken. It will be necessary to wait for Lehmann bankruptcy, a year later, to assess the size of the disaster which provoked the biggest post-war financial crisis and a major world recession. Are we on the brink of the same situation? Market value of the banking sector has fallen since the beginning of the year and it reflects this concern but, apparently, banks are in a much better situation than in 2007. Their core capital ratios have ...

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The most significant change occurred during the last twenty years on the economic scene has been the growing importance, not to say the omnipresence, taken by central banks. We are watching, every quarter, what the Federal Reserve is about to decide regarding interest rates, we relied on ECB to save euro, Shinzo Abe has put all his hopes on Bank of Japan to boost the economy which is stagnating for twenty years and, in Beijing, Governor Xiaochuan decisions are considered as being at the origin of the disorders which have affected Shanghai stock exchange and which had impacts on the ...

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