When you want to bury a file or when you want people to believe you are working to solve a problem you create a committee, it is a real French tradition. It is precisely what the government has just done about public indebtedness. Its composition is revealing: it will bring together former ministers who have contributed to increase it when they were in the government and economists who have not stopped to denounce the phenomenon and to make alarmist forecasts which revealed themselves wrong both about the cost of the debt, of the solvability of economic agents or the ability ...

Continue reading

The ruling by Karlsruhe Constitutional Court warning the European Central Bank to justify its decisions couldn’t come at a worst time. It risks adding to the unprecedented economic crisis generated by the corona virus outbreak and to the latent trade war between China and the U.S. the third risk of a financial crisis in Europe. Neither Europe nor the world needed such an initiative. Atop of the worries it is arousing, the fact that this highest Court is fighting in the same time against the ECB, the European Court of Justice and the European Union itself leads to ...

Continue reading

The failure of the meeting between the European leaders occurred on March 26th about the measures to be adopted to strengthen the solidarity between State-members and soften the economic consequences of the current outbreak shows to which point the European Union has not assessed the challenges to which it is confronted. So, it risks being one of the main victims. Germany and the Netherland have put their veto to the proposal of nine other States, among which are France, Italy, Spain, Belgium and even Luxemburg, to issue European bonds, the “corona bonds”, assigned to finance the countries which were the ...

Continue reading