The French economy no longer has any buffers.
Stagnant incomes, energy inflation, high interest rates, and a depleted budget: the French economy is now operating without a safety net. The danger lies less in the severity of each…
Philippe Waechter's blog
France – Eight months under pressure from interest rates
The dreaded moment has arrived where political chaos catches up with the economy. At a time when interest rates are skyrocketing, France is being criticized for a budget it cannot…
France at a crossroads: Austerity chosen or austerity imposed
The 10-year interest rate spread between France and Germany now exceeds 140 basis points, and the French rate is approaching 5%. France is acting alone: it is entering a crisis…
What if the global economy is doing better than we imagine?
Global trade is growing rapidly. In volume terms, it increased by 5.6% year-on-year in the second quarter of 2026. This is better than the previous year’s 3.9% increase and better than the…
Long-term rates: the end of the old world
Synthesis The recent rise in long-term interest rates may no longer be a simple adjustment. The conflict in Iran, oil prices hovering around $90, and persistent US inflation have acted…
The monetary policy of the flashing light
Should the central bank signal its intentions when defining its monetary policy? This is the question posed by Kevin Warsh, the new Fed chairman. During the great financial crisis, the…
Money is once again becoming a weapon.
The United States is no longer hiding anything. After tariffs, another lever is being used: currency. Not the dollar as a symbol, but the system that makes it indispensable. The…