The fragmentation of the world
In the week following the start of the conflict in Iran, economic issues resurfaced. Energy prices rose sharply, reminiscent of the surge seen during Russia’s invasion of Ukraine. The risk…
Philippe Waechter's blog
The question of sovereignty
Global interdependence creates vulnerabilities, as the post-pandemic period clearly demonstrates. States seek to mitigate these vulnerabilities, while at the same time, citizens want to regain control over decisions that affect…
Conflict, Energy and Inflation
The Middle East conflict between Israel and the United States on one side and Iran on the other has caused energy prices to surge. Everyone then recalled what happened in…
When will we see a strict budget? 2028 at best
The budgetary episode in France is over for 2026, but the battle is not over because long-standing questions have not been answered. 1- Stabilizing the public debt-to-GDP ratio. A few…
European inflation below 2% in January
The inflation rate in the Eurozone was 1.7% in January 2026. This figure should be compared to 2% in December 2025 and 2.1% for the whole of 2025. The underlying…
𝙆𝙀𝙑𝙄𝙉 𝙒𝘼𝙍𝙎𝙃 𝘼𝙏 𝙏𝙃𝙀 𝙁𝙀𝘿
Donald Trump has finally nominated Kevin Warsh to succeed Jerome Powell as head of the Fed next May. He must be confirmed by the Senate. Warsh has already worked at…
History accelerates even further in 2026
“There are decades when nothing happens, and there are weeks when decades pass.” This quote from Lenin is widely used today, but it aptly summarizes the acceleration of History. History…
The era of ruptures
“We are in the midst of a rupture, not a transition..” This is Mark Carney’s key message in Davos. In a powerful speech, the Canadian Prime Minister positions himself as…