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…
Philippe Waechter's blog
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…
Artificial Intelligence at the heart of the economy
Artificial Intelligence is no longer a promise: it is already an everyday tool and, at the same time, the driving force behind a new industrial revolution. An everyday tool, it…
Electricity is becoming decarbonized, but the planet is not.
The figures for 2025 seem quite promising: renewables and nuclear power accounted for 42.6% of global electricity production, a historic record. Wind and solar power even surpassed coal. A first.…