In China, nothing or just about, occurs by chance. So the choice of the city of Hangzhou to host heads of states participating to the G20 Summit, has a deep sense. This city was China capital during the Song dynasty, at a time when the country was starting to attract attention from the West. Then it was put in the shade by Beijing, of course, and, much later, by its neighbor, Shanghai, which became, from the 19^th century, the economic hub of the country. But it was in Hangzhou, during the seventies, that secret discussions took place between Henry ...

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Every summer, central bankers and a clutch of economists gathered at Jackson Hole, the American Chamonix, in the Rocky Mountains. This time, attention was focused on Janet Yellen speech and her indications on next interest rates increases. We didn’t learn more because, following her habit, she procrastinated. But the debate about monetary policy role passed quite unnoticed. It is regrettable because it has become the main instrument of the economic policy, which is not anymore in government hands, since central banks got their independence. Highly indebted states, refusing to increase their budget deficit, relied on the decisions of their ...

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La publication des chiffres du commerce extérieur (déficit en hausse) et de la production industrielle (en baisse), venant après l’annonce de la stagnation du PIB au deuxième trimestre, clôt la série des mauvaises nouvelles pour l’économie française. La question n’est donc plus de savoir si « elle va mieux », mais pourquoi elle va mal. En cinq ans, la croissance n’aura jamais dépassé 2%. C’est sans précédent depuis la deuxième guerre mondiale. C’est aussi sans équivalent pour un pays développé qui connait un dynamisme ...

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