When, during 2007 summer, banks realized they had, in their books, assets which were constituted with irrecoverable loans, financial planet started to be shaken. It will be necessary to wait for Lehmann bankruptcy, a year later, to assess the size of the disaster which provoked the biggest post-war financial crisis and a major world recession. Are we on the brink of the same situation? Market value of the banking sector has fallen since the beginning of the year and it reflects this concern but, apparently, banks are in a much better situation than in 2007. Their core capital ratios have ...

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Everyone should be happy with such a result which contrasts with the doubts affecting the durability of U.S. growth, the feeble rebound in Europe and the secular stagnation in Japan. But it’s not the case. This 6.9% figure is immediately accompanied with the following comment: “the worst achievement in 25 years”. China GDP has reached, in 2015, a level near 11 000 billions dollars. Year on year, production  has risen by almost 700 billions dollars, roughly a third of French GDP, whose increase, last year, was as little as 20 billions dollars. But any news coming from ...

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2015 hasn’t been a year as any. Oil, Yuan, Fed, Europe and France have known majors turning points. Some of them will generate structural evolutions which will affect the world economy at least for its next ten years.

Oil, first. 2015 has brought the confirmation that price fall observed at the end of 2014 was not only the result of geostrategic choices, Gulf States, with Sunnite predominance, willing to weaken Shiite Iran and the United States trying to cut Russian resources after Ukrainian crisis. OPEC decision to maintain the level of its production, confirmed a year later, was the ...

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