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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When, in France, some political leaders suggest that parties, which, usually, confront each other, met together to favor the emergence of solutions for the diseases the country is suffering, first of them unemployment, in Washington, Democrats and Republicans, with the support of president Obama, have just given a stunning demonstration of the merits of that approach.

American institutions are different from ours. Congress cannot be dissolved and when the current majority is from a different political side than the president, there is a “cohabitation” situation. The former, in case of disagreement can only oppose its veto and to surpass it ...

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Les tragiques évènements intervenus à Paris durant le mois de novembre ont fait passer les questions économiques au second plan en Europe. Pourtant, pendant ce temps-là, se déroule l’une des plus importantes opérations financières de tous les temps, venant juste derrière les folies de la bulle des télécoms d’il y a quinze ans, AOL Time-Warner et Hutchison-Mannesmann entre autres. La transaction dépassera 160 milliards de dollars. Mais ce qui en fait l’originalité, c’est moins sa taille que sa motivation exclusivement fiscale. En fusionnant avec Allergan, installé en Irlande et ...

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