Last Thursday, the European Central Bank has announced the main orientations of its monetary policy for the next year. They have been clarified by the comments added by its president, Mario Draghi. We have, now, a clear indication about the evolution of the eurozone during the coming months. Markets made no mistakes about it. They immediately reacted: European stock markets, except Spain due to political reasons, rose and the euro fell. The currency lost more than 1% against the dollar.

First, the ECB announced that it will prorogate until September 2018 its quantitative easing policy but for amounts reduced to ...

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German elections which will take place next Sunday will see a new victory for Angela Merkel. The only uncertainty is about its magnitude and the necessity she will have –or not- to constitute a coalition and with whom. An alliance with the Greens is the less likely hypothesis, even if she gave them token in getting out of nuclear power and in committing her country in an energy transition program which satisfies them. The likely comeback of the FDP, which missed the 5% barrier during last election in 2013, into the Bundestag opens the door to a “Small coalition” as ...

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To make a fortune in real estate doesn’t necessarily constitute a good training to understand the present world and to be prepared to the tomorrow outside world. Such is the lesson we can learn from the declarations and the first decisions of Donald Trump and his team. His personal ideas regarding women or religion are arousing in his country and outside a strong reproof. They correspond to the choice of a minority of Americans but, to put them into practice, the new president will have to compromise with the very efficient check and balance principles which are the characteristic ...

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