To leave François Hollande holding the full responsibility of Alstom planned decline is unfair. It is the result of more than twenty years of strategic mistakes made by its CEOs. But since, in 2004, Nicolas Sarkozy helped the group to avoid bankruptcy and gave it the possibility to rebound, the green light given by the state in 2014 to the deal settled with General Electric (GE), which was not asking for so much, has constituted a fatal mistake. Belfort closure, which is an emblematic site of the company where, during the past, were brought together activities related to transport ...

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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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