The governments action against the economic consequences of the pandemic is testifying of a deep disruption in the principles which have been, for near half a century, the foundations of economic policy. They have put at the disposal of enterprises and employees the financing allowing them, for the time being, to cope with the activity fall and the employment cuts resulting from it. The State-guaranteed loans allowed banks to support their clients without taking themselves risk. Its taking of part-time unemployment benefits financing had the same purpose: they offered to enterprises the possibility to keep their employees without affecting the ...

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The progressive elimination of the borders for capital flows, since the end of the Eighties, had given to the central banks a major role in the elaboration and the implementation of the economic policies. At the origin, they were in charge of the supply of payments tools and of coming to help the States when these ones were going through a crisis or to finance a war effort.  The economists under Milton Friedman and the Chicago school aegis gave then to them a determining mission in the achievement of the major equilibriums. Through the management of the money supply, they ...

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When we remember the projections which were made a year ago about the world economy, we measure to which extent the art of forecasting is difficult. But that must not impeach us to look with lucidity at the problems the world and, of course, France will be confronted with next year and to try to assess what are at stakes. If the art of governing lies in to know how to forecast, in order to find the appropriate policies and to put them into practice with success, it is important to have an as sound as possible analysis of the ...

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