The importance granted to two major international meetings, the Roma G20 which has just been concluded with several agreements, and the COP 26 which will be held in Glasgow shows to which point, regarding economic and environmental issues, States action is recovering its essential character. It is a major turnaround compared to the last twenty years when the “liberal globalization” had essentially been based on the decisions taken by private actors, sometimes managed by the central banks whose independency against any public intervention was granted. The Keynesian receipts were sent back to the history sidelines and free competition between actors ...

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We believed we had finished, at least in developed countries, with inflation which had been a major factor of disequilibrium, until the Nineties. To cope with it, monetary policies had been extended to an extreme, as in the United States in 1979. That had been, when the euro and the European Central Bank were created, the major concern of the founding countries like Germany which was still reminding the disasters of the Twenties, which were not without link with the Nazism ascension. It is why, in the ECB mandate, the first priority was to act to keep inflation in the ...

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The very strong passed and announced price increases of the fossil energies and of power remind us a time we thought it was bygone, with the oil prices shocks of the Seventies. The Middle-East and African countries oil producers did gather in 1960 to create OPEC in order to counterbalance oil majors full power. In 1973 the organization decided to limit its production and ordered an embargo against the United States and the Low Countries as the consequence of the Kippur war. The barrel price jumped from 3 to 12 dollars. A new disequilibrium occurred on the market four years ...

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