According to figures published every day by the Agence France Trésor, which manages France's public debt, the rate on 10-year government bonds (OATs) reached 3.59% on December 11, after 3.61% the day before, the day after the National Assembly adopted the Social Security financing bill. This was the highest level in recent years and 0.3% higher than the rate observed at the beginning of the month. Does this market evolution reflect an increased mistrust of the French economy, when one could have legitimately hoped the opposite after the success achieved by the government?

Certainly not ...

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In a world marked by military and commercial conflicts with serious economic consequences, close cooperation between European states has never been so essential, but never have the institutions created for this purpose appeared so incapable of responding to these challenges. By invading Ukraine, Russia had disrupted the conditions of access to fossil fuels. By triggering a trade war, Washington was disrupting the supply chains of European companies. By transforming its economic model, China had allowed the birth of industrial groups taking advantage of the size of their domestic market and posing a threat to their European counterparts.

Since its creation ...

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The aggravation of international tensions should not make us forget the current fragility of the economic and financial balances in which the stability of the dollar and the resulting confidence must play an essential role. In the past, taxes were successively assigned three missions: to finance public spending, then to contribute to the redistribution of income to correct inequalities, and finally, with the application of Keynesian principles, to act on economic activity by stimulating investment and household consumption through the budget deficit.

After decades during which wealth accumulated, even if it was not evenly distributed, and the exchange of goods ...

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