In less than thirty years, once the unification of the Eastern provinces was successfully achieved, Germany has become the good if not the best pupil of the European Union. It could so set its conditions for the creation of the euro, bolstered by its foreign trade surplus, the rigorous management of its public finances and its low inflation. It revived the great principles which had made its prosperity. As far as back 1895, Paul Valery, the French essayist, had shown that it was coming from its ability “to make returning the maximum of wealth from all the places in the ...

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Just ten years ago, Mario Draghi, chairman of the European Central Bank, announcing in July 2012 that he will do all it is necessary “whatever it costs” to save the euro and putting into practice this decision, rescued the common currency. Europe was hardly emerging from the recession caused by the “sub-prime” crisis. The disclosure that Greece, with the assistance of a merchant bank, had forged its accounts in order to dissimulate the situation of its public finances, had started high tensions inside the euro zone. They were amplified by the revelation of the weakness of the Irish banks which ...

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The world has changed. The globalization is going through its first crisis. It took its expansion in the Nineties with the end of the Cold War and the climate of peace which resulted from it. Thanks to major innovations, people, goods and data could circulate at a low cost. Countries progressively lifted their trade barriers. Tourism known a very large development and we saw a capital flows liberalization. China, thanks to the reforms initiated in the Eighties started to make up its time with developed countries. Its adhesion to the World Trade Organization and ten years after, the launch of ...

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