Moody’s rating agency has downgraded last week China sovereign debt notation. It echoes the numerous alerts about the excessive indebtedness of local authorities and state-owned companies. On the opposite, the State debt ratio (48%) would make many countries dreaming about it. That decision did not provoke any concern to financial markets. Shanghai, Taiwan and especially Hong Kong have followed their rise with, for the last one, a 16% increase since the beginning of the year. The Chinese risk is, in fact, overestimated and it is not new. The country has a huge current account surplus and currencies reserves above ...

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It is not any more an issue to know if Emmanuel Macron is François Hollande’s heir and if he must carry the responsibility of the possible mistakes committed in the past, when he comes into function. The political debate has taken place during the presidential campaign and French people have decided. It is necessary now, just before the coming into office of the new president to get a precise analysis of the situation of the French economy and to identify the challenges the country is confronted with.

France did not get out from a long period of quasi ...

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The debate about the consequences and the issues related to globalization was at the center of the final discussions of the presidential campaign, as it has been proved again during the pathetic confrontation between Emmanuel Macron and Marine Le Pen. It will not end May 7^th and will continue during the political battle of the general elections which will start the day after. Until now, that debate has missed one essential issue: globalization will not stop if, because of their votes, French people declare they are hostile to it. This phenomenon is irreversible and it affects all the countries ...

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