The Syrian crisis must not conceal the other current factors of instability. Tension between the U.S. and its allied nations and Russia will wane as soon as situation in Syria calms down. Economic consequences of the sanctions will be limited at the world level. It won’t be the same if a real economic war opposes China and the U.S. It is the whole international trade organization which could be affected. Despite its defects and the exceptional imbalances that system has sometimes generated, it has permitted a continuous trade development for more than fifty years and it is ...

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After having been close to the symbolic rate of 1%, as last year at the same period, the French 10 years bond has significantly fallen back to stay around 0.70% since the beginning of April. The issuance launched April 5th with maturities running from 10 to 30 years has collected near 8 billion euro and that number will be increased to 8.6 billion including NCTs after auctions. Thanks to the rate fall, it will contribute to a new reduction of the cost of the French public debt because it will participate to the reimbursement of a 27 billion ...

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The debate which took place during the last European economy ministers meeting about digital enterprises taxation has not found a conclusion, despite the European Commission support. International context was definitely not favorable. Most of these companies being American, a decision carried the risk to look like a riposte to Donald Trump protectionist moves when Europe was negotiating an exemption for the duties on aluminum and steel. It was useless to give the impression to outbid and to increase tensions when financial markets are nervous and fear the launch of a real trade war which would have negative consequences on growth ...

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