L’Europe, pendant six mois, a vécu une crise sans précédent depuis que le Général de Gaulle, dans les années 60, avait pratiqué la politique de la « chaise vide » à Bruxelles. Sommets de la dernière chance convoqués à l’improviste, déclarations péremptoires de ses dirigeants jamais suivies d’effets, propos sur l’Allemagne qu’on pensait appartenir à un passé révolu, menace sur l’existence même du projet le plus ambitieux du continent : l’euro. Un Etat-membre, la Grèce, pesant 2% de l’Union, en termes de PIB comme de ...

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One does not become an international financial place in a single day. Shanghai is now becoming aware of it. Chinese leaders, facing the collapse of financial markets seem to have trouble finding the right attitude as they are used to be always in control of the situation. But markets do not work like that. However, the way international media rejoice themselves while reporting the fall of the stock exchanges in Shanghai and Shenzhen and implying against all odds, that the economic and political consequences would weaken the country, is suspect.

(Almost) nobody predicted the Chinese “Thirty Glorious”. Whenever the country ...

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For once, the final statement of Aix Economic Forum – bringing together hundreds of business leaders, economists and journalists from July 3 to July 5 – sparked controversy. Point n°6 recommended to essentially cut taxes on the wages that are lower than 1.6 times the minimum wage while the measures announced by the government with the CICE in 2014 and the “Responsibility Pact” apply to wages up to 3.5 times the SMIC. One could also include in this debate the Research Tax Refund (CIR) that also has a very wide base and whose tax incentive covers salary expenditures that ...

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