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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The threats weighting on Europe supplying of natural gas, the very strong increase of the prices which are resulting from it and the risks of a breaking of the deliveries to essential industries remind us the oil crisis of the Seventies. The barrel price, in less than ten years, came from 3 to 30 dollars. The creation of the OPEC allowed to keeping that level and an embargo on deliveries to European countries was even decided. So the natural gas has become a strategic fossil energy as was oil forty years ago.

The main cause of this crisis is the ...

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