In a world marked by military and commercial conflicts with serious economic consequences, close cooperation between European states has never been so essential, but never have the institutions created for this purpose appeared so incapable of responding to these challenges. By invading Ukraine, Russia had disrupted the conditions of access to fossil fuels. By triggering a trade war, Washington was disrupting the supply chains of European companies. By transforming its economic model, China had allowed the birth of industrial groups taking advantage of the size of their domestic market and posing a threat to their European counterparts.

Since its creation ...

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Nearly two and a half centuries ago, Adam Smith published the Research on the Nature and Causes of the Wealth of Nations. It set out principles that would become the basis for economic thinking about value creation and how to grow it, and the rules to be adopted to achieve these goals. Today, it is wealth creation and not wealth itself, built up over the years, that has become the focus of economic thinking and political debate. Growth, the increase in the wealth produced, has become the objective of governments, which have made it the main tool for improving the ...

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There is a striking contrast between the real situation of the American economy and the frequently catastrophic judgment about the French economy. In Parliament, discussions on the 2026 budget are beginning and the rating agency Standard & Poors has just downgraded France's rating to A+ with a stable outlook from AA- with a negative outlook. The fragility of the government, characterized by the narrowly rejection of a motion of censure and a heavy debt justified this decision. And it has triggered a wave of alarmist comments aimed at pushing through a rigorous budget despite a political context that is not ...

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