The absence of the Chinese president Xi Jinping at the two major international meetings in Roma (G20) and Glasgow (COP 26) has triggered a wave of comments about the “isolation” and the “withdraw into itself” of the second biggest economy of the planet, whose growth model had been until now based on an active contribution to the globalization expansion. In 2020, its exports reached 18% of the world exports. The explanation given by Beijing, the sanitary context and the very strict measures adopted in the country to slow the development of the pandemic, have not convinced.

In the same time ...

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The importance granted to two major international meetings, the Roma G20 which has just been concluded with several agreements, and the COP 26 which will be held in Glasgow shows to which point, regarding economic and environmental issues, States action is recovering its essential character. It is a major turnaround compared to the last twenty years when the “liberal globalization” had essentially been based on the decisions taken by private actors, sometimes managed by the central banks whose independency against any public intervention was granted. The Keynesian receipts were sent back to the history sidelines and free competition between actors ...

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We believed we had finished, at least in developed countries, with inflation which had been a major factor of disequilibrium, until the Nineties. To cope with it, monetary policies had been extended to an extreme, as in the United States in 1979. That had been, when the euro and the European Central Bank were created, the major concern of the founding countries like Germany which was still reminding the disasters of the Twenties, which were not without link with the Nazism ascension. It is why, in the ECB mandate, the first priority was to act to keep inflation in the ...

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