Since the beginning of May, the State has issued bonds for a record amount, 34.4 billion, through two Treasury Bonds issues, which brought as a total 21.6 billion carrying a -0.5% negative interest rate and 13.8 billion through mid and long term maturities bonds, an amount to which must be added an emission premium for an amount of 1.4 billion, generated by a 4% 2060 Bond. During the same period in 2019, with the same number of issues, the State got a one and half lower amount, i.e. around 20 billion. The huge expenses ...

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The ruling by Karlsruhe Constitutional Court warning the European Central Bank to justify its decisions couldn’t come at a worst time. It risks adding to the unprecedented economic crisis generated by the corona virus outbreak and to the latent trade war between China and the U.S. the third risk of a financial crisis in Europe. Neither Europe nor the world needed such an initiative. Atop of the worries it is arousing, the fact that this highest Court is fighting in the same time against the ECB, the European Court of Justice and the European Union itself leads to ...

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INSEE has just published, along with its first estimation of the GDP evolution during the 1^st quarter, figures of household goods consumption in March and inflation in April. These figures are important because they allow making a first analysis of the economic agents reaction to the lockdown measures adopted since March 16^th. GDP has fallen by 5.8% compared to the previous quarter and household goods consumption by 17% compared to March 2019. Inflation, month on month, has been 0.1%, i.e. on one year 0.4%.

The GDP fall is especially alarming that it comes after ...

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