The European Central Bank's decision to raise its base rates by 25 points has drawn a lot of criticism. It justified it by the persistence of an inflation level above 3% in the euro zone, well above the 2% threshold that it has set itself as a target, in accordance with its status. But this inflation comes in a context of economic stagnation and not at a time when excess demand in Europe is at the origin of price increases.

A debate of the same intensity exists on the other side of the Atlantic, but in a completely different ...

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The wonder of the United States is not waning. The New York stock exchanges continue to break records with some companies having valuations exceeding a trillion dollars, which has never been seen before. By way of comparison, the Paris-listed company with the largest capitalization, LVMH, (240 billion euros) barely exceeds a quarter of the value of the big stars of Wall Street. The new stars, supported by artificial intelligence and their suppliers, the semiconductor manufacturers, have dethroned the Internet giants. The exceptional success of business leaders like Elon Musk in electric vehicles and now in the space industry or Jeff ...

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Since the liberalization of trade and the internationalization of financial markets, central banks have become major players in the choice and implementation of economic policy. They have different missions and statuses depending on the country or continent. Of all, it is the European Central Bank (ECB) that has the greatest freedom of action, thanks to its independence enshrined in its founding treaty and the definition of its mission in its statute, to reduce and maintain inflation in the euro zone to a level below but close to 2%. It can then act to support growth and employment.

The US Federal ...

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