The heat wave that is hitting Europe and France in particular is a manifestation of the climate change that is affecting the planet. It is becoming more and more difficult, even if other violent events have occurred in the past, such as in France during the summer of 2003, to contest the role of the accumulation of greenhouse gases in the atmosphere. But the reactions to the current crisis show the great confusion that exists between what needs to be done to curb this accumulation and the measures to be taken to mitigate its consequences in a country.

The accumulation ...

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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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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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