Irish Vice-Premier Minister Frances Fitzgerald resignation has permitted to avoid, at the last moment, a political crisis in her country. That would have increased the confusion which currently prevails in the negotiations regarding Brexit. They will be the major issue which will be discussed during the next European summit which will take place December 14^th and 15^th. The case is not well under way due to its complexity and to the political uncertainties in several countries. In the United Kingdom, Prime Minister Theresa May is weakened by her poor results during the last elections, by the dissensions inside ...

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Last Thursday, the European Central Bank has announced the main orientations of its monetary policy for the next year. They have been clarified by the comments added by its president, Mario Draghi. We have, now, a clear indication about the evolution of the eurozone during the coming months. Markets made no mistakes about it. They immediately reacted: European stock markets, except Spain due to political reasons, rose and the euro fell. The currency lost more than 1% against the dollar.

First, the ECB announced that it will prorogate until September 2018 its quantitative easing policy but for amounts reduced to ...

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German elections which will take place next Sunday will see a new victory for Angela Merkel. The only uncertainty is about its magnitude and the necessity she will have –or not- to constitute a coalition and with whom. An alliance with the Greens is the less likely hypothesis, even if she gave them token in getting out of nuclear power and in committing her country in an energy transition program which satisfies them. The likely comeback of the FDP, which missed the 5% barrier during last election in 2013, into the Bundestag opens the door to a “Small coalition” as ...

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