The recent evolution of the parity between the two major international currencies, the dollar and the euro, is full of lessons and will not be without consequences on the French economy. The euro remained stable against the dollar during almost two years, if we exclude a short period of doubt in November 2015. It fluctuated between 1.10 and 1.15. American elections approaching and the narrowing of the gap between the democrat candidate and Donald Trump generated a rise of the dollar. It reached 1.05$ against the euro, its highest level for 20 years, shortly after the election ...

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Moody’s rating agency has downgraded last week China sovereign debt notation. It echoes the numerous alerts about the excessive indebtedness of local authorities and state-owned companies. On the opposite, the State debt ratio (48%) would make many countries dreaming about it. That decision did not provoke any concern to financial markets. Shanghai, Taiwan and especially Hong Kong have followed their rise with, for the last one, a 16% increase since the beginning of the year. The Chinese risk is, in fact, overestimated and it is not new. The country has a huge current account surplus and currencies reserves above ...

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It is not any more an issue to know if Emmanuel Macron is François Hollande’s heir and if he must carry the responsibility of the possible mistakes committed in the past, when he comes into function. The political debate has taken place during the presidential campaign and French people have decided. It is necessary now, just before the coming into office of the new president to get a precise analysis of the situation of the French economy and to identify the challenges the country is confronted with.

France did not get out from a long period of quasi ...

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