The succession of crisis which have hurt the Western Countries for fifteen years with successively the sub-primes, the risk of explosion of the euro zone, the Covid-19 pandemic and at last the invasion of Ukraine by Russia has, each time, put the central banks at the heart of the measures devised by the governments to soften their economic consequences. Even when their status was explicitly or not guaranteeing their independence and their freedom of action and when their mandates were fixing the price stability as their main objective, their policies had to be in keeping with a context of international ...

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Globalization is dead. Vive la globalization ! The economic and political crisis to which the world is confronted today with the lasting consequences of the Covid-19 pandemic and of the invasion of Ukraine by Russia shows the end of the globalization as it was known during these last decades. The occurred breaks are hurting much more heavily the economic situation of the countries than these caused by the oil shocks in the Seventies, the reforms in China during the Eighties and the Soviet Union collapse at the beginning of the Nineties. Economies had progressively been able to adapt themselves to these ...

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The inflationist crisis that the Western countries are now knowing and the envisioned remedies are inevitably sending back to that one of the Seventies final years, generated by the second oil shock, itself provoked by the war in Iran. During near forty years, the developed world was thinking it had put an end to inflation and was even starting to be worried by a deflation risk. In the United States, it is the appointment, at the end of 1979, of a new chairman at the Federal Reserve, Paul Volcker, which constituted a real turnaround. To fight against inflation which was ...

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