The progressive elimination of the borders for capital flows, since the end of the Eighties, had given to the central banks a major role in the elaboration and the implementation of the economic policies. At the origin, they were in charge of the supply of payments tools and of coming to help the States when these ones were going through a crisis or to finance a war effort.  The economists under Milton Friedman and the Chicago school aegis gave then to them a determining mission in the achievement of the major equilibriums. Through the management of the money supply, they ...

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When we remember the projections which were made a year ago about the world economy, we measure to which extent the art of forecasting is difficult. But that must not impeach us to look with lucidity at the problems the world and, of course, France will be confronted with next year and to try to assess what are at stakes. If the art of governing lies in to know how to forecast, in order to find the appropriate policies and to put them into practice with success, it is important to have an as sound as possible analysis of the ...

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John Maynard Keynes went down in history, which is not frequent for an economist, because the remedies he had proposed during the great 1929 crisis had allowed Roosevelt to making the United States exiting from the deep depression which after extended itself to Europe. But it was not his first masterstroke. He had been the only one to denounce the economic risks the Versailles Treaty was carrying due to the extent he thought excessive of the reparations imposed to Germany. He, then, left the British delegation. History gave him he was right. The crisis which resulted from the consequences has ...

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