The economic and financial consequences of the Covid-19 pandemic and of the Ukraine invasion by Russia, which are adding to themselves and during more than forecasted in the Western countries are so heavy that it is not anymore excessive to talk about a global crisis. China has not been saved due to its very strict policy and to the breakout of supply chains built during the last decades and which were at the origin of the globalization. At the eve of the 20th Congress of the Communist Party which will decide, in all probability, to give a third five-years mandate ...

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The threats weighting on Europe supplying of natural gas, the very strong increase of the prices which are resulting from it and the risks of a breaking of the deliveries to essential industries remind us the oil crisis of the Seventies. The barrel price, in less than ten years, came from 3 to 30 dollars. The creation of the OPEC allowed to keeping that level and an embargo on deliveries to European countries was even decided. So the natural gas has become a strategic fossil energy as was oil forty years ago.

The main cause of this crisis is the ...

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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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