What if the global economy is doing better than we imagine?
Global trade is growing rapidly. In volume terms, it increased by 5.6% year-on-year in the second quarter of 2026. This is better than the previous year’s 3.9% increase and better than the…
Philippe Waechter's blog
Long-term rates: the end of the old world
Synthesis The recent rise in long-term interest rates may no longer be a simple adjustment. The conflict in Iran, oil prices hovering around $90, and persistent US inflation have acted…
The monetary policy of the flashing light
Should the central bank signal its intentions when defining its monetary policy? This is the question posed by Kevin Warsh, the new Fed chairman. During the great financial crisis, the…
Money is once again becoming a weapon.
The United States is no longer hiding anything. After tariffs, another lever is being used: currency. Not the dollar as a symbol, but the system that makes it indispensable. The…
Artificial Intelligence at the heart of the economy
Artificial Intelligence is no longer a promise: it is already an everyday tool and, at the same time, the driving force behind a new industrial revolution. An everyday tool, it…
Electricity is becoming decarbonized, but the planet is not.
The figures for 2025 seem quite promising: renewables and nuclear power accounted for 42.6% of global electricity production, a historic record. Wind and solar power even surpassed coal. A first.…
Monetary policy – Lessons from Powell’s era – What about the ECB ?
On the eve of the ECB meeting, the analysis by the two Romer validates the ECB’s option of raising interest rates. In other words, if the shock to the Eurozone…