What is a trade deal?
Since Donald Trump’s arrival in the White House, there has been talk of “trade deals.” Trade deals are needed, although the term is not clearly defined.According to conventional wisdom, a…
Philippe Waechter's blog
The American trap
As July 9 approaches, announcements and concerns about tariffs are back in the headlines. On April 2, Liberation Day, Donald Trump announced tariffs ranging from 10 to 50%, depending on…
The European dream is fading away
We have all dreamed of a Europe taking advantage of the current geopolitical turbulence to gain autonomy.We have read the Letta report, deciphered the Draghi report, and validated the choice…
The dollar at risk of chaos
The Financial Times noted that the dollar’s first half was the worst since the first six months of 1973. At that time, the greenback’s value, measured against the six largest…
A shadow committee against Powell?
The battle has resumed between Trump and Powell. Already in 2018, after appointing him to the Fed board, Donald Trump was very hostile to Jay Powell’s actions. In the current…
Is economic uncertainty consistent with robust financial markets?
Since the beginning of 2025, the economic landscape has changed. This change of direction primarily reflects the economic policy pursued by the White House in two dimensions: 1- the accentuation…
Europe in search of autonomy
Could we imagine, in Europe, that it would be easier to send an employee to work in another EU country than to send them to the United States or Taiwan?…
After the failure of the conclave
There will ultimately be no agreement on pensions. The conclave convened by Prime Minister François Bayrou to improve the reforms implemented by the Borne government has failed. Employers’ and employees’…