International finance in 2025*
Like the real economy, finance is disoriented by recent economic and political developments.Gold is at its highest, and long-term rates in Germany have risen as never before following the announcement…
Philippe Waechter's blog
From Yesterday to Today – October 15 – Public debt – A new problem
Public debt would be at its highest in 2021, higher than at the end of World War II. Growth will not make it possible to reduce the ratio of public…
The 2 pages Macro
This short document (2 pages) is a synthesis of my macroeconomic views. One page of explanation and one page of graphs – The 2 pages Macro – 15 March 2019
Trump and the Federal Reserve
Donald Trump hit out again recently at the Federal Reserve for its monetary policy management, taking it to task for hiking interest rates, which he claims would hamper US growth.…
French public debt stands at 100% of GDP – My Tuesday column
This post is available in pdf format My Tuesday Column – 1 October 2018 French public debt stands at close to 100% of GDP, but is this really a cause for…
Italy: Growth expectations are too optimistic
Here is the frightening part of the Italian budget: growth figures. In an interview Giovanni Tria said that growth forecasts for 2019 and 2020 were 1.6% and 1.7% respectively. These…
Seven points on Italian budget announcement risks
The Italian budget program, which sets out a budget deficit of 2.4% of GDP for 2019, 2020 and 2021, did not go down very well with investors. Uncertainty on Italy…
Austerity is not the solution
“The biggest policy mistake of the last decade” is the title of an article by Ryan Cooper, and the mistake is of course austerity. (It is a very US focused…