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Peaceful Panorama

Peaceful Panorama

Though it's closer to the Italian Peninsula, the island of Corsica belongs to France. But the words that come to my mind when I look at this panorama are in Italian: Che pace! ("Such peace!")

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Economy

A Cold French Shower On All The De-Dollarization Hysteria

Sur, financial instability in the U.S. and the weaponization of the dollar have raised crucial questions about how long the dollar can remain the world's de-facto currency. But France's leading business daily says don't expect major changes any time soon.

Image of a ​close up of a one dollar American bill.

Close up of a one dollar american bill.

Les Echos

-Analysis-

PARIS — Americans are a strange bunch. Fifteen years after allowing the eruption of the largest global financial crisis in nearly a century, they were not even able to prevent a bank with more than $200 billion in assets from collapsing in a few hours.

These people are as careless with their public accounts as they are with their private finances. This year, the U.S. public deficit is expected to approach 6% of GDP, almost double that of the European Union. As if this impasse were only a minor problem.

Can we continue to trust a country's currency so inconsistent with money?

More and more countries are answering this question by buying gold. After beginning their return to the yellow metal in 2009, just after the great financial crisis, central banks acquired 1,136 tons last year. A record for over half a century!

And if they have increased their purchases, especially in emerging countries, it is not only to protect their reserves from inflation or banking crises. It may also be with monetary plans in mind.

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