The ECB Is Tightening Into a Fiscal Problem
The European Central Bank still has an inflation problem. It now also has a bond-market problem. Euro-area inflation is approaching 4%, well above the ECB’s...
Tag: France
The Bond Market Is Doing the Central Banks’ Job
For months, investors have asked how far central banks will raise rates to contain inflation. The bond market may now be answering the question for...
The Euro Is Becoming Europe’s Risk Premium
The euro is no longer simply falling because the dollar is strong. It is falling because Europe is becoming more expensive to trust. The single...
Europe Has an Inflation Problem, a Debt Problem and Now a Currency Problem
Europe’s problems are no longer arriving one at a time. They are beginning to reinforce each other. The euro has fallen to its lowest level...
France at a Standstill: The Quiet Arrival of European Stagflation
France has not collapsed. That would at least be visible. It has simply stopped moving. In the first quarter of 2026, the French economy recorded...
The Dollar Refuses to Die — Much to Everyone’s Annoyance
For most of the year, shorting the dollar has been the foreign-exchange world’s favourite pastime. In a $9.6 trillion-a-day market, that’s no small hobby. Yet...
The Great “Devaluation Trade”: When Safe Havens Aren’t So Safe, and Risk Isn’t So Risky
Beneath the daily whiplash of financial markets, a deeper shift may be underway. Investors are quietly rethinking what safety really means — and how to...
France’s Credit Rating Sinks Again as Politics Eats Its Finances Alive
France has been hit with yet another downgrade, the second in a single week, as the slow-motion train wreck of its politics continues to devour...
France: The New Sick Man of Eurozone Debt?
French government bonds slipped further behind their Iberian cousins on Monday, after Fitch Ratings saw fit to remind markets that political chaos in Paris has...