Opinion The Euro will survive, but not the current Euro zone !
If the existence of the euro is not challenged, it is the case of the euro zone in its current configuration. In the same way that cohabitation between countries with maintaining parity exchange had become impossible in the EMS, cohabitation has become impossible within (...)
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Strategy Forex, a value added in an allocation between real and financial assets
The foreign exchange market (Forex) is not an extra asset class but all asset classes together in the same market. It can be a real source of diversification and performance subject to a systematic, disciplined and rigorous (...)
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Note Financial markets and self-fulfilling prophecies
This phenomenon is equivalent to the change from a brutal economic and financial equilibrium to another, not because the fundamentals of the macroeconomic environment would justify it, but because there was a change for good or bad reasons of market (...)
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Strategy Investing during market turmoil
The idea that considers equity investing as long term has simply become absurd nowadays and has been so during the last 10 years. Let us be reassured. Opportunities will still be around. The only real question nowadays is how to allocate between real assets and financial (...)
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Note Usefulness and competence of rating agencies
This is not electoral populism to only criticize rating agencies, rather than question their economic utility and try to ask questions about their actual skills, in other words their ability to analyze the creditworthiness of issuers they (...)
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Opinion Bond bubble today and tomorrow ... Bond crash the day after tomorrow
Long-term rates that can not rise on short term, despite the abysmal public deficits ...
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Opinion Perspective and real solvency of banks
Can a universal bank go bankrupt ? An objective, rigorous and professional answer is built in three stages: credibility of the banks performed stress tests - assessment of prudential regulation to come - understanding the evolution of the banking business (...)
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Regulation Basel III: regulators seem to ignore market failures
The changes in our regulatory framework (BASEL 3) and the widespread use of inappropriate IFRS rules will not solve the imbalances of the international financial and economic system
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Opinion The Euro will survive In fine !
We do not believe or at least most of the implosion scenarios of the euro zone regardless of the terms. -Not because we would be trying to find one or several sustainable solutions to the crisis of sovereign debt, but because such a process would cost too much to everybody (...)
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Mory Doré’s column Politics and financial markets: misunderstandings that are not new
Small point into the complex and tumultuous relations, misunderstood, between financial markets and politics. In these troubled times where the markets are supposedly expecting clear answers from politics and where at the same time, the same markets are accused of (...)
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Regulation Reconciling bank processing and prudential regulation
The introduction of new liquidity ratios could undermine banking core business
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Stories The Greek crisis : the Danaides’ barrel ?
Back on the Greek saga or the largest bankruptcy in the 21st century without credit event trigger (to date). The succession of bailout plans shows that we do not simply resolve the insolvency of a country by emergency (...)
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Note 10 proposals to rebuild finance and monetary macroeconomics
Rethink monetary policy and its objectives, reform our accounting and prudential environment, review the return on equity standards, regulate the prices of certain assets...
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Note Euro zone bailout plans: origin and utilization
Back on bailout plans granted to countries in the Euro zone encountering severe fiscal deficits since May 2010. How are tens of billions Euros raised, what are they for, and mainly, are those amounts enough to re-establish the public finances and stabilize those countries (...)
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Opinion Complex and useless finance is still there
While complex finance should be preferred to improve risk modeling, it continues, in times of market stress, to help designing unmanageable and useless complex structured products
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