La guerre des devises?

-
Le Japon est intervenu à hauteur de 2.125 milliards de yens (19 milliards d'euros) sur le marché des changes entre le 30 août et le 28 septembre pour faire baisser sa devise face au dollar et à l'euro. La mesure semble avoir un effet durable sur le rapport EUR/JPY. En revanche les autorités américaines (la FED est-elle intervenue?) semblent avoir réussi à inverser à nouveau la tendance (voir USD/JPY ci-dessus). 


La BCE envisage t-elle des mesures non-conventionnelles pour contrer le renchérissement de l'euro?

Comments

Post a Comment

Popular posts from this blog

/eigenmind/: a spectral approach to experiential knowledge

-
Image
Paul Klee - Equals Infinity - (1932) - MOMA In complex and uncertain environments, the most decisive form of knowledge is often tacit, lived, and embodied. Such knowledge is not easily formalised, yet it plays a central role in judgment and action. The approach referred to as eigenmind starts from this observation. Its intention is not to replace human expertise, but to capture, structure, and activate it without distorting its nature. This approach is designed for contexts in which data is scarce, fragmented, biased, or strategically sensitive . In such situations, the abundance of data is less important than the quality of judgment . Decision-making precedes data accumulation, and purely statistical approaches often prove insufficient. The emphasis is therefore placed on supporting judgment where conventional data-driven methods reach their limits. Any form of intelligence operating in these environments must remain sovereign. The approach assumes local deployment, the possibilit...
Read more

Focal points and the power of implicit shared salience

-
Image
Thomas C. Schelling Thomas C. Schelling (1921–2016) was an American economist and professor known for his ground-breaking work on game theory and its application to conflict, cooperation, and international security. He was awarded the Nobel Memorial Prize in Economic Sciences in 2005 for “having enhanced our understanding of conflict and cooperation through game-theory analysis.” Schelling’s influential books, particularly “The Strategy of Conflict” (1960) and “Micromotives and Macrobehavior” (1978), introduced key concepts such as focal points, credible commitments, and the “tipping point” phenomenon, profoundly shaping fields like international relations, nuclear strategy, and even social dynamics. Theory of Conflict Thomas Schelling in “Theory of Conflict” wrote: TACIT COORDINATION (COMMON INTERESTS) When a man loses his wife in a department store without any prior understanding on where to meet if they get separated, the chances are good that they will find each other. It is likely...
Read more

Architectures of Geoeconomic Influence and Trade Fragmentation

-
Image
Baron de La Brède et de Montesquieu BnF For much of the post–Cold War era, economic interdependence was treated as a stabilizing force—an invisible hand guiding states away from conflict and toward cooperation. That assumption no longer holds. The global economy has entered a phase in which networks themselves have become instruments of power, and the management of trade, finance, and technology now sits at the core of grand strategy. This shift marks the maturation of geoeconomics : the use of economic tools to achieve geopolitical ends. Once regarded as a supplement to diplomacy or military force, geoeconomic statecraft has become a first-order mechanism of influence. Its rise reflects not only geopolitical rivalry, but also structural changes in the global economy—above all, the increasing centrality of complex, highly concentrated networks. Geoeconomic Power in Theory and Practice At its most basic level, geoeconomic influence operates along three dimensions. Unilaterally, it ref...
Read more