This is the fourth time I have had the pleasure of being invited to speak at Dauphine University and I would like to thank Elyès Jouini. But this is the first time that I will speak after Jean-David Levitte and his remarkable talk on current geopolitical conflicts. This order already highlights the essential: we the central bankers are “only” in charge of the monetary and financial responses, but we are obviously exposed to all of this world of issues and tensions.1 First, a few words about the strains on France's public finances. Obviously, the current deterioration does not mean that France is bankrupt, but it does h ... (full story)