The succession of recent crises – the Covid pandemic, the war in Ukraine and now the conflict in the Middle East – has put energy back at the top of the agenda, no longer solely from an environmental perspective but as a fundamental driver of Europe’s economic power, with major implications for sovereignty and industrial competitiveness. 

According to Eurostat data, France’s GDP per capita, measured on a purchasing power parity (PPP) basis, comes in at 98% of the European average – fixed at 100 – putting it below the latter for the third year running. This is frequently portrayed in the media as a sign that the French economy is “stalling”. 

With the Federal Reserve in the throes of an institutional crisis under pressure from Donald Trump, who has repeatedly attacked Fed Chair Jerome Powell with the aim of influencing monetary policy for political ends, it is essential to reiterate the importance of the principle of central bank independence.