Jean-Charles Simon

The full details of the new French Assembly:

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TRUMP, MAGA, opportunités pour attirer en Europe et en France, des hommes de sciences Américains ne souhaitant plus travailler aux Etats-Unis : The New York Time = There’s something very 2024 America about the emerging MAGA public health agenda. With President-elect Donald Trump naming Robert F. Kennedy Jr. — a former Democrat known for his vaccine skepticism — as his potential pick to lead the nation’s health apparatus, we are firmly in new territory, even for Trump. Kennedy not only lacks medical credentials, he is a determined outsider when it comes to the nation’s public health system. That may be a feature rather than a bug for the new administration. As Tony Mills, a senior fellow at the conservative American Enterprise Institute, explains in a guest essay, an outsider perspective is arguably a defining characteristic of many of Trump’s potential health appointees. There’s a shared distrust of scientific expertise and establishment norms. “The emergent MAGA science policy agenda, driven by skepticism and anti-elitism, blends familiar conservative and libertarian ideas with a suspicion of expert power once more associated with the left,” writes Mills. “The result is a uniquely American brand of populism that has the potential to fundamentally reshape national politics.” Mills traces the history that got us to this point. That Republicans would emerge from a historic pandemic more skeptical of achievements like vaccines — even those championed by Trump’s own Operation Warp Speed — was not inevitable, but it’s where we are now. This new wave of leadership could transform the country’s scientific landscape, but in what way remains unknown. “Were this animus channeled into constructive policies and reforms, it could offer a needed corrective,” Mills writes. “In its unvarnished form, however, it is more radical than conservative, more destructive than constructive and more corrosive than restorative.” Aux Européens de faire marcher les transferts dans l'autre sens, Jordan Bohannon, Guest Essay The Next Four Years Are an Experiment in MAGA Science If there’s a thread tying this coalition together, it’s suspicion of expertise and elitism., By M. Anthony Mills https://lnkd.in/daYnw2X7

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💸 Every year, development banks finance hundreds of projects aimed at improving the sustainability and well-being in the countries in which they operate. But all too often they end up violating human rights instead. ❌ 🔎 As the EBRD updates its safeguards and the European Investment Bank (EIB) reviews its complaints mechanism, Nina LESIKHINA, Anna Roggenbuck and Eléonore Morel emphasise the need for both banks to prioritise transparency, rigorous risk assessments, meaningful public participation, human rights protection, and improved means of redress. 🗞 Read more in our opinion piece for Les Echos (in French): https://lnkd.in/eSNgHG8x #EBRD #StandUpForHumanRights

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"Monetary Policy & the Common Good"...what a crucial issue in today's capitalism! I am happy to share our contribution on this topic with Louis-Philippe Rochon and Sergio Rossi. An edited book on this issue is in progress....Stay tuned! Université Grenoble Alpes CREG - Centre de Recherche en Economie de Grenoble

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🟦 BETTING ON INSTABILITY? 🟥 On the evening and the day after the first round of the legislative elections, the "Nouveau Front Populaire" (NFP) cannot envisage an absolute majority and a fortiori the "Ensemble" movement, the figurehead of an ex-"majority", whether alone or with others. In the absence of a clear majority, the latter movement would find itself in the National Assembly in a new configuration of relative majority, but in a clearly diminished position and subject to the left, including the most extreme. Consequently, to declare that the main objective is to prevent the "Rassemblement National"(RN) from obtaining an absolute majority of seats at all costs (NB: is this also the position of "Horizons" or the Parti "Les Républicains" ?) is, in practice, to bet on the instability of the country. The objective of blocking the Rassemblement National at all costs - failing a cohabitation with the latter, however conflictual - could end up forcing the President of the Republic to resign and call an early presidential election. This is what Marine Le Pen had indicated in recent days, while making it clear that she was not formally calling for this, but that it could prove to be the only political outcome. In the immediate term, her party might find it advantageous, in the run-up to the second round of legislative elections and beyond, to develop the argument of the risk of instability with voters. Leaving aside a priori a possible resignation, would the only realistic ultimate objective of a clearly diminished President of the Republic be a negative one (unless one imagines that the left could still be beneficial to the country and truly believes in the concept of a "Republican Front")? Would volatility and instability be preferable to cohabitation? Would destruction be creative, as some economists think? Or is it more a question, in the end, of doing harm above all else in the name of saving face? ► 🔴L’Essentiel de l’Éco🔴 (01/07/2024

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Our record-level assets under management of €2,116bn and high net inflows of €17bn demonstrate the trust clients placed in us at the end of Q1 2024. These numbers also show that Amundi has had an intense start of the year with both commercial momentum and development initiatives in line with our strategic plan. We were indeed able to combine organic and external growth. ➡️This quarter our net #inflows were very balanced across the main client segments, expertise and geographies. This demonstrates the good positioning of our range of solutions, which has allowed us to respond effectively to the needs of our clients. ➡️This activity is also reflected in our profitability: the net #income, up +6% year-on-year, reached €318m, driven by the increase of our net management fees and by controlling our costs. ➡️Eventually, our commitment to expanding our offering led us to finalizing the acquisition of Alpha Associates ahead of schedule, and enhancing our multi-management capabilities in private debt, infrastructures, and private equity. We've also inked a strategic partnership with Victory Capital, paving the way to strengthen our #US asset management expertise and our presence in the US. Thanks again to our clients for your trust and to our teams who have once again proven their commitment.

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Happy to share this analytical study, as part of the International Monetary Fund 2024 Article IV consultation for #Benin, on economic transformation and policy recommandations for a successful implementation of the country’s special economic zone, the Glo-Djigbé Industrial Zone #GDIZ https://lnkd.in/dHUfgYVH

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#publicfinance #socialjustice #Frenchpublicdebt #causesandconsequences Article published in l'Opinion, September 17, 2024 French public finances urgently need to be put back on a sustainable path. Should we increase compulsory taxes, reduce public spending or strengthen growth potential? What is the best combination? In France's specific situation, any combination will be far from being equally effective. And where, through an imprecise analysis, one might think that raising taxes could be useful for both public finances and social justice, we understand, with better economic reasoning based on better knowledge of the real situation and the figures, that this choice could lead to a deterioration in both public finances and social justice. We must not make the wrong diagnosis to make an appropriate and effective. https://lnkd.in/e2_k-sv4

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Mr Michel Barnier, now Prime Minister of France, has a well-earned reputation and a long track record as a very competent insider and negotiator, entrusted with challenging portfolios like Ag, Europe, Foreign Affairs, running the 1992 Winter Olympics in his beloved native Savoy region, and of course famously outsmarting « trained mathematician » David T.C. Davies and PM Boris Johnson during the #Brexit negotiations which resulted in a predictably lopsided yet ultimately Pyrrhic victory for the European Union. Notwithstanding his acknowledged negotiating skills, if Mr Barnier can’t make the new Parliament’s fragmented arithmetics work for the benefit of his administration, which may require a repeal of the unpopular yet timid recent reform of a vastly underfunded National pension system, a few anti-immigration measures designed to placate the RN Party and the customary tax increases in the most highly taxed major economy in the world where public spending consumes 57% of GDP, the odds of a Presidential resignation and early return to the polls may grow quite sharply… This of course will do nothing to resolve France’s twin ills: 1) long-term lack of growth & wealth creation and, 2) profligate public spending. That said, as a most unexpected and unlikely reformer, Mr Barnier may have a significant advantage over the cohort that engineered France’s steep (and steepening) decline since President Valery Giscard moved into the Elysee Palace in 1974: a graduate of ESCP Business School, he is not an ‘enarque’ (for those not familiar with the French caste system, ENA - Ecole nationale d'administration is the recently re-branded top technocratic Academic Institution entrusted with an exclusive post-war mandate to train the French public and private sector elite). “Administration” may indeed be ENA - Ecole nationale d'administration’s only legacy to the French people.. Historians have taken note of the particular French way of dealing with the disdain and contempt of their ruling class when moving from one governance model to another… echoing Patrice Leconte’s rather brilliant portrait of a distant yet uncomfortably and eerily similar period in French history in his 1996 movie « Ridicule », a must watch for students of all things French.. Geopolitical Dispatch #TechEconomy #economicgrowth

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Here is one of our AI-translated videos

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Paris Europlace Crypto-Assets Working Group, chaired by Hubert de Vauplane, welcomes #ESMA consultations on reverse solicitation and on the qualification of #crypto-assets as financial instruments. We appreciate ESMA's approach in determining a broad concept of solicitation, as well as the means and persons involved in which a third-party firm could solicit EU clients, to protect investors and #MiCA-compliant crypto-asset service providers. This approach will help avoid differences in interpretation, ensuring a fair level of #competition between EU crypto-asset market participants. Regarding influencers -a concept that has no definition in European law-, such a concept could lead to large divergences of interpretation between Member States and run counter to the principle of predictability of law. Conversely, the use of general clauses or online pop-up “I agree” boxes, whereby clients state that any transaction is executed on the exclusive initiative of the client, is deemed to be reverse solicitation. Concerning the qualification of crypto-assets as financial instruments, regulation should offer an appropriate degree of legal #protection and facilitate the distinction between crypto-assets within the scope of MiCA and crypto-assets assimilated to financial instruments. Opting for a holistic approach is key, enabling Member States to move forward in an harmonised way on the assimilation of crypto-assets to financial instruments, without the criteria set in place being too strict to rapidly risk becoming obsolete. We thus fully support the technologically neutral approach proposed by ESMA. Given the diversity of the list of securities implemented in jurisdictions and to avoid regulatory shopping within the EU, a Q&A should be produced by ESMA to list examples, for each Member State, for which some crypto-assets could be reclassified as financial instruments under national law. This Q&A could be updated and provide the EU crypto-asset market with global visibility on the qualification risk with a goal of harmonisation within the EU. This Q&A could also serve as a regulatory monitoring tool for the legal status of crypto-assets and help ESMA identify any lack of harmonization. All in all, crypto-assets should be subject to the exact same rules as other traditional financial instruments in line with the principle of technological neutrality. A substance over form approach needs to be adopted to determine if a crypto-asset is qualified as a financial instrument.  Many thanks to all contributors, especially Hubert de Vauplane Philippe Goutay Emilien Bernard-Alzias Myriam Dana -Thomä Matthieu Lucchesi Frederick Lacroix Hugo Bordet Please read the document here: https://lnkd.in/eDMrNWNb European Securities and Markets Authority (ESMA) Autorité des marchés financiers (AMF) – France

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Today, 🇪🇺 Heads of State are meeting to discuss the strategic agenda for next 5 years. It is now crucial to align climate and competitiveness efforts to ensure a long-term qualitative economy for EU industries, while providing jobs and improved quality of life to EU citizens. More than 500 organisations have joined forces to urge heads of states to confirm the Green Deal as EU's growth engine. Read our call, co-signed by Bertrand Piccard, Akuo's Eric Scotto, MEP Pascal Canfin, and Mayor of Lisbon Carlos Moedas and SolarPower Europe's Walburga Hemetsberger. 🇫🇷 https://lnkd.in/dF-zcmKx 🇮🇹 https://lnkd.in/d_pVFdha 🇪🇸 https://lnkd.in/djvHHCpX

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Paris Europlace today published its report aimed at reviving the #securitization market in Europe: https://lnkd.in/ejMxdHHS This report drafted by a working group co-chaired by Véronique Ormezzano and Gilles Saint Marc including banks, insurance companies, asset managers, financial markets infrastructures, credit rating agencies, lawyers and consulting firms, intends to propose to the European Commission specific regulatory and prudential objectives and targeted policy recommendations, ahead of the upcoming consultation that has been called for by European leaders. The ambition of the report is to allow securitization to benefit from an appropriate regulatory framework, likely to contribute to the proper financing of the dual #climate and #digital #transition. The report identifies four policy goals, and eight targeted recommendations that need to be addressed as a package to restore a viable securitization ecosystem: Regarding the supply-side, reducing the existing disincentives for banks to securitise as issuers, by: Reducing the excessive capital “non-neutrality” and implement a more risk-based approach; Reduce the excessive risk-weight floor applying to low-risk senior tranches; Reduce barriers to entry by streamlining the current burdensome assessment by the competent authority of the “Significant Risk Transfer”; On the demand side, revive the appetite of the insurance sector as investors or protection sellers by removing existing regulatory obstacles: Amend Solvency 2 calibration to realign securitization capital charges with other assets of similar risk; Make insurance companies as providers of credit insurance eligible to the less penalized STS segment. Removing obstacles for banks to invest in third-party securitisation and thus improving liquidity conditions for all market participants: Revisit current punitive haircuts applied in the LCR framework; Enlarging the access to securitisation markets for financial and non-financial participants: Review the current disclosure and due diligence rules, to better taylor them to specific types of instruments and types of investors; Acknowledge the importance of avoiding de facto crowding out European players from non-EU securitization markets, by developing some form of equivalence or mutual recognition with other key jurisdictions. Paris Europlace will continue to promote these policy recommendations to the European and national authorities and calls for an ambitious implementation timeline, so that securitization can deliver its full potential to finance EU ambitions early in the new EU legislative cycle, in line with the sense of urgency put forward in the #Draghi report, as well as earlier #Noyer and #Letta reports. Many thanks to all contributors, notably Georges Duponcheele Baptiste UGUEN Christine Van Gallebaert Emmanuel De La Rochethulon !

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Check out Saidot's latest report, which highlights the market landscape in the #UK, #France, #Germany, and the #Netherlands, and reveals current sentiments about the EU #AIAct. Some of the key findings: ➡️82% of decision-makers agree that AI governance and ethics are important. ➡️57% of businesses have not started preparations for the EU AI Act yet.  ➡️61% of leaders still don’t know enough about the EU AI Act to begin their compliance journey. Find the report here: https://lnkd.in/e7qGtxfX #ai #artificialintelligence #aiethics #responsibleai #AIAct #AIGovernance

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