Parution le 5 novembre 2026 aux éditions Arnaud Franel, dans la collection Turgot, du livre  (200 pages, 20 €)) coordonné par Jean-Jacques Pluchart et  préfacé par Augustin de Romanet de Beaune This book marks the 40th anniversary of the Turgot Prize, which gives it the status of one of the oldest and most prestigious French-language prizes in economics. The authors recall the rules of action that were proposed, 250 years ago, by Anne-Robert-Jacques Turgot and Adam Smith, the two pioneers of economic and social social liberalism. Their lessons have inspired the greatest economists, as well as the winners of the Turgot Prize and the authors of this book. This book draws a parallel between the technical, economic and social transformations observed in the Age of Enlightenment and those faced by France today. The authors analyse the economic crises, budgetary and financial excesses, as well as the infringements on sovereignty affecting France, and then they then call for a collective resurgence, being aware of the difficulties of reconciling the State with the market, growth with social equity, innovation with regulation, the planning of energy and ecological transitions and ecological transitions with the management of pandemic, financial and geopolitical crises, and the management of these crises through democratic governance. Amid the current abundance of pre-election publications, this book stands out by its universality (it addresses the main current concerns of French people), by its impartiality (it provides historical context and compares the current economic programs of political movements) and by its educational value (it revisits some of the fundamental principles of economics). Through the rigor of their analyses and the viability of their proposals, the great economists of yesteryear and their modern-day custodians of memory – including the winners of the Turgot Prize – remind voters and elected representatives of their responsibilities of our nation-state. The following contributed to the writing of this book: Philippe Alezard, Florence Angles, Nadia Antonin, Philippe Alezard, Jean-Louis Chambon, Dominique Chesneau, Benoît Frayer, SophieFriot, Isabelle Job-Bazille, Denis Molho, Jean-Jacques Pluchart, HubertRodarie, Kathleen Wantz O’Rourke. Arnaud Franel éditions  27-29 Rue Raffet, 75016 Paris.

Banking regulations, beyond their traditional roles, also oversee risk-taking and aim to prevent a bank failure from spreading across the entire economy. But should the same rules apply to all banks, regardless of their country of origin, balance sheet size, or whether they are cooperative or capitalist? American and European banks aren’t subject to the same requirements, and their regulatory frameworks have significant differences. This gap helps boost the profitability and capitalization of American banks while fueling the ongoing debate about the competitiveness gap with European banks. The goal of this issue is to understand where we stand today not just for banks but also for non-bank financial institutions (NBFIs) – the so-called ‘Shadow Banking,’ which we’ll see is a diverse set of entities within a single country as well as across different countries and regions.  We’ll also look at questioning the ‘neutrality’ of regulation, the best way to finance the real economy and innovation, the allocation of responsibilities and roles of public and private banks, and the need to study shadow banking, not institutionally, but based on the types of operations being carried out… These topics are so numerous and require so much information and care in their study that the authors of the Review decided to create two issues: – This one will provide answers to the questions: where do we come from? And where are we now? – Issue 164, which will be published at the end of 2026, will open up new perspectives: those of future developments and the challenges that banking regulation will have to address to continue adapting to a constantly changing financial environment marked by new uncertainties. These two issues aim to understand not only how banking regulation has been built, but also how it could transform. The question ‘where do we come from’ is addressed like this: – Designing an optimal financial architecture by learning lessons from the United States – Putting banking prudential regulation into perspective The theme ‘where do we stand’ is better documented: – Links between banks and sovereign borrowers – Overview of the European banking sector: progress made, persistent fragmentation, and new challenges (including the current killer incompatibility between declared political will, sovereignty concerns, and opposition from ‘small’ targets versus the continental but already supra-national ‘banking giants’) – European regulation, supervision, and performance of European banks: ten years on; interesting chapter because feedback at national and European levels is almost non-existent to date… – Banks of the European Union: efficient today, undervalued tomorrow; without a question mark, this title is not a question but a statement… – – Banks and shadow banking: a happy marriage! A technical chapter as it thoroughly and didactically reviews their scopes, which vary depending on their nationality and therefore the operations carried out rather than the organization of these institutions. – The importance of cooperative banks in Germany for regional access to banking services; along with service quality, costs, and public support in the sense of the Länder. –  Correct the failures of capital markets through public development banks; and we will think about the sectoral investment strategy, risk compensation, and capturing part of the value created by public authorities. – Capital Markets Union and Savings and Investment Union: the difficulties linked to diversity… but there is an ‘obligation of results’ for the development of European SMEs and mid-sized companies, while low growth and rising interest rates raise questions about their sustainability in the near future. From reading this book, you can see that the European financial landscape today appears as a diverse whole, the result of gradual development and deep changes, but also marked by a great heterogeneity of national situations and practices that need to be taken into account. So, the Banking Union and the Savings and Investment Union won’t be completed for a few years and will require, in order to do so, addressing the main challenges of banking regulation by coming up with responses that are still being developed in academic and regulatory circles, and finally, politically. A “big program” that will be the focus of the next issue of the Review. Once again, the contributors to the discussion deliver brilliant, educational presentations (even though the reader needs to have some basic knowledge!), which should be read, absorbed, and questioned so that the European construction is sustainable and benefits the economy as a whole. Dominique CHESNEAU

The authors address an issue that is both essential and circumstantial. Essential because it presents the strategies, players and management systems of financial and alternative assets for the accounts of private and public savers and They clearly demonstrate that the various assets (regulated shares, private equity instruments, public and private bonds, derivatives, real estate assets, works of works of art, etc.) are subject to risk-return principles, time horizons horizons and liquidity patterns that vary according to the type of activity, the amount saved or  the type of investment,  the state and depth of the market, the status and the profile of the saver or investor.    Circumstantial, because asset management has to contend with recurring crises of various natures – financial, economic, property, social, etc. – as well as regulatory and fiscal instability, at national and/or international level. In France, asset managers also currently have the priority to direct household savings towards products that finance productive investments and not just the servicing of public and private debt. The authors focus in particular on showing how major asset managers  can better contribute  to regulating and stabilising markets, by diversifying the various types of risk. However, they partly avoid the the question of the impacts of artificial intelligence on the profession of asset manager, who is both a market analyst and an adviser to decision-makers. Pierre CLAUSS is an expert in banking risks and a financial engineer. Fabrice PANSARD is an academic and a banking and finance consultant. Jean-Jacques Pluchart

On 5 March 1946, Winston Churchill gave a speech in which he said, “I do not believe that Soviet Russia desires war; what she desires is the fruits of war and the indefinite expansion of her power and doctrines. Our difficulties and dangers will not disappear if we turn a blind eye, if we wait to see what happens, or if we pursue a policy of appeasement.” These reflections from another era are striking in their relevance today. The Kremlin wants to once again become the feared power it was in the past by reaffirming its rights over lands considered to be ancestral. Faced with the growing dangers, it is imperative to have a clear understanding of the state of the threat, the adversary’s modes of action, our interpretative biases and our level of preparedness. A far more insidious danger is also to be feared: that of an alteration of democratic systems, as artificial intelligence will enable targeting of unprecedented precision and manipulation of information of unsuspected sophistication. For Ukraine, this is a war of national liberation, a struggle for the survival of the state and a fight for freedom, since the Russian President denies the existence of the Ukrainian nation. The war has forged a new Ukraine – battle-hardened, exhausted, but united and resolute. The Kremlin is using the war in Ukraine to stage its confrontation with Western countries and to exacerbate divisions in the world. What is certain is that the current confrontation is not only about the survival of Ukraine and the security of Europe, but also about the sustainability of liberal democracy, which is now under attack from all sides. Faced with a danger that is admittedly imprecise but nonetheless glaring, it is essential to deal with the most urgent issues; imagining the worst is an absolute imperative. Without this effort of imagination and a surge of willpower, there is a great risk of being caught off guard. Because Russia is actively preparing for the possibility of the war spreading to Europe. Several indicators show that Russia is preparing for a prolonged war: The defence budget, which accounts for 38% of Russia’s budget, shows that the Kremlin’s priority is to continue the war. It is rearming at full speed while organising itself to improve its supplies and armaments: it manufactures 300 tanks per year – France, which is the best equipped, has 215 Leclerc tanks. Russia is increasing the size of its army: 600,000 soldiers compared to 150,000 before the war in Ukraine. Lifting the sanctions would give the Russian economy a breath of fresh air. A militarist regime thrives on war; there are many actions that are already affecting Europe, and France in particular. There are also attacks on the integrity of public debate aimed at shaping public opinion, and, above all, attacks on national cohesion. Europe must prepare for a long-drawn-out confrontation in which no holds are barred. Céline Marangéis a researcher on Russia, Ukraine and Belarus at the Strategic Research InstituteInstitute of the École Militaire, and an associate member of the Research Centre forSlavic History (Paris 1 Panthéon-Sorbonne University) Reading notes prepared by Michel Gabet

Isabelle GUERIN. The indebted woman. La Découverte Political Economy Collection. 394 pages. The result of two decades of research and local collaboration, the author invites us on a journey through time and space to illustrate the unique position of women in human cybernetics, based on real-life cases drawn mainly from Asia and Africa, but also, to a lesser extent, from the Western past. The book focuses on women in all their dimensions: as childbearers, wives and mothers, but also in their central role as managers of daily life and in maintaining the balance of the family unit. The various testimonies highlight her vital role in community life and in the often precarious economic balance of the family. This precariousness is created and perpetuated by a combination of several factors: endemic unemployment mainly affecting men, human relationships dependent on social standing within the community, the persistence of practices that lead to indebtedness (dowry, marriage), the aggressive commercial policies of the banking sector and various intermediaries, an age pyramid distorted by the high proportion of young people in need of training and therefore financial support, changes in traditional resources, the emergence of new needs, etc. Women are largely responsible for managing the burden of debt and financial obligations towards lenders, whether they be the community, banks or usurers. This involves difficult negotiations with problematic outcomes, sometimes obtained in exchange for favours, with the woman’s body becoming a bargaining chip or a means of facilitation. This sexualisation in the process is a significant factor, particularly in Africa, despite attempts at alternative forms of financing, such as microcredit or those provided by religious congregations. Furthermore, lenders favour commitments from women, which are considered more reliable, and strengthen this lender/borrower relationship. In summary, in a traditionally patriarchal system, the qualities recognised in women enable them to occupy a central place in family life, in the community and in the economic and social environment. In return for the mental, physical and sexist burden that is their daily life, women often find a joyful outlet in the bonds that unite them. This state of indivisibility tends to diminish with the emergence of a new, more educated generation. A thoroughly researched, resolutely feminist work that allows us to delve into the intimate details of the cases studied over a long period and, through them, to gain insight into other cultures, as well as to relive the reality of Europe in the late 19th and early 20th centuries. Isabelle GUERIN Socio-economist. Research Director at IED and CESSMA, affiliated with the French Institute of Pondicherry. Co-founder and co-director of the Observatory on Rural Dynamics and Social Inequalities in South India.She has published numerous works on the financialisation of inequality, the resistance it provokes, and the investigative approach that brings lives and figures into dialogue. Hubert ALCARAZ

The author addresses an issue that is currently the subject of considerable debate among the Old Continent’s 450 million citizens: how can Europe’s economic area be transformed into a technological, industrial and political power? The challenge is all the greater given how much the global environment has changed since the 2000s: to the east, with China’s technological take-off; to the west, with the resurgence of nationalism in the United States; and to the south, with the emergence of the “Global South.” The European Union faces multiple disadvantages as a result of divisions among its members over defence, energy, industrial and financial policies. This lack of unity prevents Europeans from building lasting competitive advantages based on control over entire value chains, particularly in the energy, automotive, pharmaceutical and digital sectors. The Union is reduced to little more than a single market, with varying degrees of integration across different activities. European institutions content themselves with issuing directives, charters, recommendations and standards that primarily regulate the distribution and consumption of goods and services. To counter this drift, Michel Doumont identifies three main priorities. The first is to reform the institutions (the Council, Parliament and Commission) so that they can take more consistent and timely decisions in response to external threats. The second is to equip Europe’s 34 million businesses with a skilled and motivated workforce, appropriate financing, preferential access to public procurement, reliable infrastructure and efficient logistical support. The third is to implement a genuine industrial policy at the European level, promoting innovative businesses, protecting viable but vulnerable companies against unfair foreign competition, and integrating strategic industrial value chains. Meeting these three conditions should enable the European Union to safeguard its independence and preserve its sovereignty. Michel Doumont is a Belgian specialist in European institutions and financial systems. Through his book, he expresses the aspiration of one of the founding countries of the European Economic Community to transform it into a genuine European Union. Jean-Jacques Pluchart

With his latest book, David Baverez establishes himself as one of the leading experts in global geoeconomics. He certainly owes this highly contested title to his vantage point in Hong Kong, where he resides, in the first city to have defected from the “Western world to the Middle of the Middle Kingdom”. It is certainly more difficult for a European observer – and even more so for a French one – to form, from the Old Continent, an an objective picture of the new balances – or rather of the emerging dynamics of the major global blocs. The book is particularly rich in statistical data, literary references and personal anecdotes.  The author demonstrates a flair for a flair for catchy phrases: “the rush for Or-Muz”, “a planet of chaos, not bipolar but apolar”, “four questions for a champion nation”,  the “roaring 2020s of the United States”, States”, “the strange defeat of Europe” … Some phrases, however, however, present themselves as riddles to be deciphered. But above all, the author skilfully combines logic and emotion: the logic of Europe’s technological and economic decline; technological and economic decline of Europe; emotion aroused by its seemingly inescapable nature.   His diagnosis is unequivocal. Applying   Laffer’s principle (“too much tax kills tax”), he concludes that “too much state kills the state”. He shares the current question on the minds of the French people: “Can France reform itself without violence?”. Are the French still capable of engaging in personal reflection rather than emotional reactions, to responsible reasoning rather than to ideological hallucinations? Will the French have time, before submitting to the “troika” (IMF, ECB, European Commission), to dismantle their socio-economic “anti-model” socio-economic “anti-model” and to “construct an original common narrative ” or, failing that, to align themselves with the German social model? David Baverez sets out an arsenal of measures aimed at “turning on the Turgot”, by appealing to personal reflection rather than to emotional reactions, reactions, to soul-searching rather than to indignation or resignation, and a reform of the State through new forms of public-private partnership. David Baverez is a French investor who has been based in Hong Kong since2012. A graduate of HEC Paris and INSEAD, he is the author of several notable bookson China’s strategy, on the transformation ofglobal geopolitics and on economic relations between Asia and  the West.   Jean-Jacques Pluchart

Following its initial publication in September 2024, the authors have published a new paperback edition. The book mainly covers the period of high inflation observed between 2021 and 2024. The aim of the book is to understand the causes that generated inflation during this period and to demonstrate that “inflation is above all a political matter.” After presenting the various indicators used to analyse price developments, the authors examine the consequences of inflation within society. “According to the OFCE, the 60% of the least affluent households experienced higher-than-average inflation, while the wealthiest 30% faced lower inflation”: deprivation for some, as opposed to a reduction in non-essential spending for others. The authors argue that the profits generated in the energy, agri-food and manufacturing sectors account for a significant share of inflation. Prices rose the most in sectors facing supply shortages caused by scarcities or disruptions in supply chains. Beyond energy-related shocks, they believe that different groups of economic actors play a role in price increases through their position within social relations: the actions of shareholders and corporate executives, wage increases demanded by workers, and government action through fiscal measures. One chapter is devoted to the European Central Bank’s monetary policy, which targets an inflation rate close to 2%. This policy has shown that it is easier to curb inflation by raising key interest rates than to generate inflation in a context of sluggish or even zero growth. The authors question this outdated monetary policy, which they regard as a constraint at a time when the ecological transition requires a large-scale public investment plan. Eric BERR is a senior lecturer in economics at the University of Bordeaux. His research focuses on debt and, more broadly, on the financing of economies, as well as on macroeconomic policies and the sustainability of development models. Sylvain BILLOT is an economist and statistician, a graduate of ENSAE, which trains senior officials for France’s national statistics institute, INSEE. He specialises in national accounting. Jonathan MARIE is a professor of economics at IHEAL-CREDA, Université Sorbonne Nouvelle. His research focuses on macroeconomics. Book review written by Sophie FRIOT

The ambition of this book is to defend an idea that may, at first sight, appear straightforward: economic policies should be judged on the basis of their observed effects, rather than according to grand egalitarian, utilitarian, liberal, Keynesian, interventionist or other doctrines. The design of public policies should follow an iterative process in which evaluation is integrated at every stage. The authors draw on recent advances in empirical economics, causal evaluation and the use of large databases to establish facts and examine what actually works in such diverse areas as employment, education, public debt, inequality, globalization and the ecological transition. Their approach does not claim that economics could replace political decision-making. On the contrary, they advocate dialogue between those who produce rigorous knowledge, but are sometimes distant from the practical constraints of policymaking, and those involved in action who do not always understand what actually works. The objectives of economic policy and the trade-offs involved must remain collective choices and be subject to democratic debate. Once these objectives have been defined, however, economic analysis can help identify the most effective and least costly policy instruments, and a number of disagreements can be settled empirically. It is within this framework and hybrid approach that the authors make an alarming assessment. France faces major economic challenges while, at the same time, experiencing a technological and industrial decline exacerbated by the AI revolution and climate shocks. They propose an economic strategy structured around six major areas. Education and human capital occupy a central position, as they determine employment, productivity, innovation and the ability to reduce long-term inequalities. Education spending should be directed towards policy levers whose effectiveness has been documented and demonstrated. The authors also emphasize the importance of innovation for growth, but advocate an approach to innovation focused on strategic priorities. With regard to public finances, restoring sound public accounts is a sine qua non for ensuring the sustainability of our social model. Debt must be stabilized, and support measures whose effectiveness has not been demonstrated should be discontinued. On inequality, the book calls for moving beyond redistribution after the fact. Policies relating to early childhood, education, healthcare and access to economic opportunities can reduce disparities at their source. Wealth inequality and inheritance are also among the important issues addressed. This book proposes a new philosophy of public action: diagnose, experiment whenever possible, measure the results, and then adjust. Politics sets the objectives, but facts should guide the choice of means. As Philippe Aghion writes in his preface, “the faster decisions are made and the more fragmented knowledge becomes, the rarer and more necessary a rigorous synthesis of knowledge is.” This book provides precisely that. Xavier Jaravel is Professor of Economics at the London School of Economics and Deputy Chair of the Council of Economic Analysis. Emmanuel Monnet is Inspector General of Finance. Mathieu Peruyero is a senior civil servant and teaches at Sciences Po. Vincent Pons is Professor of Economics at Harvard Business School and a member of the Council of Economic Analysis. Ph. Alezard

The Turgot Prize was awarded in 2021 to Aurélie Jean for her book Les algorithmes font-ils la loi ? (Do Algorithms Make the Law?). In his book Je ne suis pas un algorithme (I Am Not an Algorithm), Nicolas Hazard offers a fresh perspective, providing what he sees as a clear-eyed diagnosis of our times and, above all, an invitation to take action. We live in a world of dependence and alienation, in which we believe we are exercising our freedom when in fact we are merely responding to the prompts and solicitations of a system that is beyond our control. In the age of social media, where the individual takes centre stage, where growth drives our economic system, and where technology occupies a dominant position, we retreat into what reassures us most and act in pursuit of immediate results, while remaining deeply dissatisfied and having lost sight of the meaning of our lives in favour of an endless pursuit of “more.” Fortunately, we are much more than algorithms make us believe. Technology is merely a set of tools. It is up to us to decide what place we want to give it and to set appropriate limits. We therefore need to regain control of our lives and our minds. The freedom to make our own choices is often only an illusion, because there is frequently an algorithm influencing us. Our true freedom does not lie in being able to do everything we desire, but in learning to exercise self-restraint and select the options that will make us happy in the long term. This book is a wake-up call—a call to stop submitting to a digital diktat—so that everyone can reconnect with their own uniqueness, take responsibility for their choices, and regain control over what makes us profoundly human. Nicolas Hazard offers several practical recommendations: take a mini digital detox and spend some time away from your phone; stop using social media for 48 hours; write for fifteen minutes about a value that defines you; read an article, watch a video or listen to a podcast presenting an opposing viewpoint and reformulate its ideas with empathy; keep a “meaning journal” and record an activity or encounter that seemed meaningful to you; carry out one concrete altruistic act every day, as this can increase your self-esteem; and devote at least one hour a week to a project or cause that is important to you. In short, let us take action to reclaim the meaning of our lives. Nicolas Hazard, a graduate of Sciences Po and HEC, is an entrepreneur and essayist. He is also a Special Adviser to the European Commission on social innovation and the founder of INCO, a group that develops responsible investment solutions, supports entrepreneurs, and trains young people for the jobs of the future. Book review written by Michel Gabet