Blog Article

Historic Weekend in Tehran: Iran (Almost) Without Sanctions

I had not been in Tehran for the past 38 years, but had been a frequent visitor of the country when I was in charge of the Middle East for my bank, Societe Generale de Banque, in Belgium. As the lifting of the Western sanctions against Iran was approaching, I undertook the journey back to Tehran this weekend. I wanted to evaluate what could be done in the field of finance to facilitate the reintegration of Iran in the global world of finance. I had published a post here, in September 2015, advocating the reintegration of Iran in the world community. Read More


Blog Article

And the winner is …ISIS. The pathetic Republican Presidential Debate.

The presidential candidates have collectively delivered a resounding political victory to ISIS, whom each of them focused on.

Following the debate was like listening to aspiring presidents who consider that the most important issue facing the United States of America is to “beat ISIS.” They did not even realize that, by doing so, they were giving ISIS the golden keys to the kingdom: the ability to define our policies. Read More

Blog Article

Bashing Belgium is Mean… and Ill-informed

Born and raised in Belgium, I have a bias. I went to the United States in 1996 to lead the NYSE’s research and international departments and I became a U.S. citizen in 2009 after Belgium allowed dual citizenship. After the Paris attacks, an insidious attempt to blame Belgium for the attacks struck me as (at best) ill-informed. Read more

Blog Article

Could Solvency II Threaten the Financial Stability of European Insurance?

The European insurance sector has approximately 6.8 trillion euros of assets under management. It is the largest European institutional investor, a fundamental element of financial stability and provides support for the global economy. Additionally, the European insurance sector is a significant source of jobs, providing employment for more than one million people. The chart below illustrates the share of GDP represented by insurance premiums, generally defined as penetration ratios. Read more


Blog Article, Publications

Le chaos financier chinois représente-t-il un risque systémique?

De la fenêtre de ma chambre d’hôtel, au 61eme étage d’un des buildings de Pudong, c’est le brouillard. Cette image illustre bien la situation qui prévaut en Chine depuis le début de la semaine. Peu de visibilité et une vraie inquiétude. L’impact de la chute du marché de 30% en 3 semaines ouu se traitent des volumes record, n’est pas une question qui concerne seulement les institutions. 80% des actions chinoises sont détenues directement par les ménages. L’inverse des Etats-Unis et beaucoup plus qu’en Europe. L’employé ou le petit commerçant ont été incités par le Gouvernement chinois de mettre leurs économies en actions comme la valeur qui monte. En savoir plus


Blog Article, French