Lionel Laurent

Crypto Is Not Too Big to Fail, Even With Help From FTX

“Turtles all the way down” is a handy phrase for describing how the human mind creatively fills in holes of logic. It allegedly springs from one person’s attempt to justify to the philosopher Bertrand Russell her belief that the world was floating on a giant turtle by imagining another turtle…

Political Gridlock In France Is Risk for Europe

Jupiter is no longer ascending. French elections have brought a hung parliament, robbing President Emmanuel Macron of his majority, his authority and his credibility as a centrist bulwark against the far-right and the far-left. Fragile coalitions at the heart of the euro area’s No. 2 economy will…

Brexit Threats in Wartime Are Doubly Wrong

Of the many diplomatic spats and snubs that summarize the dismal relations between the UK and its historic continental frenemy of France, one phrase sticks in the mind: “Prenez un grip, and donnez-moi un break.” The patronizing put-down by British Prime Minister Boris Johnson, delivered in…

Macron’s Win Is an Opportunity for France and the EU

In 2017, France bucked the populist trend by voting for Emmanuel Macron against europhobic Marine Le Pen. In 2022, it has done so again – just as Slovenia looks set to eject its nationalist leader. An overwhelming display of pro-EU values? Not quite. Macron’s lead is narrower than last time –…

Marine Le Pen’s Plan for Europe Would Be a Gift to Putin

When Emmanuel Macron last faced off against far-right foe Marine Le Pen for the French presidency in 2017, her call to follow the UK out of the European Union was in tune with the populist times. Yet it failed to win over voters worried about the chaos that would ensue. A French Brexit is off…

Macron’s Political Earthquake Keeps On Rumbling

Emmanuel Macron is within striking distance of a historic re-election as French president after clinching a first-round lead against his far-right nemesis Marine Le Pen. Investors should be relieved, but not complacent. Round two on April 24 will be a close-run affair. Early results show France…

Macron’s ‘Revolution’ Faces a Reckoning

Could the re-election campaign of France’s President Emmanuel Macron be any less inspiring? As French voters go to the polls on April 10 for the first of two voting rounds, gone is the enthusiasm or interest in the election of 2017, when Macron came to power as the youngest leader since Napoleon…

EU Vs. China: Is There Still a Global Marketplace?

Globalization felt like it wGlobalization felt like it was going into reverse long before Russian tanks rolled into Ukraine. Donald Trump’s election, Brexit and Covid-19 were all flagged as milestones on the path back toward more protectionism and higher costs for multinationals. Yet the speed…

From 'Pax Europa' to Preparing for Life During Wartime

The build-up to a summit of European Union leaders can often be more dramatic than the result. So it was with this week’s gathering at the Versailles Palace, which failed to resolve furious debates over how to answer some big questions relating to Russia’s war on Ukraine. Another stimulus fund…

Macron’s Covid-19 Playbook Comes Back for War

So much for the “Roaring Twenties” after Covid-19. The mood feels more like the Four Horsemen: As Pestilence subsides, War has returned to Europe, destroying lives, homes, economies and the optimism greeting the lifting of pandemic restrictions. Overnight, a Europe reshaped by Covid — with a…