In this new book, Jacques de Larosière analyzes the causes of France’s decline. Taking the elites to task, he calls for a quick and decisive end to the politics of denial and easy monetary and fiscal solutions.
“Why have we come to this point? And how do we emerge from it?
“The issue is ultimately a triple servitude that occupies the public sphere and overwhelms our thinking: servitude to a false doctrine, that of the continuous expansion of demand inspired by a poorly
understood Keynesianism; servitude to reassuring propaganda, encouraged by public authorities; and intellectual servitude in which political correctness takes precedence over freedom of thought and expression.

“If we don’t turn the tables, chances are good that our decline will continue, the point of catastrophe in a few years.” J. de L.

Jacques de Larosière has spent his entire career at the highest levels of financial institutions: he directed the International Monetary Fund (1978–1987) before becoming governor of the Banque de France (1987–1993), then president of the European Bank for Reconstruction and Development (1993–1998). He is a member of the Académie des sciences morales et politiques. He is the author of, notably, 40 ans d’égarements économiques, 50 ans de crises financières and En finir avec le règne de l’illusion financière.