In his famous memoirs, “The World of Yesterday”, Austrian author Stefan Zweig painted a rosy picture of pre-1914 Europe as a “world of security”.6 To Zweig, World War I represented a watershed moment from which the continent never fully recovered during his lifetime, and which would shape the political, economic and social arena for years and decades to come.
In his New Year’s address, the French President declared that “ultraliberal capitalism is 7/8  BIS central bankers' speeches  nearing its end”. This is something of a prophecy, and a little difficult to understand. What does it mean to you? I don’t want to try to interpret the words of the French President.