Politique étrangère
The Global Economy: Caught in the Storm / Politique étrangère, Vol. 91, No. 1, 2026
The global economy has become the primary arena for the clash of power ambitions in a world where understanding, coordination, and concerted multilateralism seem to have been permanently marginalized. In this fragmented landscape, how will American and Chinese strategies interact? Will the European Union manage to break out of its decades-old framework in order to face new competition? And will it be able, like others, to integrate the announced shift from a production economy to a digital, information economy? And what role will financial institutions, and central banks in particular, play in this transitioning international economy?
From Trump to Xi Jinping: Globalization's Great Rupture
The second Trump administration’s trade policy represents a rupture with the United States’ international commitments and a seismic shock for the multilateral trade system. Its destabilizing impact has been exacerbated by China’s disproportionate trade surplus, which has doubled since the 2020 pandemic. We are entering a new era marked by the erosion of norms and their replacement by a more transactional logic. For Europe, the challenge is enormous.
Digital Revolution, Economic Upheaval
The digital revolution is profoundly shaking up the economy, with the impact felt well beyond the digital sector itself. Indeed, it is transforming the very concept of value creation. Artificial intelligence represents a new phase that requires a colossal investment in physical infrastructure like data centers. Europe failed to grasp the scale of these changes in time, but it does have certain advantages.
Official Development Assistance in the Age of Deglobalization
Official development assistance has collapsed since 2023, both in Europe and in the United States. This decline has affected both developing and industrialized countries. Under fire in the Global North and South, the goals and methods of development assistance must be redefined if it is to adapt to an international landscape in which the principal actors—the United States, the European Union, China, the Arab countries—are adopting new stances.
Germany: The Return of Military Service?
Abolished in 2011, conscription returned to Germany in 2025, albeit in a new, voluntary form. The decision in 2011 was broadly supported. Public opinion, like the political sphere, is more divided now. The reintroduction of voluntary service for men reflects the demands of the geopolitical landscape and the Bundeswehr’s need for troops. It remains to be seen whether the model chosen will fulfill the requirements of defense chiefs.
The Gulf Search for Power(s) / Politique étrangère, Vol. 90, No. 4, 2025
Persian Gulf countries have become heavyweights in the international arena, wielding influence both regionally and far beyond. Acting as diplomatic mediators, investors, and hosts of global events, they are attempting to move beyond their long-standing role as suppliers of energy resources and reshape their economic, social, and political foundations through ambitious national “Visions”. Their international alliances are proving increasingly flexible, broadening their diplomatic reach (even if Washington’s influence remains decisive)—with Saudi Arabia, Qatar, and the United Arab Emirates all part of a dynamic pushing many global actors toward multi-alignment.
Gulf Sovereign Wealth Funds: Major Actors in World Finance
The sovereign wealth funds of Gulf countries have become key players in world finance. By investing colossal sums in strategic sectors, they contribute both to local development and the growing influence of the Gulf monarchies in the global economy and international politics. In the near future, they will have to grapple with two challenges: that of human capital, and that of their geopolitical position between the Global North and Global South.
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