The dynamism of the Chinese and USA economies in Q3 is in sharp contrast to the contraction in the Euro-zone, against a general backdrop of falling inflation. Commodity prices and especially gas prices continue to hold back European economies, with the price of gas in Europe still much higher than on the North American market. The tightening of monetary policies, which began in 2022, would seem to have plateaued at the end of 2023, in line with the decline in inflation. Despite the rise in interest rates, household consumption has proved to be relatively resistant in most countries, apart from Germany. However, investment is slowing, or even falling back in most countries...