Caution: The economic policies suggested today may lead to major social problems

We look at the situation in the euro zone, but the analysis applies to other developed economies. We see two risks : The expansionary monetary policies are leading to a rise in financial and real estate asset prices, and therefore to an increase in wealth inequality at a time when households' purchasing power is stagnating due to sluggish growth; The acceleration in reshoring and in the energy transition is leading to a rise in prices and a decline in households' purchasing power . There is therefore a risk of seeing both losses of purchasing power and a sharp rise in the value of wealth, which is a dangerous cocktail.