Philippe Mudry analyses the "great conversion" in Les Echos

Philippe Mudry, former CEO of L'Agefi, wrote an article in Les Echos on 23 November in which he provides a very detailed analysis of the thinking of Jean-François Serval and Jean-Pascal Tranié on the monetary policy needed to get out of the "debt trap". Philippe Mudry endorses the approach proposed by the co-authors in their latest book*, an approach he describes, very aptly, as the "great conversion". A "conversion" which, as the author points out, consists of transforming excess debt, now worthless because it does not earn interest, into equity capital invested in the real economy, via profitable infrastructure projects. 

* "Financial innovation and monetary reform or how to escape the debt trap" (Gualino)