In an editorial published on his internet site Jean-Dominique Giuliani, Chairman of the Foundation, reviews the results of the Greek general elections. He recalls the origin of the Greek crisis, the financing received thanks to European solidarity and the demands to which the new Greek government will have now have to respond.

On 19th January the IMF published its world growth forecasts for 2015 and 2016. Hence for the entire world economy the IMF is now only expecting 3.5% growth in 2015 and 3.7% in 2016, in other words 0.3 points less in comparison with its previous forecasts. The decrease in oil prices will boost world growth but this impetus is due to be counterbalanced by negative factors, notably low investment and inflation (Japan, euro zone). Revisions downwards are stronger in the emerging countries because of China and also Russia, for which the IMF is forecasting two years of recession. The USA is still the only major economy for which the IMF has raised its forecasts for 2015 and 2016.

On 19th January the Organisation for Economic Cooperation and Development (OECD) published statistics on the employment rate in the third quarter of 2014 in the OECD zone which is up by 0.1% to 65.7%. In the euro zone the increase totals 0.1% ie 64.4%. The highest rises in employment in the euro zone were to be seen in Portugal (0.6), Greece (0.5), Ireland (0.5) and Germany (0.3). The OECD also noted a stabilisation in the employment rate amongst young people in the OECD zone.

Portugal intends to make an early reimbursement of the loans granted by the IMF as part of its international rescue plan announced Finance Minister Mario Luis Albuquerque on 21st January. Thanks to the "normalisation of its access to the financial markets," Portugal can now "ask its European partners to allow the early reimbursement of the IMF loans," she said to a parliamentary committee. Portugal, which declined the final tranche of aid, owes 26.9 billion euro to the IMF, a total that is part of the international assistance of 78 billion euro granted in May 2011. According to an initial timetable Portugal is due to start reimbursing the IMF this year paying 550 million euro and finalise all payment by 2024.

The 45th World Economic Forum took place from 21st to 24th January in Davos. Nearly 2500 participants from 140 countries including 40 heads of State and government and 1500 representatives from the business world met to discuss the "new world context". Amongst the themes addressed, three were of particular focus, i.e. security, climate change and "the economic situation and social inclusion." The forum was therefore marked by concern for risk and particularly geopolitical, terrorist and cyber risks, that weigh on the world economy and which are slowing growth. Hence there was a great amount of uncertainty about the slowing of Chinese growth, the development of the euro zone and oil prices. In this light French President François Hollande and American Secretary of State John Kerry asked economic and political leaders not to neglect the threat that terrorism represented the world over. Climate change was also the focus of discussion with under a year to go before the Climate Conference planned for in Paris at the end of 2015. Ban Ki-moon, the UN Secretary General and IMF General Manager Christine Lagarde stressed the "absolute" need for a "collective fight" to counter climate change - a "true human, economic and political stake."

Unemployment has reached its lowest level in six years in the UK as it has fallen below the 6% mark. Figures can mainly be explained by a massive creation of jobs, with over 700,000 available in 2014. The biggest decrease in unemployment was recorded in London where 91,000 people have found work since 2010. A wage rise was also noted with an average salary increase of 1.8% (2.2% in the private sector). The government's employment and retirement secretary said "Thanks to our long term economic programme businesses have recovered confidence in the future. Jobs are being created and wages are rising. Britons feel safer and believe in a future in which their jobs will be safe."

In a meeting on 21st January the College of Commissioners held a debate on the preparation of its new European Agenda on Security 2015-2020. The Commission wants to present a "strategy" in May 2015 to strengthen security and to prevent terrorism across the European Union. In this context it said it was ready to review its proposal on passenger name records in order to take on board certain expectations of the European Parliament and the Member States, in order to adopt a common decision rapidly. The Commission hopes to strengthen the EU's external borders based on a legislative framework provided for in the Schengen Agreements. It also recalled that it wanted to move "forwards on the protection of data" in order to guarantee both "security and individual freedom". Vice-President Frans Timmermans insisted on the fact that the "Commission would be alongside the Member States when it could to fight against terrorism and strengthen European citizens' security." Finally he stressed the need to "rise to the challenge" of co-existence between all religious communities "founders of European integration" in "tolerance, the rule of law and the respect of the law."

On 23rd January the Spanish National Security Council met under Mariano Rajoy to look into the issue of jihad terrorists. This body, which met for the first time, aims to convene twice monthly, and aims to strengthen the State's capabilities and to implement better initiatives to prevent, detect and respond effectively to security threats. During this meeting the government's priority to strengthen security without reducing rights and freedoms was announced. The Interior Minister also presented his national strategic plan against violent radicalisation which should soon be approved by the Council of Ministers.

On 23rd January the European Commission presented its annual report on the distribution of direct payments to farmers by Member States as part of the European Agricultural Guarantee Fund (EAGGF). The 2013 report stressed that in 13 Member States (Belgium, Cyprus, Hungary, Italy, Poland etc ...) more than half of the beneficiaries had received less than 1250€ each in direct payments whilst in only seven Member States (Czech Republic, France, UK, Germany etc ...) more than 1% of beneficiaries had received more than 100 000 € each. According to the report the average payment received per farm lay at 5626 € in 2013.

A debate between the members of the European Parliament's international trade committee took place on 21st January regarding further recommendations for negotiations on the transatlantic free-trade agreement (TTIP). Bernd Lange, chair and rapporteur for the international trade committee notably insisted that negotiations be more transparent and more democratic and that European requests be written more in "positive terms" than in the shape of "red lines". In his report he also notes that the EU must respect the principle of precaution in the agricultural sector but an ambitious chapter must be devoted to the liberalisation of intellectual property rights. Cultural and public sector areas must not however be part of the negotiations.

The 15th session of the Cooperation Council between the EU and Armenia which took place on 20th January confirmed that both sides want to continue the cooperation process in all areas where it is possible. The EU encouraged Armenia to continue the reforms recently started in terms of democracy, the rule of law, the fight to counter corruption, human rights and the freedom of the press. The EU said it was pleased at the introduction of new agreements on the relaxation of visa regimes, thereby re-confirming that it is determined to work toward citizen mobility.

On 25th January the German Chancellor spoke with Ukrainian President Poroshenko. The Chancellor insisted on the fact that priority has to be given to the Minsk agreements signed in September. This means refocusing Europe's priorities on finding a diplomatic solution to the conflict. German Foreign Minister Steinmeier declared that the region in the east of Ukraine was "completely out of control".

On 23rd January the French Constitutional Council deemed that it was possible to deprive someone of their dual Franco-Moroccan nationality if they were convicted of terrorism. This possibility provided for by the Civil Code was deemed in line with the Constitution. Deprivation can only be pronounced within a time span of 10 years after the act and ten years after the acquisition of French nationality or 15 years in the case of terrorism. Prime Minister Manuel Valls has not ruled out turning this measure into a tool to counter terrorism.

On 21st January the Italian senate approved an amendment to the draft electoral law (Italicum). This might enable the head of government, Matteo Renzi to complete electoral reform as a whole next week. The amendment covering the main elements of the reform was adopted at the Senate by 175 votes, 110 against - with the MPs of Forza Italia - Silvio Berlusconi's party joining forces with those of the Democratic Party led by Mr Renzi. The final vote by the Senate on the electoral law is due to take place next week, then the text will be submitted to the vote of the Chamber of Deputies. The draft reform provides a majority bonus for the party that comes out ahead in the general elections in each constituency, on condition that it wins more than 40% of the vote. If no party wins 40% in the first round, a second round will oppose the two candidates who came out ahead. The threshold for representation of a party in Parliament will be set at 3% nationally.

On 24th January following the bombing that led to the death of around 30 civilians in the town of Mariupol, Ukraine, OSCE observers concluded that "according to impact analyses the Grad rockets were fired from the north-west in the area of Oktyabr and the Hurricane rockets from the east in the area of Zayichenko, both controlled by the People's Republic of Donetsk (pro-Russian independence rebels)." In this light the trilateral contact group (TCG) comprising high representatives from Ukraine, Russia and the OSCE met as a matter of urgency on 24th January in Kyiv. The TCG condemned this escalation in the east of Ukraine especially in the areas surrounding Mariupol, which led to many victims amongst the civilian population. "The violence is a flagrant infringement of the letter and the spirit of the Minsk Protocol," deplored the three sides in a press release. The TCG also asked for an "immediate halt" to fighting ongoing in the east of Ukraine and called for all of the Minsk protocol signatories to respond immediately. Moreover Federica Mogherini, the EU's High Representative announced on 25th January that she had convened an extraordinary meeting with the EU's Foreign Ministers on 29th January "to discuss the follow-up to give to the catastrophe in Mariupol."

At the end of the third quarter of 2014 government debt lay at 92.1% of the GDP in the euro zone against 92.7% at the end of the second quarter 2014 ie a decline of 0.6 points. In the EU the GDP/debt ratio also decreased from 87% to 86.6%. We should note that this reduction of the EU's government debt came after rising for fifteen consecutive quarters. In comparison with the third quarter of 2013 the GDP/debt ratio increased in the euro zone (from 91.1% to 92.1%) and also in the EU (from 85.3% to 86.6%). Finally the highest national government debts (in % of the GDP) were recorded in Greece (176%), Italy (131.8%) also in Portugal (131.4%), the lowest were in Estonia (10.5%), Luxembourg (22.9%) and in Bulgaria (23.6%).

In a report published on 19th January the Organisation for Economic Cooperation and Development (OECD) highlighted the lack of follow up to many educational reforms undertaken in OECD member countries. The Director of the Education and Skills Department at the OECD, Andreas Schleicher declared that too often we assess success or failure of an educational reform at the pupil level." The OECD noted that in spite of a convergence of some reforms between countries, there are around 13 in which 15% of young people have no qualification at all. Amongst these countries feature France, Denmark and Italy.

The Council of Europe's Committee for the Prevention of Torture -CPT- published its annual report on 21st January in which it reminds its 47 Member States to "protect people who have been deprived of their freedom from all acts of intimidation and reprisal when they meet and speak with them in their place of detention. They must also ensure that they are not being poor treated by staff." The CPT stresses in its report that several people with whom it has spoken are said to have been intimidated and subject to various forms of reprisal by public agents or on the instigation of the latter. These observations were made by the Committee in countries like Armenia, Azerbaijan, Bulgaria, Greece, Hungary, Moldova, Russia, Spain, Macedonia (FYRM) and Ukraine.

The Henri-Cartier Bresson Foundation in Paris is showing the work of South African photographer Pieter Hugo until 26th April. Via portraits, landscapes and still life on show for the first time in France the photographer offers an exploration of South Africa's complex post-Apartheid identity. The exhibition goes together with a book published by Aperture, co-produced with the Foto Colectania Foundation, Barcelona and the Stevenson Gallery, the Cape/Johannesburg.

On the occasion of the centenary of the death of the German painter August Macke, the Lenbachhaus of Munich together with the Kunstmuseum of Bonn is running the first ever exhibition, from 28th January to 3rd May 2015 which explores the friendship that linked Macke and Franz Marc, another major figure of German Expressionism. With nearly 200 paintings, work on paper, objects and private documents, "August Macke and France Marc. An artistic friendship." offers a unique image of the life of two artists but also of art between 1910 and 1914, whilst illustrating the way Macke and Marc inspired one another. The exhibition covers their entire artistic work together until their deaths in the battle fields during the First World War.