In his editorial, Gaëtan de Capèle analyzes the current Iranian crisis, highlighting its potential to escalate into a significant economic and financial catastrophe. He points out that the conflict directly impacts one of the world's most important oil and gas-producing regions, where international trade routes are heavily affected. The clash of interests among major world powers further complicates the situation, raising concerns about the potential for broader regional destabilization beyond Iran.

De Capèle emphasizes the historical lessons learned from previous crises, such as the Covid pandemic and the ongoing war in Ukraine, suggesting that uncontrolled state intervention during these events led to undesirable consequences. He argues that the French government should resist the urge to adopt a 'whatever it costs' approach to this new crisis, advocating instead for more measured and strategic responses to international conflicts.

The editorial serves as a cautionary tale for policymakers in France and elsewhere, warning that while the current impact of the Iranian crisis may seem limited, the underlying volatility poses risks that could lead to greater economic fallout. De Capèle calls for a more prudent understanding of international dynamics, urging leaders to prioritize long-term stability over short-term fiscal responses.