  We propose an effective theory which governs Pomeron dynamics in QCD at high
energy, in the leading logarithmic approximation, and in the limit where N_c,
the number of colors, is large. In spite of its remarkably simple structure,
this effective theory generates precisely the evolution equations for
scattering amplitudes that have been recently deduced from a more complete
microscopic analysis. It accounts for the BFKL evolution of the Pomerons
together with their interactions: dissociation (one Pomeron splitting into two)
and recombination (two Pomerons merging into one). It is constructed by
exploiting a duality principle relating the evolutions in the target and the
projectile, more precisely, splitting and merging processes, or fluctuations in
the dilute regime and saturation effects in the dense regime. The simplest
Pomeron loop calculated with the effective theory is free of both ultraviolet
or infrared singularities.
