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As a selloff in French government bonds deepens, the region's debt-laden economies risk a surge in borrowing costs while also grappling with increasing social unrest.
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France faces a severe fiscal, debt, and political crisis, with its 10Y bond yield surging to ~5%, the highest since 2002. The deficit/GDP ratio remains far above the EU's 3% threshold, with public debt projected to reach 118% of GDP by 2026.
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What's happening in France is staying in France bond-wise for now. That's a good thing.
Wages aren't rising at a rate that would trigger inflation alarms, European Central Bank Chief Economist Philip Lane said Thursday.
France's economic situation is serious, given the rise in its borrowing costs, but the country does not at this point need help from the European Central Bank, Bank of France head Emmanuel Moulin said on Wednesday.