Banque de France shows that French household and non-financial corporate debt remains 30 percentage points above the euro area average, while Eurostat indicates a further increase in public debt. An Elcano commentary warns that the risk does not stem from a new credit boom, but from refinancing a large stock of private and public debt when financing costs are higher. France’s non-financial private-sector debt reached 134.2% of GDP in the first quarter of 2026, compared with 104.2% in the euro area, according to Banque de France. At the same time, French general government debt rose to 117.
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