As French government bond yields hover near their highest levels in roughly 25 years, eurozone finance ministers and the European Central Bank (ECB) urged France at their monthly meeting in Luxembourg on the 8th to swiftly pass its 2027 budget to restore market confidence. However, all institutions signaled reluctance to intervene to curb the rise in borrowing costs. France is under selling pressure in the government bond market due to its massive fiscal deficit and uncertainty surrounding the presidential election approaching next spring. The 10-year yield has climbed roughly 80 basis points (bp) since early September, reaching near 5%—a level not seen since July 2002. This surge in borrowing costs is making fiscal management even more difficult.
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