When the European Central Bank’s Governing Council gathers this Thursday, the technical business of setting interest rates may take a backseat to a far more urgent question: how to respond to France’s deepening fiscal and political crisis. The eurozone’s second‑largest economy finds itself locked in a bitter standoff over its budget; street violence has returned to levels not seen in years, and borrowing costs have surged to their highest in more than two decades. Yet despite growing pressure, the consensus remains clear: the ECB will not throw France a lifeline, at least not yet. France’s troubles have mounted rapidly. Last week, yields on French government bonds a measure of the cost of borrowing, jumped to their highest level since 2002.
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