00:00What we see in France is a complication of on one side the consequence of borrowing shock after shock after
00:13shock climbing on this staircase that I described that does not lead to heaven and on the other side a
00:21political dynamic scene in France that creates more difficulties for the finance
00:30ministry to put a clear path for tightening that situation but let's look at two things one the French economy
00:40is growing and two there is a very clear recognition in France that deficit needs to be brought under 5
00:50% and that is sent as a signal to market now the issue is act on it and I think
00:57we need to remember that in comparison to the
00:59previous time we have a much more mature system in Europe we have the strength of European Central Bank with
01:09the we have other instruments that Europe has developed to protect against financial stability risks
