ANALYSE – Until now, our country has benefited from very favorable financial conditions in terms of interest rates given its public imbalances. This period is over, because political chaos is changing the situation and weakening the entire euro zone.
While emphasizing « political uncertainty » which reigns in France, and that is an understatement, the financial rating agency S&P maintained its rating on the debt of the French state last Friday. And to justify its benevolence which surprised more than one, S&P highlighted a fundamental advantage. “Membership of the European Monetary Union offers France an (international) reserve currency », explains the American agency in its press release. In other words, the euro is a factor of stability likely to reassure our foreign creditors who have purchased securities of our public debt of which they hold 54% of the total. They do not have to fear a devaluation of the French currency as was the case in the days of the franc when budgetary imbalances immediately provoked speculative attacks. This is the a priori advantage that the euro provides, but under certain conditions, economic and political, which are unfortunately less and less…
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France
