“The euro no longer protects France from its budgetary and political inconsistencies”

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…