France Is a Politically Tougher Problem Than Greece.

Market eyes tend to turn to the European Central Bank (ECB). There comes a point where the threat to eurozone cohesion and the integrity of the single currency becomes too great, and that in itself gives the ECB licence to act, regardless of French fiscal intransigence.

Long story short, the European establishment does not like le Pen. 

Do you intervene to protect the wider eurozone, but risk gifting a political opponent an easier ride? Or do you just wait until the euro has its first headline-grabbing down day, and that’s the point at which you panic? 

I have a horrible feeling that this might end up being the path of least resistance.

John Stepek Bloomberg October 22, 2026

https://www.bloomberg.com/news/newsletters/2026-10-22/money-distilled-a-turning-point-for-france-looks-a-long-way-off


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