Emmanuel Moulin

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The head of the Bank of France, Emmanuel Moulin, has said that France risks being strangled by interest rates unless action is taken on public finances.

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Still, the people whose job is to stay calm aren't calm.

The governor of the Banque de France, Emmanuel Moulin, warned in early October that without fixing its public finances, France risks being gradually strangled by rising rates.

That's our translation of his French.

So the first assumption that France borrows like Germany is no longer true.

On market access, true, but the shift was never about whether France can borrow.

It's about the price.

The Banc de France governor's warning was that France risked being gradually strangled by rising rates.

Notice the word gradually.

So he's, he's, you know, put this on, on the table, I think deliberately to be provocative, not realizing, I think, that this would excite even more market concerns around, uh, debt sustainability.

And then he became very upset when the central bankers, and in particular, uh, the governor, the new governor, Emmanuel Moulin, suggested that this was not really possible, you know, that would be a violation of European treaties.

And, uh, uh, Moulin had a quote in the Financial Times where he said, "I'm worried that France would be strangled by its debt if it doesn't take action to adjust fiscally." And Mélenchon was furious that the governor dared making a reference about France being strangled by, by the markets, and thought this was an act of betrayal, and he actually threatened in a, in a tweet, he threatened the governor of a trial for high treason.

And so, you know, things got pretty agitated and, and, and heated, uh, but I think they exposed the fact that I think Mélenchon's line is that he's the force that is going to stand to the dark forces of markets.

Italy joined last year.

Emmanuel Moulin, the governor of the Banque de France, told the FT this week that France is not Greece.

Which is true, they are an entirely different country.

But Greece does borrow more cheaply.

The headlines on Wednesday, October 7th.

Bank of France head Emmanuel Moulin said that while France's economic situation is serious, given the rise in its borrowing costs, the country does not at this point need help from the European Central Bank.

French borrowing costs have surged in the current global bond route, prompting a sell-off in the euro, as investors worry that the country's fragile public finances risk taking a toll on the rest of Europe, as reported by Reuters.

France's wine output this year is expected to fall to its lowest level this century due to the extreme heat and drought, despite an improved forecast released by the farm ministry on Wednesday.

Oh, yes.

Enter stage center, Emmanuel Moulin, who is the governor of the Banque de France, so the, the national central bank.

He was saying very normcore stuff, right?

He was.

And I think, you know, the sort of very strongly held view is that with respect to France, no, that is definitely not the case.

And we can talk about the latest comments from the Banque de France ahead, Emmanuel Moulin in a second, basically.

But You know, obviously that was really designed for conditions where the ECB's efforts basically are being undermined because there is broader contagion from one market to another.

So a little bit of sign of that, but I still think we're a long way off any suggestions that the ECB is going to step in here.

And what's the reaction being? We talked about it yesterday, the head of the French central bank, Moulin's comments.

Has there been much reaction to that today?

Well, we've certainly seen a stepping up in the, if you want to call it the war of words, between Emmanuel Moulin, the head of the Banque de France, and the main protagonists going into next year's French elections.

The left contender, Melenchon, has taken aim at Moulin.