France’s public debt has increased very rapidly over the past 10–15 years, regardless of the government in power, so, again, this is not a matter of politics. French public debt has increased very sharply. Can we really afford today to advise the French government, of whatever kind, to increase the debt still further, to incur further debt for the French?
I think the answer is “no”. Therefore, the remedy differs according to the country. In all euro area countries, however, there is significant fiscal space to have a coherent mix of fiscal policy, i.e. make an effort to redress unproductive spending, to steer fiscal policy towards promoting growth, i.e.