Europe’s Fiscal Divide: France Now Lags Its Peers

by Nato Balavadze

In this paper, we discuss:

• France having become the Eurozone’s fiscal laggard;
• The recent Fitch’s downgrade of France’s credit rating;
• The market reaction to the recent fiscal news and the rating downgrade; and
• How France’s fiscal position compares to that of Spain, Italy, Portugal and Greece.

Download PDF: France Fiscal Divide September 2025