France's main problem is "the irresponsibility of its political class"

By submitting to a vote of confidence that the opposition is unable to grant him, François Bayrou is plunging France into the unknown, and the markets are not mistaken. The threat of a shock comparable to the Greek crisis is not current, but the shutdown of an economy that does not know where it is going threatens to push France even further into the vicious circle that has taken hold of it. And the country will have only itself to blame, because basic economic conditions alone are far from explaining these errors.

The lights are certainly not all green, but the French economy and the country's ability to repay its debts are not doing so badly. The ultimate shock is unlikely to loom in the short term. However, the French, and especially their elected officials, seem determined to do everything they can to ensure the country finally hits rock bottom. And if there is to be a shock, it will be more likely to be the inability to agree and take charge of the common interest that will have brought France down.

Even more than its dependence on public spending or its inability to create growth, particularly through work and productivity, France's main problem lies in the irresponsibility of its political class.