The spread between the 10-year French bond and the German Bund reached around 135 basis points—the highest level since 2012, at the height of the Eurozone crisis.

Between 2015 and 2021, this premium hovered near 30 basis points.

France is not a peripheral economy.

It is the bloc's second-largest economy, yet the market is demanding a risk premium typical of a country facing fiscal distress.

There is recurring political instability, a budget lacking a parliamentary majority, and rising debt with no credible adjustment plan.

When the Eurozone core begins trading like the periphery, the issue ceases to be about just one country.

It is a repricing of the bloc itself.