Are investors right in not being concerned about France’s fiscal solvency?

France’s fiscal solvency is barely ensured in 2018 and 2019, but this is not worrying investors and the yield spread between France and Germany remains narrow. Are investors right in not being concerned about France’s fiscal solvency? France still lags far behind in modernising its companies, which is likely to prevent an upturn in productivity gains and potential growth; The fiscal deficit is primarily due to the stimulation of household consumption, and will therefore not generate additional income in the future; A reindustrialisation of France, which would move it up the value chain, is unlikely given the low level of corporate modernisation, the high level of production costs and the corporate tax burden.