Can we explain what is happening with debt in France?

In Germany, all economic agents have deleveraged since the 2008-2009 crisis. In Spain and Italy, an increase in public debt has offset an increase in private debt. But in France, all economic agents have continued to run up debt since the crisis. Are we able to explain this “French anomaly” when it comes to debt? The French government has taken advantage of the very low interest rates to keep fiscal policy expansionary, which it cannot argue is a reaction to deleveraging by the private sector; The financial situation of French banks enables them to continue to increase their supply of credit , which is not the case in Spain or Italy; French companies have maintained a high level of investment , despite their low profitability , by borrowing . Italian companies have not been able to do this , while the profitability of Spanish and German companies has been high; French households have used the low interest rates to continue to borrow, although this has led to an increase in real estate prices and not simply an increase in the volume of construction. Italian and Spanish households continue to deleverage.