France: The temptation to let the fiscal deficit increase

In France, it would be very tempting to let the fiscal deficit increase markedly: Interest rates are very low and demand for risk-free bonds is very strong; Increasing the fiscal deficit would make it possible to meet the demands of the majority of the French: increase in low incomes (by increasing the activity bonus), tax cuts, development of public services (healthcare, education, transport) in small cities and rural areas, renewed indexation of pensions without raising the statutory retirement age; Increasing the fiscal deficit would also make it possible to react to the likely slowdown in growth in 2020, which cannot be corrected by conducting a more expansionary monetary policy. T he economic risk is obviously a continued rise in the public debt ratio, and the associated risk of a crisis if interest rates rise again in the future - but are they going to rise? The political risk is the possible reaction from some European countries to such a choice.