France: Why have both private and public debt been increasing?

Since the subprime crisis, in either euro-zone or OECD countries as a whole, the public debt ratio has increased but the private sector debt ratio has decreased. This substitutability between public debt and private debt is normal. There are countries that display a different configuration: In Germany, both public and private debt ratios have decreased; In northern European countries, the public debt ratio has decreased and the private debt ratio has increased; France displays a specific configuration, as both public and private debt ratios have increased since the subprime crisis. What accounts for France’s proclivity for debt? French interest rates are not lower relative to the growth rate than in other OECD countries; Real estate prices, which may explain household debt, have not risen more than in other OECD countries; Companies’ accumulation of cash reserves and acquisitions, which may explain their debt; The low profitability of French companies, which forces them to borrow to finance their investments; The weight of public spending, which may explain the increase in the public debt . Indeed, all types of public spending are higher in France.