In reality, Germany's fiscal policy is benefiting France

Germany has chosen to keep a fiscal surplus and to eliminate its public debt, probably because of concern about population ageing. Germany's fiscal policy is often heavily criticised in France: it weakens domestic demand in the euro zone and leads to excess savings over investment in the zone. But the French have to realise that the fall in the German public debt ratio is driving investors who want to hold government bonds issued by the core euro-zone countries into French public debt. The result has been very low long-term interest rates in France despite the increase in the fiscal deficit resulting from the policy to stimulate household income that has been implemented. Without the fall in Germany's public debt, France’s fiscal choices would definitely have driven up long-term interest rates far more.