Why is demand for listed equities weak in France?

Demand for listed equities is weak in France because: The functioning of equity markets leads to excessive variability in share prices; Savers are highly risk - averse, and there is no effective intermediation for holding equities that reduces the associated risks; Given their regulatory constraints, institutional investors hold few equities and exert a procyclical influence on the equity market that further increases share price variability; Germany’s excess savings are invested in US Treasuries and not in equities in the other euro-zone countries.