Why is France different from the other euro-zone countries when it comes to household and corporate debt?

In France, household and corpor ate debt ratios have continued to rise since the 2008 crisis, whereas they have fallen in the other euro-zone countries. First, this shows that the increase in public debt in France cannot be justified by declining private debt. What accounts for this difference in the borrowing behaviour of French households and companies? Among the possible explanations: Are French banks in better health? Yes; Regarding households, have real estate prices or the volume of housing construction risen faster? Yes. Has the savings rate fallen? No; Regarding companies, is profitability lower than investment needs, and have companies accumulat ed cash reserves or made numerous acquisitions? Yes for all these points. Basically all factors with the exception of the savings rate explain the rise in debt in France.