Why is the yield spread between France and Germany still very low?

The 10-year yield spread between France and Germany is currently very low, below 5 5 basis points. This small spread between France’s and Germany’s long-term interest rates may seem surprising, given the difference in public debt levels and fiscal deficits between France and Germany. Why is the 10-year yield spread between France and Germany so low? Perhaps due to: The credibility of the prospects for lower fiscal deficits in France, despite the sluggish growth; The deterioration in Germany’s creditworthiness; Strong demand for French government bonds from domestic and non-resident investors; France’s low real long-term interest rate, which is lower than its potential growth (as long as this is the case, France’s public debt is sustainable); The reduction in Germany's fiscal deficit, which means that investors have to switch their purchases to French government bonds; The fact that a French default is unimaginable.