Christopher Dembik

I think it's not good for the economy.

So most of the investors are quite afraid.

And taxation level is already quite high in France.

Well, it's a complete nonsense.

Nowadays, we have in terms of public deficit, it will be around 5.4% of GDP, which is one of the worst in the European Union.

So let's say that you suspend the reform.

You need to find, according to my assessment, you need to find every year between 20 and 30 billion euros more.

So where do you find it?

I mean, we are unable even to reduce the deficit at all.

So if you suspend the reform only for political purpose, the issue is that at the end of the day, your deficit will keep increasing.

So, yes, clearly the investors or you don't have speculative attack against the French debt.

But right now, we don't know if it will happen.

You know, in the bond market, everything can fall down very fast.

So, nowadays, it's very quiet.

I expect it will remain like that.

But let's say that we suspend the pension reform.

No one knows what's going to happen on the bond market.

So you could have speculative attacks against French assets.

So that's why I think it's really not wise.

Well, let's say we're around, for the 10-year bond market, for the French government bonds, we're around 3.5%, 3.7%, which might be the top.