Christopher Dembik

If we jump around 4%, it will be already...

quite challenging.

I mean, we have seen it for Greece, and I don't compare France with Greece, but from one moment to another, almost overnight, everything can fall down.

So that's why I think we need to be very careful.

And obviously, foreign investors, they don't look at all the reforms that France is implementing.

But we all know that we need to be very wise regarding the pension reform.

So we need to be careful.

And if we suspend it,

Well, let's be very transparent.

It's not a suspension.

It means that we will just cancel the reform, so we will have, sooner or later, a new debate about it.

So it's not the right solution to deal with the situation.

And I think, from a political point of view, it was not already enough to do this reform, so we cannot get back to this.

Is suspending the pension reform the biggest risk to the fiscal outlook now?

Yes, I mean...

If you look from 2017, half of the increase of public debt is only due to the pension.

So we need to deal with that.

It's not enough what we have done over the past few years.

So sooner or later we'll need to deal with that.

If we have a left government, obviously we won't deal with this situation because the left consider that there is no pension reform issue.