Christopher Dembik

So...

What is striking is that for some politicians in France nowadays, it's like France is a country where all the rules of economics does not apply.

All the other countries are nowadays implementing pension reform.

I think in Denmark, you retire at 70 years old.

Nowadays in France, you want to get back to 60 years old.

It does not make sense.

And sooner or later, you will pay it.

You will pay it because you will have higher cost of borrowing for the states, but also for all the companies.

Or you can have, in the worst case scenario, a speculative attack against French assets.

I mean, very clear, and we have done the same thing over the past two years.

We have a lower exposure to French assets.

Even very strong companies, let's say the luxury sector is obviously very strong in France, very nice companies, but we see clearly that all the French assets are not performing quite well, especially compared with other European assets.

And when I discuss with other companies, even insurance companies, French banks and so on, they are all doing the same thing because we see it as a tail risk for the market.