Lionel Laurent

A sharper move above 100 would concentrate some people for sure.

You know, the point here is that the ECB

has some reserve weapons if it needs to, transmission protection instruments, which has never been tested and won't be under these circumstances.

So, you know, France is sort of on its own here, but of course it's not because we've seen over all these various different blips, you can go back to the snap election last year, last sort of June,

um that really the cavalry gets you know the wagons get circled and and europe comes in to at least soften the blows so yes the ecb no longer in theory is doing um you know quantitative buying it's slightly letting some passive aggressive uh excuse me my pun um you know drift off but it's not there to actively step in and and bail out france but you look at the the yields versus

Italy, they've nudged ever so slightly above.

But this is micro, real, real small stuff at the moment.

It's just that why buy France?

That's your answer.

You're not getting any new money in.

And if in doubt, you're going to, you know, if a bond matures or you've got a better option, you're going to slide out of France.

And that's where it's a slow, gradual death.

Well, I think in essence, it's one of these misnomers is that the media portrays these, you know, Le Pen and her crew as far right.

But in fact, they're very far left in socialistic terms as an economic point of view.

leaving some of the politics out of it.

This would be, no, maybe not quite as sort of Jean-Luc Mélenchon, you know, crypto communist, but it's pretty close to it.

And that would be, you know, as Lionel has very carefully pointed out on the various different flagships of the Macron era, would be thrown out.

We would be talking, you know, it would be very, I'm sure, friendly towards a wealth tax.

And indeed, of course, running back that pension reform, which has been so

so expensive to get it through.