French finance minister Lescure said France is far from needing ECB intervention
despite a surge in yields, noting the spread on French bonds over same‑maturity
German bunds have risen to its highest since the euro‑area debt crisis. Markets
have debated whether the ECB might deploy its unused crisis tool, the
Transmission Protection Instrument (TPI) established in 2022, but Lescure said
current conditions differ from the earlier crisis—there is no widespread bank
stress or market dislocation. He added the government will keep next year’s
budget deficit target at 5% of GDP "non-negotiable" as part of public finance
repair.
