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 has 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

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 has 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.