French central bank chief warns rising rates could ‘strangle’ France without fiscal action

The Financial Times reports that Banque de France governor Emmanuel Moulin warned France risks being “gradually strangled by rising interest rates” if it does not repair its public finances. He said passing a budget to reduce spending and narrow the deficit could reassure investors despite recent “serious and worrying” moves in debt markets. The government has proposed €43 billion in spending cuts and tax rises, but lacks a parliamentary majority.