How bad could things get in France?

The commission’s officials have good reason to do so. France has an American-style deficit of 5% of GDP, which its central bank and the IMF expect to come down only slowly. The country’s debt-to-GDP ratio of 111% is similar to Italy’s before the euro crisis in the early 2010s, and is set to rise. S&P Global, a ratings agency, downgraded France’s sovereign-debt rating from AA to AA- on May 31st—before Emmanuel Macron, France’s president, gambled on snap elections that may bring the hard-right National Rally (RN) or the left-wing New Popular Front (NPF) to power, under his continuing presidency.