ECB’s Lagarde warns France needs a credible path to rein in debt

The European Central Bank (ECB) Christine Lagarde said that France’s debt situation is “serious at 120% of GDP and without a path to lowering it,” at an interview with La Croix.

Lagarde added that the European financial system is more solid than in the 2008 and 2011 crises and stated that “France needs a credible budget trajectory and reforms to restore confidence.”

Key highlights:

Tells La Croix newspaper that France's debt situation is serious at 120% of GDP and without a path to lowering

Tells La Croix newspaper the European financial system is more SOLID now than in the 2008 and 2011 crises

Tells La Croix newspaper, France needs a credible budget trajectory and reforms to restore confidence

Asked by La Croix newspaper if she would be a French presidential candidate, says, 'that would not be a good idea at all'

Tells La Croix if I leave ECB early, "It will only be by a few months