French borrowing costs have spiked amid a global bond rout, fueled by market fears that the nation’s fragile public finances could destabilize the broader eurozone. This volatility has prompted calls from political figures, including far-right leader Marine Le Pen, for the ECB to step in and ease the pressure on French debt. Moulin rejected this approach, noting that the central bank’s mandate remains strictly focused on curbing inflation, which currently sits above the 2% target.

Moulin attributed the widening spread in borrowing rates to France's high deficit and the intense political uncertainty surrounding the upcoming budget vote. Prime Minister Sebastien Lecornu’s government is under significant strain, facing opposition from both the far-right and far-left as it attempts to lower the budget deficit from 5.4% to 5% of economic output next year. With two previous governments having collapsed over budget disputes in 2024 and 2025, the pressure on the current administration to secure parliamentary approval for its fiscal plan is extreme.