France is the euro area’s swing voter: where France goes, the euro area as a whole tends to follow. It’s not just the canary in the coalmine, it’s the miners at the coalface. That is why it’s concerning when, as now, France shows signs of stress. Many sovereign bond yields are rising rapidly, but French bond yields are popping relative to everyone else right now. This note takes a look at why. It’s not about growth; it’s not about inflation;