Moody’s has downgraded France’s sovereign credit rating to Aa3, citing rising debt levels and political instability. Economist Norbert Gaillard expressed concerns about a potential vicious cycle of increasing deficits and interest rates, warning that the growing burden of debt affects future generations. He praised François Bayrou for his foresight on these issues during previous elections and urged the government to send clear signals to the market about plans to reduce the deficit by 2025.