Frances economic and asset price outperformance since
2004 was supported by a much more explosive credit boom
compared to Italy and Germany.
But that boom has ended and is now reversing: investors
should expect Frances asset price performance to also
France has already warned that it will likely miss its
budget deficit goals for 2013 and will likely unveil
pessimistic growth targets before its
This may serve as the trigger for a long underperformance
phase for French assets.
This post was originally published by the BCA