Commerzbank warns that the systemic risk posed by the French debt problem to the Eurozone may be higher than the Greek sovereign debt crisis. The current average level of public debt in the Eurozone has reached 90% of GDP, compared to 80% in 2009. At the same time, countries' will to push ahead with fiscal reforms has weakened. However, a stronger banking sector, France's own institutional foundation, and the ECB's intervention tools can reduce the possibility of risk spillover. Commerzbank does not anticipate a new round of sovereign debt crises, but warns that related risks are rising.

Commerzbank warns that the systemic risk posed by the French debt problem to the Eurozone may be higher than the Greek sovereign debt crisis. The current average level of public debt in the Eurozone has reached 90% of GDP, compared to 80% in 2009. At the same time, countries' will to push ahead with fiscal reforms has weakened. However, a stronger banking sector, France's own institutional foundation, and the ECB's intervention tools can reduce the possibility of risk spillover. Commerzbank does not anticipate a new round of sovereign debt crises, but warns that related risks are rising.