France does not need ECB help at present, says Bank of France head

France's economic situation is serious but the country does not need help at this stage from the European Central Bank, Bank of France head Emmanuel Moulin said on Wednesday.

"I do not think that the European Central Bank needs to intervene as of now, given the current conditions," Moulin told France Inter radio.

"Today, there is no need to seek the solution in Frankfurt, the solution is here at home," added Moulin, arguing France could tackle its problems by voting through a budget that targeted cutting the country's deficit.

France's borrowing costs have surged in the current global bond rout, prompting a selloff in the euro, as investors worry the country's fragile public finances risk spilling over to the rest of Europe.

The French government presented its 2027 budget bill on October 1.

Prime Minister Sebastien Lecornu's government, which faces pressure from both the far-right and far-left opposition parties, aims to reduce the budget deficit from 5.4 percent of economic output this year to 5 percent in 2027.

Reuters

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