🇫🇷 France
France uses the euro directly and runs one of the highest public-debt ratios in the euro area. There is no national currency buffer. ECB money creation lands on French wages and savings in full.
Debt: INSEE, Q1 2026 Maastricht debt. 117.5% of GDP, €3,536.1bn. Source.
Purchasing power of €100
Official HICP since 2015 has cut the real value of a euro in French shops by about a fifth. High public spending does not protect the currency. It is still a euro, still created at the centre.
Source: Eurostat HICP snapshot, as of July 2026 (not a live feed). 2026 = Jan–Jul average.
Why this matters in France
No national currency buffer
Unlike Denmark, France has no separate currency. Monetary policy is set by the ECB in Frankfurt. French citizens therefore fully import whatever monetary expansion (or contraction) the euro area decides on.
Debt is the story, not the shield
Maastricht debt was 117.5% of GDP in Q1 2026, about €3.54 trillion (INSEE). That is a fiscal fact. It is not why euros buy less than in 2015. They buy less because more euros exist.
The same hidden tax
Whether the new money is created for southern European bonds, energy subsidies or defence spending, the effect on French purchasing power is the same: existing euros buy less over time. Wage earners and savers pay the price.
Protect yourself. Take self-custody.
Buying Bitcoin is only the first step. If it sits on an exchange, you still rely on someone else. A hardware wallet lets you hold your own keys. Blockstream Jade is currently one of the best options: fully open-source, air-gapped, and built for Bitcoin.
Get a Blockstream Jade → Read the self-custody guideAffiliate link. We may earn a commission if you buy through this link.