William Horobin

European Central Bank Governing Council member Emmanuel Moulin said the situation on France’s bond market is complicated and serious, but doesn’t warrant intervention from Frankfurt.

France’s finance ministry said it is not changing its strategy for bond issuance and will continue to use the flexibility it has at auctions.

French public debt is projected to approach 120pc to 122pc of GDP this year William Horobin

With the government unable to put its finances on sound footing, what happens between now and April's election could roil the whole euro zone.

French business uncertainty jumped in September on concerns about fuel prices and a deterioration of the economy, another headwind at a time of bond-market tensions.

French Finance Minister Roland Lescure said the current market turbulence is making political parties across the spectrum see the need for fiscal prudence, voicing optimism that his country’s parliament will back his budget.

France dodged a downgrade at Moody’s Ratings, respite for a country beset by surging bond yields, political gridlock and street protests.

French President Emmanuel Macron pledged to prevent more rioting and looting by maintaining a heightened security presence and tasking his government to respond to some of the protesters’ demands.

French consumer confidence plummeted to its lowest level in 13 years in October as households reckoned with multiple shocks from a bond market selloff to protests that descended into rioting.

French Finance Minister Roland Lescure said the government is determined to get a deficit cutting budget enacted and will use any tools available, including untested executive orders.