国际货币基金组织欧洲部门负责人表示，短期内法国借贷成本的上升尚在可控范围内；但若这一趋势持续下去，将给法国带来更大压力，促使其在2027年预算之外制定一份可信的中期财政整顿计划。
The rise in French borrowing costs is manageable in the short term, but if it persists it will increase pressure on Paris to come up with a credible medium-term consolidation plan beyond the 2027 budget, the head of the International Monetary Fund's European department said.
目前，法国10年期国债收益率与同期德国国债收益率的差值维持在140个基点左右。法国国债收益率已升至接近4.9%的水平，创下20多年来的新高。
The spread of French 10-year bonds over equivalent German paper is hovering close to 140 basis points. The French bond yield has risen towards 4.9%, trading at its highest level in more than 20 years.
市场担忧的是，在4月和5月大选前夕，法国政坛派系林立，能否顺利通过旨在削减赤字的2027年预算并实施稳健的财政政策。
Markets worry about how willing the fragmented French political scene is to pass a deficit-cutting 2027 budget and conduct sound fiscal policy ahead of elections in April and May.
在曼谷举行的国际货币基金组织年会上，马特乌什·什楚雷克对路透社表示，目前债券市场仍保持着有序运行的状态。
Speaking to Reuters on the sidelines of the IMF's annual meetings in Bangkok, the IMF's Mateusz Szczurek said that, for now, the bond market was still behaving in an orderly way.
“目前市场流动性良好，债券期限结构较为合理，投资者群体也较为多元化，银行流动性水平也较高，这些因素都有助于稳定市场。因此，短期内的债务风险确实处于可控范围，”什楚雷克说道。
"It (the market) is liquid, the maturity structure is quite long, the investor base is diversified, and bank liquidity is high, which also helps. So the short-term debt risks are certainly manageable," Szczurek said.
“不过，如果收益率长期维持高位，将会给公共财政及成本控制带来更大压力。这也再次凸显了纠正财政失衡的紧迫性——首先就要落实2027年预算。我们认为，该预算必须符合欧盟的财政规定并及时获得批准，”他补充道。
"But if yields are going to stay higher for longer, it will put greater pressure on public finances and cost control. It certainly reminds us of the urgency of correcting fiscal imbalances, starting with the 2027 budget, which, in our view, needs timely approval in line with European Union fiscal rules," he said.
今年法国预计财政赤字规模将相当于GDP的5.4%，而最初设定的目标是将这一比例降至5.0%，如今该目标已调整为2027年的目标值。根据欧盟相关规定，法国必须在2029年前将财政赤字率降至3%以下。
France expects a budget deficit of 5.4% of GDP this year, against its initial ambition of bringing it down to 5.0% -- which has now become the target for 2027. France will have to bring the deficit below 3% of GDP by 2029 to meet European Union laws.
“这一目标确实必须实现。市场的波动也在提醒法国政策制定者这一点。市场信号具备推动政策调整的力量，过去我们也多次见证过这种情况。从某种意义上说，债券市场的反馈能促使财政调整进程加快，”什楚雷克总结道。
"That is certainly necessary. Market movements remind us, and French policymakers, of that. Market signals have the power to change policies. We have seen this many times in the past. In a sense, a reality check from the bond markets can change and accelerate fiscal adjustment," Szczurek said.
IMF预计法国今年实际GDP仅增长0.4%，2027年增长0.7%，将4月份预测的两年均为0.9%的增长率大幅下调。新估计远低于欧元区预测的1.1%和1.2%的增长率。
The IMF expects French real GDP to grow only 0.4% this year and 0.7% in 2027, slashing forecasts made in April for 0.9% growth in both years. The new estimates are well below the forecast euro zone growth of 1.1% and 1.2% respectively.