French bond spreads relative to German bunds have widened “somewhat” as a result of both global and country-specific factors, European Central Bank Governing Council member Olli Rehn said.

Speaking on Tuesday in Finland’s parliament, Rehn said many other countries have also experienced such market pressure. The extra yield investors demand to hold French 10-year bonds over safer German debt rose through 150 basis points to 153, the widest since Oct. 2“Sovereign bond yields are driven by two main factors — higher capital needs from the private sector and bigger deficits in the public sector driving up the cost of capital,” Rehn said in a response to questions from lawmakers, noting large investments from artificial intelligence companies as an example.

“All euro-area countries must bring their public deficits under control and thereby ensure their debt sustainability,” he said. “This goes just as much for France as it does for Finland.”France’s government has been struggling to tame a wide budget deficit and large debt holdings. It’s currently facing fresh challenges in the form of cost-of-living protests and looting. With the market stress stemming from France’s fiscal problems, the ECB is unlikely to step in to help.