The American rating agency Fitch is expected today (12.9.25) to deliver its verdict on France’s creditworthiness, i.e., the country’s ability to refinance its public debt. Apart from the debt of EU members, there is also the debt of the EU itself: it amounts to 800 billion euros! Economists such as Guntram Wolff from the Bruegel think tank recommend not fully repaying the debt but refinancing it with new EU bonds. However, the German government rejects this: it wants to prevent EU debt from becoming the norm. Supporters of new EU debt cite former ECB president Mario Draghi.