It is amasing, all countries using the euro had a rule regarding the level of General government gross debt they had, through a referendum, asked every nation to approve. At the end of 2002 the french debt level was as a percentage of GDP 58.8% and Germany was at 60.7% and both as well as others had reached the debt ceiling the approved international treaty had set.
Starting in 2003, I can't think of any speculation, bank crisis or rating agencies pushing governments to ride a crazy spending spree....
2003, France 62.9%, Germany 64.4%,
2004, France 64.9%, Germany 66.3%
....
....
2010, France 82.3%, Germany 83.2%
Have any elected officials explained why they thought acceptable to go over the debt ceiling the approved treaty had set without going through a vote whether it had been in parliament or through a referendum?
I can't think in between 2003 and 2008 any french parliament debate regarding the consequences the rising debt will have nor any motivation for the break of the debt ceiling.
The rising debt has no other cause than unfunded spending policies govs made.