In France, there was no adequately functioning market that differentiated among risks. The state’s commitments became incredible as it absorbed losses produced in the non-functioning market.
En France il n'y avait pas de marché efficace susceptible de faire la part des différents risques&#160;; l'engagement de l’Etat devint faramineux, car il absorbait les pertes dues à des marchés dysfonctionnels.