Global Market: Lagarde says France must tackle debt woes through fiscal consolidation

What happened: ECB President Christine Lagarde said France must address its debt woes through fiscal consolidation rather than rely on potential ECB support, speaking at a CNN event in Bangkok. Key numbers: IMF forecasts 1.1% euro zone GDP growth this year. Why it matters: French bonds have been among the hardest hit in a global selloff, and Lagarde's remarks indicated France should restore investor confidence itself before counting on the ECB's Transmission Protection Instrument.

Lagarde urges France fiscal consolidation to address debt woes, signaling macro policy focus.

Lagarde urges France fiscal consolidation to address debt woes, signaling macro policy focus. — impact context not separately stored; see What changed.