Mr Coulton said the surprise "mauvais élève" has been France, which has let its budget deficit balloon to 8.5pc of GDP next year - or higher including an off balance sheet "Grand Loan" of €35bn (£31bn) for investment projects - despite having suffered a mild recession. "It is one thing to run a large deficit when your economy has shrunk sharply, but this is self-inflicted. They are moving close to double digits. It is a concern," he said.