Bundesbank Executive Board member Michael Theurer said the recent sovereign bond sell-off is a "clear warning signal" that investors are nervous about governments' ability to control debt. He said fiscal and political uncertainty is now affecting government bond markets; while there is currently no systemic sovereign debt crisis, risks have risen materially. French bonds plunged amid mounting concern over France's political and economic challenges, and the turmoil has spread to other highly indebted euro-area countries, prompting speculation the ECB may have to intervene. Echoing the IMF, Theurer called for a medium-term strategy to review spending and refocus outlays on growth-supporting investment. He added Germany's fiscal position remains stronger than most peers but rising debt means urgent consolidation is necessary.(金十)