[Oxford Research Institute: French Fiscal Crisis May Worsen Further, But ECB Unlikely to Intervene] According to a report by Jinse Finance on October 28th, Leo Barincou of Oxford Economics stated that the French fiscal crisis may worsen before it improves, but is unlikely to prompt action from the European Central Bank (ECB). He pointed out that if protests escalate further, the government collapses due to a breakdown in budget negotiations, the momentum of far-left presidential candidate Jean-Luc Mélenchon strengthens, or signs emerge that far-right Marine Le Pen is not taking fiscal credibility issues seriously, the sell-off of French government bonds could intensify further. Barincou stated, "Even if the spread on French government bonds widens to 300 basis points, it may not prompt the government to take substantial fiscal action or drive the ECB to purchase French bonds." He believes that in this scenario, due to the limited exposure of French banks to domestic government bonds and the relatively resilient overall financial system, a full-blown crisis may be avoided, "however, France will still pay a high economic and fiscal price."