“Simon Ward from Henderson Global Investors said the net loss of funds was €53bn (£43.8bn) over the two months, roughly the period when Mr Holland unveiled a string of tax rises and suffered a collapse in relations with French business. A key gauge of the French money supply — six-month real M1 — has been contracting at an accelerating rate ever since Mr Holland’s election in May. It has fallen to levels last seen in the depths of the crisis in 2008. France’s money data is now flashing more serious warnings than numbers in Italy or Spain.”
