{"id":17024,"date":"2026-10-30T08:44:42","date_gmt":"2026-10-30T07:44:42","guid":{"rendered":"https:\/\/hqam.ch\/?p=17024"},"modified":"2026-10-30T08:50:21","modified_gmt":"2026-10-30T07:50:21","slug":"the-quality-pulse-issue-8","status":"publish","type":"post","link":"https:\/\/hqam.ch\/en\/the-quality-pulse-issue-8\/","title":{"rendered":"The Quality Pulse | Issue 8"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17024\" class=\"elementor elementor-17024 elementor-17011\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6de011 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c6de011\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0b47f9\" data-id=\"c0b47f9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b39be83 elementor-widget elementor-widget-heading\" data-id=\"b39be83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When Debt Stops Being Abstract<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c712737 elementor-widget elementor-widget-text-editor\" data-id=\"c712737\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\">A government can carry a large debt for years without a crisis. The pressure changes when investors begin to doubt that borrowing will be brought under control. France is now the clearest example in Europe: the question is not whether it can pay, but how much it will have to pay \u2013 and whether a divided parliament can agree on a plan to slow the growth of its debt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8882e2b elementor-widget elementor-widget-text-editor\" data-id=\"8882e2b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Public debt is high almost everywhere; the IMF puts it at 94.6% of global GDP in 2026. Yet markets still rank borrowers by growth, budget discipline, institutions and the ability to respond. France sits in a currency union, cannot set its own interest rates and has not recorded a budget surplus since 1974.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4728b63 elementor-widget elementor-widget-image\" data-id=\"4728b63\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"358\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Kennzahlen_EN-1-1-1024x358.webp\" class=\"attachment-large size-large wp-image-17029\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Kennzahlen_EN-1-1-1024x358.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Kennzahlen_EN-1-1-300x105.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Kennzahlen_EN-1-1-768x269.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Kennzahlen_EN-1-1-1536x538.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Kennzahlen_EN-1-1.webp 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afb8417 elementor-widget elementor-widget-heading\" data-id=\"afb8417\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The bond market is pricing the doubt<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b0a75f elementor-widget elementor-widget-text-editor\" data-id=\"8b0a75f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On 22 October 2026, the extra yield investors demand to lend to France rather than Germany for ten years reached about 1.78 percentage points, up from roughly 0.80 in mid-August. The French 10-year yield briefly touched 5.14%. The next day Moody\u2019s confirmed its Aa3 rating but kept the outlook negative \u2013 on the assumption that a deficit-reducing budget for 2027 will pass.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e7c41f elementor-widget elementor-widget-text-editor\" data-id=\"1e7c41f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\">Greece has the highest debt ratio in the EU, yet it fell from 152.0% to 140.8% of GDP within a year. France\u2019s rose from 115.4% to 119.1%. The level matters, but so does the direction: when the interest rate on existing debt exceeds nominal growth, a country needs a stronger primary balance just to stand still.<br\/><br\/>The ECB can contain disorderly market moves, but it cannot replace budget choices. Ultimately, France has to tackle its deficit through its own decisions on spending, revenue and growth.<\/p><p dir=\"ltr\"><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f93ba64 elementor-widget elementor-widget-heading\" data-id=\"f93ba64\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e1898c elementor-widget elementor-widget-image\" data-id=\"7e1898c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"525\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Schuldenquoten_EN-1-1-1024x525.webp\" class=\"attachment-large size-large wp-image-17030\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Schuldenquoten_EN-1-1-1024x525.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Schuldenquoten_EN-1-1-300x154.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Schuldenquoten_EN-1-1-768x394.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Schuldenquoten_EN-1-1-1536x787.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP08_Schuldenquoten_EN-1-1.webp 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07c02e4 elementor-widget elementor-widget-text-editor\" data-id=\"07c02e4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>High public debt does not automatically trigger a crisis. The decisive question is whether a government can maintain confidence in its ability to manage future deficits. The real cost of excessive debt is not only the interest paid today, but the freedom of action it takes away tomorrow.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bed33f9 elementor-align-center elementor-tablet-align-center elementor-mobile-align-justify elementor-widget elementor-widget-button\" data-id=\"bed33f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/The_Quality_Pulse_Version_08_EN-2-1.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88710ab elementor-widget elementor-widget-text-editor\" data-id=\"88710ab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>ADVERTISEMENT<\/strong><br\/>This document has been prepared solely for information and advertising purposes and does not constitute a solicitation offer or recommendation to buy or sell any investment product or to engage in any other transactions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>One Insight. One Perspective. Every Week.<\/p>\n","protected":false},"author":9,"featured_media":17025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[64],"tags":[],"class_list":["post-17024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-quality-pulse"],"acf":[],"_links":{"self":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/17024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/comments?post=17024"}],"version-history":[{"count":7,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/17024\/revisions"}],"predecessor-version":[{"id":17036,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/17024\/revisions\/17036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media\/17025"}],"wp:attachment":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media?parent=17024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/categories?post=17024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/tags?post=17024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}