The euro fell to a 17-month low as investors focused on French debt, political uncertainty and a widening spread between French and German bond yields.
The useful signal is what changes next: who must spend, decide, adapt or absorb risk. That is the difference between an interesting headline and a development that matters.
Watch the next concrete result rather than the next round of commentary. Follow-through in markets, policy, operations or performance will tell us whether this becomes durable.