After yesterday’s punishment of France by the markets, the head of Germany’s flagship bank, Deutsche Bank CEO Christian Sewing, weighed in—not to actually explain anything new—but to deliver the message that there is more of the same to come, and that French politicians must not buckle as they take a knife to the living standards of the population. How does that sound in banker-ese?

The Telegraph reported on Sewing’s Bloomberg TV appearance yesterday, “where he said that the situation evolving in France was ‘concerning’ as recent clashes caused fresh instability in financial markets.” They noted yesterday’s punishment delivered by the markets, as “the cost of government borrowing in France surged to its highest level in 24 years. The yield on 10-year French bonds—the effective interest rate it pays to borrow money—climbed above 5% for the first time” in 24 years.

Sewing called for a “disciplined budget” to reduce France’s deficit and delivered the message: “The bond market is not lying”—that is, investors are concerned. “The situation in France is obviously concerning and will remain volatile, I think, up to the elections in May.” That is, politicians can’t do what they have to do and survive the elections. “I wouldn’t call it a debt crisis at this point in time, but I think it’s a wake-up call in particular for all public financing that budget disciplinary is key,” he added. Of course, no one is to look into whether France’s credit or Deutsche Bank’s credit is on the shakier ground.