[Bundesbank official says risk of European debt crisis has risen sharply] On October 10, a senior German central bank official said that the recent bond sell-off in Europe is a "clear warning sign" that investors are nervous about governments' efforts to control debt. Michael Theurer, a member of the Bundesbank's executive board, said in an interview with German radio: "Current developments - you mentioned France, but we are also looking at the United States - indicate that fiscal and political uncertainty will affect the government bond market. There is no systemic sovereign debt crisis, but the risk has risen significantly." French bond markets suffered a plunge as concerns about France's political and economic challenges intensified. The turmoil has spread to other heavily indebted euro zone countries, fueling speculation that the European Central Bank may eventually have to intervene to contain the shock. Theurer believes that policymakers in France and throughout the euro zone appear to be “clearly aware of what is at stake.” Like the IMF, the Bundesbank has called for a medium-term strategy to review spending and focus it on growth-enhancing investments. Theurer said: "This is exactly what the Bundesbank is recommending. Germany's fiscal situation is much better than that of other countries in Europe and the world, but we also have rising debt, so fiscal consolidation should be urgently pursued."