After accusing the French of being in "denial" during the presidential election campaign in late March, the British weekly The Economist now says that France is "the time-bomb at the heart of Europe." 

"The crisis could hit as early as next year," the magazine warned in a cover story to appear on Friday with the sub-title: "Why France could become the biggest danger to Europe's single currency." 

The Economist takes French President Francois Hollande and Prime Minister Jean-Marc Ayrault to task for delaying crucial reforms, saying in a separate French language statement: "Neither Mr Hollande nor Mr Ayrault appear to be the kind of leader courageous enough to impose reforms against generalised opposition."

France's new Socialist government does appear to understand how serious the economic situation in Europe has become and the need for reforms that allow the economy to compete more effectively on a global level, the British weekly acknowledged.

But it expressed concern "that these recent changes come too late and are insufficient."