Arthur Hayes has criticized the European Central Bank's (ECB) tight monetary policies and fiscal rules, claiming they exacerbate France's economic challenges. He argues that the Macron administration struggles to balance public opinion with ECB demands. Hayes warns that measures like capital controls or foreign asset seizures could lead to the collapse of the EU banking system and force global central banks to print money on a large scale. He believes the euro system has fundamentally failed, making European assets unattractive in the long term, and suggests investors should consider Bitcoin and other hard assets as alternatives.