Yields on Italian 10-year bonds peaked at over 7 percent in 2011, but have since fallen to around 2.7 percent—much closer to the 1.3 percent yielded on "safe-haven" German bunds.
French 10-year bonds yielded a mere 1.60 percent on Thursday, down from highs of over 3.5 percent in 2009 and 2011.
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However, McCormick said: "If you look at the long term, there are still plenty of question marks around debt sustainability. If you look at the short term, you have had some disappointment around growth."
Euro area GDP grew by 0.2 percent in the first three months of 2014, down from the 0.9 percent growth seen in the first quarter of last year.
Nicholas Spiro of Spiro Sovereign Strategy said that a major difference between France and Italy was that investors had never seriously doubted France's creditworthiness, even at the height of the euro zone crisis.
"This has allowed the French government to hide behind its deep, liquid and relatively safe debt market which has acted as a second-best alternative to Bunds," he told CNBC via email.
"What's particularly worrying, however, is that even intense pressure from the bond markets didn't lead to meaningful reforms in Italy—unlike Spain. From a reform standpoint, Italy has 'wasted its crisis' while France has yet to suffer one."
—By CNBC's Katy Barnato