No need of AH, OTL France IS balkanized.
With a foreign entity, the Bundesbank (through its proxy the ECB) dictating its economic policy -which in turns essentially determine political and social choices, all claims of democracy notwithstanding.
With a foreign authority, the EC, enforcing a new model of economy and society alien to French tradition and culture, to fulfill the objectives of the WTO.
With more and more of the profitable parts of French economy in the hands of foreign shareholders, China and Qatar being just the latest vultures snatching off juicy morsels.
With French territory now divided in 20-so banana republics where local potentates can freely redistribute taxpayers' money to their clientele.
Now, except (perhaps?) for the last part, the case is not unique among Continental members of the EU.