According to CNBC, Goldman Sachs International co-CEO Anthony Gutman said a more stable policy backdrop with lower government spending and stronger economic growth is needed to curb rising borrowing costs. Speaking on "Squawk Box Europe," he said higher government bond yields are a challenge across the Western world, pointing to recent volatility in U.S. Treasurys and French government bonds. The U.S. 10-year Treasury note yield was last seen 1 basis point lower on Monday at 5.2581%, while France's 10-year government bond was up more than 1 basis point at 4.8812%. Gutman also said the current fiscal backdrop makes it more difficult for governments to address the issue and warned that Europe's election cycle is adding policy uncertainty and instability for businesses.