Well, there's all sorts of proxy hedges that you can imagine... For example, some people (not I) would say that if you buy BTPS and sell EURUSD, you should be fine. Important thing to realize is that, just like with any other type of risk, the only hedge is to unwind it. Everything else is a more or less imperfect approximation. Question you have to ask yourself is what exactly are you trying to hedge and then think about the best way to deal with that exposure. And yes, the world of European peripheral bonds is a savage land. France and the other "soft core" are perfectly fine, at the moment, so, for the moment at least, OATs behave like Bunds.