The management of public debt and the efficiency of State financing by Agence France Trésor

At the request of the Finance Committee of the National Assembly, the Court carried out an investigation into the management of public debt and the efficiency of State financing by Agence France Trésor (AFT). Created on 8 February 2001, AFT is responsible for the management of the State’s debt with three objectives: the issuance of securities — regulated annually by the Finance Act — and the minimisation of the cost of these issues and the management of the associated risks. While its robust strategy has been able to cope with the increased financing needs during the health crisis, the Court invites AFT to strengthen its strategic analysis in the face of new challenges (such as the gradual withdrawal of Eurosystem purchases), to communicate more about its strategy and to strengthen cooperation between public issuers.