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.应国民议会财政委员会的要求，审计法院针对法国国库署（Agence France Trésor, AFT）的公共债务管理与国家融资效率开展了专项审计调查。法国国库署于2001年2月8日成立，负责国家债务管理工作，核心目标共三项：证券发行（受《财政法》年度监管）、压低此类发行的成本，以及管控相关风险。尽管其稳健的战略已能应对卫生危机期间增长的融资需求，但审计法院仍建议法国国库署强化针对新挑战的战略分析工作——例如欧元体系逐步退出资产购买计划——同时进一步公开其战略内容，并加强公共债券发行机构间的协作。