France debt securities outstanding: government, short-term
France debt securities outstanding: government, short-term stood at 272,139 EUR million in Aug 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Debt securities issuance table (Value · Monthly), with a complete series running from Jan 1999 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Debt securities issuance table
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Outstanding amount of debt securities (notional value) | |||||||||||
| General government, short-term | 272,139 | 276,561 | 284,606 | 283,148 | 282,482 | 275,104 | 275,860 | 284,564 | 263,407 | 279,743 | |
| General government, long-term | 2,874,717 | 2,852,278 | 2,825,541 | 2,798,329 | 2,797,306 | 2,785,235 | 2,763,719 | 2,762,965 | 2,699,030 | 2,729,136 |
Understanding france debt securities outstanding: government, short-term
This metric tracks short-term negotiable debt securities issued by general government bodies with an original maturity of one year or less. It captures sovereign short-term paper, treasury bills, and cash management instruments utilized by public debt management offices to bridge intra-year cash flow gaps. Excluded are long-term government bonds and short-term debt issued by private corporations or banks. This series provides an explicit view of sovereign short-term borrowing activity and cash management operations.
Short-term government debt issuance is highly responsive to seasonal tax receipts and expenditure peaks, creating pronounced intra-year fluctuations in outstanding volumes. Month-on-month comparisons therefore require caution and should be interpreted alongside the government's published auction schedules. Year-on-year analysis helps eliminate seasonal distortions. A frequent error is treating short-term government paper as a proxy for structural fiscal deficits, as treasury bills are primarily routine liquidity management tools rather than long-term funding sources.
Frequently asked questions
- What is the maximum original maturity for securities in this short-term government series?
- Instruments must have an original maturity of one year or less.
- What purpose do short-term government debt securities serve for public finances?
- They provide flexible liquidity management to bridge temporary mismatches between tax revenues and public expenditures.
- Why might short-term government debt fluctuate sharply from month to month?
- Public debt offices adjust bill issuance dynamically based on immediate cash flow requirements and redemption schedules.