France Maastricht debt: General Government short-term bonds
France Maastricht debt: General Government short-term bonds stood at 291.7 EUR billion in Q2 2026, according to INSEE – Institut national de la statistique et des études économiques (BDM). It is one of the indicators in the Government debt and financial accounts table (Value · Quarterly), with a complete series running from Q4 1995 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Government debt and financial accounts table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Maastricht debt for General Government - Short-term bonds | 291.7 | 282.7 | 270.9 | 271 | 272.1 | 259.9 | 260.8 | 253.8 | 243.6 | 223.8 | |
| Quarterly Maastricht debt for General Government - State | 2,942.1 | 2,889.1 | 2,822.7 | 2,845.3 | 2,787.2 | 2,722.9 | 2,686.5 | 2,687.8 | 2,629 | 2,559.9 | |
| Quarterly net debt for General Government - Overall | 3,366.8 | 3,298.6 | 3,242.8 | 3,237.5 | 3,175.7 | 3,120.3 | 3,067.8 | 3,039.1 | 2,978.9 | 2,912.9 |
Understanding france Maastricht debt: General Government short-term bonds
This dataset quantifies the component of general government Maastricht debt constituted by short-term debt securities, primarily encompassing bills and other negotiable instruments with an original maturity of one year or less. It isolates liquid, marketable debt instruments from longer-term bonds and direct loans, capturing how public authorities manage immediate liquidity needs through money market issuances. The scope includes all short-term paper issued by central, regional, and social security administrations, valued at nominal face value according to Maastricht harmonization rules. This measure offers precise insight into the treasury's exposure to short-term refinancing cycles and money market conditions.
When analyzing these figures, one must account for the high frequency of issuance and redemption cycles characteristic of short-term instruments, which can cause significant quarterly volatility. Seasonal tax collection schedules and temporary cash flow mismatches frequently drive fluctuations in short-term paper volumes, making period-on-period comparisons sensitive to timing rather than long-term fiscal trends. Revisions to early estimates generally stem from late-reported administrative transactions or corrections in security valuation records. Analysts should examine this metric alongside longer-term bond issuance data to evaluate the overall maturity structure and refinancing risk profile of the public debt portfolio.
Frequently asked questions
- What is the maximum original maturity for instruments included in short-term bonds?
- Instruments classified as short-term debt securities generally carry an original maturity of one year or less.
- Are Treasury bills counted in this specific debt category?
- Yes, Treasury bills and similar negotiable money market instruments issued by public authorities are captured here.
- Why do short-term bond balances fluctuate more frequently than long-term debt?
- Treasuries adjust short-term issuance continuously to match immediate cash flow gaps and seasonal revenue cycles.