Modernization of the Policy for Issuing and Managing Public Debt between 1985 and 1990

Jean-François Pons * Associé, Alphalex Consult. Contact : jfpons@alphalex-consult.eu.


Public debt management was deeply reformed from 1985 under the impetus of Pierre Bérégovoy, Minister of the Economy and Finance from July 1984 to April 1986. The reforms were continued under his successor Édouard Balladur, then again under Pierre Bérégovoy. These reforms aimed at a double objective, on the one hand the control of the load of the public debt, in strong growth since 1981, and on the other hand, the inclusion of public debt management in a great reform of money and financial markets to improve the financing of the French economy. Thirty years later, most of these reforms undertaken from 1985 continue to exist and French public debt still continues to attract investors, especially foreign ones. This legacy confirms their success.


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