Warnings about France’s public finances often focus on a public-debt-to-GDP ratio above 100%. But economist Philippe Brossard argues that looking only at liabilities misses the value of the assets held by the public sector. In a column for Le Monde, he says France’s public sector had net assets of €750 billion, or 25% of GDP, at the end of 2025.
The calculation compares assets with debts. According to the figures cited by Brossard, public-sector liabilities totalled €3.913 trillion, equivalent to 131% of GDP. That measure is higher than the Maastricht definition of public debt, which put the ratio at 116% of GDP, because the methodologies differ.
The public sector’s assets amounted to €1.7 trillion in financial assets and €2.9 trillion in non-financial assets, exceeding its gross debt. Brossard also points to the social security organisations, which had a positive net position of €127 billion.
The column compares this approach with that used to assess non-financial companies. Their debt exceeded €6 trillion at the end of 2025, but their assets reached €22 trillion. After accounting for liabilities, their net position was positive by €4 trillion, or 136% of GDP.
Brossard notes that the Banque de France and Caisse des dépôts et consignations are treated as financial intermediaries rather than appearing directly in the public-sector accounts. Their asset value is nevertheless recorded on the state’s balance sheet. In particular, government bonds held by the Banque de France are counted as a public financial asset, while the same bonds remain a liability of the state; they cancel out in the consolidated calculation of net public assets.
Sources: Le Monde Politique.