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Agence France Trésor – annual report 2014
In 2013, Agence France Trésor (AFT) enjoyed historically favourable financing terms.
We benefitted from our country's very high credit standing and the technical quality of its debt, as well as from an environment where action by governments and the ECB to stabilise the Eurozone has started to produce results. Major decisions were made to reduce the financial fragmentation seen in the Eurozone in recent years. The continuation of these efforts will be the key to making the Eurozone as attractive for investors, particularly bond investors, as it was before the crisis. The year ended with a major step forward, as the European Council reached an agreement on the plans for a banking union. This is probably the greatest advance towards integration for Eurozone countries since the introduction of the single currency in 1999. The plan is aimed at breaking the adverse feedback loop between bank and sovereign risk. The banking union will have three pillars: a Single Supervisory Mechanism (SSM), a Single Resolution Mechanism (SRM) and a Single Deposit Guarantee Scheme.
We benefitted from our country's very high credit standing and the technical quality of its debt, as well as from an environment where action by governments and the ECB to stabilise the Eurozone has started to produce results. Major decisions were made to reduce the financial fragmentation seen in the Eurozone in recent years. The continuation of these efforts will be the key to making the Eurozone as attractive for investors, particularly bond investors, as it was before the crisis. The year ended with a major step forward, as the European Council reached an agreement on the plans for a banking union. This is probably the greatest advance towards integration for Eurozone countries since the introduction of the single currency in 1999. The plan is aimed at breaking the adverse feedback loop between bank and sovereign risk. The banking union will have three pillars: a Single Supervisory Mechanism (SSM), a Single Resolution Mechanism (SRM) and a Single Deposit Guarantee Scheme.