De Forges, giving the keynote presentation at Risk
magazine’s Risk Europe conference in Paris today, described both the operating environment and the risk management alternatives open to a government agency as unique. In France, his agency manages a Eur700-billion debt portfolio, the Eur40 billion interest payments on which represent 17% of the yearly general expenses of the French state. De Forges described the latter as “the direct cost of the democratic process”.
He said the management of