Word: franc
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Monetary Brew. The negotiated realignment among major powers will increase the worth of Japanese yen by 17% in terms of the "old" dollar; in all, the West German mark will go up 13.5% against the dollar, and the Dutch guilder and the Belgian franc will rise 11.5%. The French franc and British pound will be formally unchanged; but, with the dollar's devaluation, they will go up 8.6% relative to U.S. money. Italy and Sweden will devalue their currencies slightly, by 1% each, but still end up 7.6% higher than the dollar. In return, Treasury Secretary John Connally said...
...official level relative to the dollar, but it has two other goals. One is to force the Japanese yen up by a higher percentage in order to reduce the price advantage that Japanese goods hold over German merchandise in export markets. The Germans also want to push the French franc up as much as possible in order to minimize any French advantage over Germany in trade within Europe...
...French are in an embarrassing position. They have loudly insisted on dollar devaluation for two reasons: an increase in the gold price would raise the value of France's $3.5 billion official gold stock, and would please the nation's legion of gold hoarders, who possess many votes. The French, however, do not want too big a U.S. devaluation; they indicate that 7% to 8% is the most they could take. A U.S. devaluation means an equivalent rise in the value of the franc, and the French want to limit that rise. They are reaping trade gains...
...Japan last week shaped the faint outlines of a deal. It calls for the U.S. to devalue the dollar by 5% or 7%, by raising either the price of gold or the price of the international Special Drawing Rights. There would be little or no change in the French franc or British pound, but because the dollar would be devalued, French and British goods would tend to be 5% to 7% costlier than U.S. exports...
...well have begun last week, when Richard Nixon and Pompidou announced that they will meet for discussion later this month in the Portuguese-owned Azores. The President will be accompanied by Treasury Secretary John Connally and Pompidou by Giscard. Among likely topics of discussion is what adjustment France will be willing to make in the exchange rates between the franc and both the dollar and the mark. Giscard says that he is prepared to exercise further economic leadership "at the proper time" but makes it clear that there can be "no progress" until the U.S. sets forth a more specific...