Word: france
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Last week Georges Pompidou made his most decisive break so far with the traditions of De Gaulle. In a surprise move, his government cut the value of the French franc by 12½%, from 20.255? to 18.004?. For years, De Gaulle had equated the stability of the franc with French honor and his own infallibility; a stable franc had given him the power to play the role of a loner in international politics. Last November, against the weight of global financial opinion and the advice of most of his own ministers, he stunned the world by refusing to devalue...
...this system were already in effect, the disparity between the undervalued Deutsche Mark and the overvalued French franc, the most chronic source of monetary crisis, might well be reduced. The mark probably would have moved up in several steps from its present value of 25?, to 26? or 27?, and the franc would have gradually declined from 20? to around 18? or 19?. The Dutch guilder and Italian lira probably would have moved up too, while the British pound almost certainly would be worth less than its present $2.40. The U.S. dollar would not have changed because...
...longer-range hope of bolstering the economy, he will undoubtedly try to restore a favorable trade balance-which last month ran a deficit of $312 million-by resisting excessive wage demands and encouraging exports through tax incentives or subsidies. He is adamantly opposed to devaluing the franc unilaterally, but has endorsed financial cooperation with France's partners; this may well result in multilateral negotiations later this year for a cheaper franc and a dearer West German mark...
...presidential race" and read on television one of the fan letters he had received urging him to run ("You have brought us reason to be courageous and hopeful"). Poher offered a platform that was the antithesis of Gaullism. He promised to do away with "prestige projects" and suggested that France could not afford De Gaulle's vaunted force de frappe. He also pledged a "profound change" in foreign policy, and to work for a united Europe for the "future of our youth." In domestic affairs, Poher offered "draconian economic measures" to defend the franc, an end to government influence...
That is unlikely. In comparison with most other major currencies, the mark remains undervalued by about 8% to 10%; the disparity between it and the French franc may be as much as 15% or 20%. Speculation in marks may subside for a while, as happened after the Germans refused to revalue last November. But as before, it will probably resume after a few months. Until the mark moves up and the franc moves down, closer to their real value, financial markets will remain unsettled...