Word: poncet
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Dates: during 1940-1949
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Back up the mountain road to the Petersberg drove Adenauer & Co. They told the three high commissioners-the U.S.'s John J. McCloy, Britain's General Sir Brian Robertson, France's Andre François-Poncet-that they were ready to make the 22½? rate public at once. But the commissioners, whose powers under the Occupation Statute give them control over foreign exchange, asked the Germans to wait...
Despite smiles at the concert hall, François-Poncet became so enraged in Berlin that McCloy left, flew back to Paris to see François-Poncet's boss, Premier Henri Queuille. Late getting back to Germany, McCloy landed at Wiesbaden, 45 minutes closer to the Petersberg than Frankfurt's Rhein-Main airfield, and raced to a new High Commission meeting. It lasted 19 hours, from 11 one morning until 6 the next...
...split between the Allies was caused by French and British fear of German competition in export markets if the mark were devalued. François-Poncet argued with a straight face that he did not want the German people to lose faith in their money. Robertson, perhaps even more afraid of Germany's competitive potential, sat snug as François-Poncet carried the ball...
...British down to 24?. Then the French proposed two conditions: 1) ending German subsidies that made for export dumping below cost, 2) freezing the price of exported German coal at the pre-devaluation rate. If Germany insisted on raising the export price of coal, then, François-Poncet insisted, the price of inland coal in Germany must also be raised; this would make Germany's steel and other fabricated articles more expensive in the export market...
...scheme Germany's loss of dollars would be large. As the all-day, all-night session went on, tempers fired up and threats emerged. McCloy threatened to use the U.S.'s veto on economic matters, which he is given by the High Commission Charter. François-Poncet threatened in turn to take the dispute back to his government...