FRANCE: Put Out No Flags

Rare is the day when the Finance Committee of the French National Assembly has a good word to say about "the Finance Minister. Last week the committee broke into applause as Finance Minister Antoine Pinay finished his report. He had good news: France is economically healthier than it has been in three decades. Spurred by last December's 17.5% devaluation of the franc, exports are now almost high enough to match imports, producing a tidy surplus in the balance of payments. Industrial production is on the way up again. The government has cut...

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