THE third international monetary crisis in a year subsided last week more swiftly than it arose. As Charles de Gaulle imposed a severe economic squeeze on France and Britain tightened its belt another notch, the money speculators retreated. An uneasy quiet took hold in Europe's reopened currency markets. But the monetary problems that touched off the crisis remained largely unsolved, and financial policymakers were far from confident that tranquillity would endure.

Leaders of other nations were stunned or at least surprised by De Gaulle's gamble that confidence in the franc could be restored without devaluation. But they stifled the impulse to criticize....

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