France: Strategy for Stability

The sudden devaluation of the franc last month won wide admiration as a model of deft financial maneuvering. But its ultimate success depends on the follow-through—whether or not France can curb inflation before the trade ad vantages of a cheaper franc are frittered away in rising prices. Last week, as Frenchmen returned to work after their August holiday, the Pompidou government greeted them with news of austerity to come. Finance Minister Valery Giscard d'Estaing announced an at tack on inflation that will employ nearly every fiscal and monetary weapon available to modern...

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