The World: Much Depends on France'

French President Valery Giscard d'Estaing last week discussed his views of France and the world with TIME Managing Editor Henry Grunwald and Paris Bureau Chief Gregory Wierzynski. Excerpts from their conversation:

Q. Could you give us a balance sheet of your first two years in office?

A. On the positive side, I have succeeded in maintaining France in peace—political and social—for two years. Secondly, I have succeeded in persuading the French public that I want to conduct a transformation of French society. When I was elected, they hardly believed me. They thought it was an electoral tactic. Now they are convinced.

On the...

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