60 Years of France and Europe by Helen Drake & Chris Reynolds

60 Years of France and Europe by Helen Drake & Chris Reynolds

Author:Helen Drake & Chris Reynolds [Drake, Helen & Reynolds, Chris]
Language: eng
Format: epub
ISBN: 9780367587079
Google: oziUzQEACAAJ
Goodreads: 53908970
Publisher: Routledge
Published: 2020-06-30T00:00:00+00:00


The economic interests behind French preferences: tackling French deficits and challenging unilateral adjustment

French support for sharing the burden of adjustment between deficit and surplus countries was not only anchored in economic ideas but also in economic interests. With only occasional exceptions, from the last third of the nineteenth century through to the start of Stage Three of Economic and Monetary Union (EMU) in 1999, France faced overall trade deficits. France faced significant current account problems in the 1950s, 1970s and 1980s and again from the mid 2000s (Figure 1). France enjoyed an improving current account position in the 1990s, with a record surplus at the start of Stage Three of EMU in 1999, but this owed largely to the success of the French policy of competitive disinflation, with record high real-interest rates, and the negative then slow French GDP growth.



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