The total amount of money available to the French. It would have been necessary to reduce that available money, and it would not have sufficed to slow down expansion. In reality, it would have been necessary to reduce would have been possible, but that would have meant the halt of our progress over a long period of prolonged unemployment. On the one hand, that was not possible and, on the other, that risked finding itself running counter to the trend of the world economy, for it is likely -- this is what we have the duty of foreseeing in any case-- that the current world trend, which is that of overheating and that of inflation, will probably not continue during the entire year of 1970, and it would be very unwise for France to face such a period with an over evaluated currency, with prices that are too high and, hence, the inability to sell and to ensure her activity, at a time when world demand would be greatly lowered.
Therefore, since we could not re-evaluate the France, we had to acknowledge its value. The decision that was taken by the government today is, in reality, the recognition of the franc's real value, and what we are going to do is to re-establish the equilibrium, all the equilibrium which are based on the franc's real value, such as we note it today.
Second question: When was it necessary to devalue? I spoke of this problem. I should tell you, on July 16 to the President of the Republic,
Photo measures 7 x 9.5 inches.
Photo is dated 5-19-1968.
Photo back:
