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Public Debt Dynamics of Europe and the U.S. by Dimitris N. Chorafas

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9

France Is Not Italy. True or False?

During the first half-dozen years of the 1980s, the French economic model has been characterized by a rather high inflation and by currency devaluation, while growth stalled and unemployment increased. This came as a result of François Mitterrand’s effort to reignite the economy through an expansive (and expensive) fiscal and monetary policy. With the socialist experiment’s failure:

• French companies relocated,

• Unemployment rose, and

• The French current account balance deteriorated.

The economic disasters which accompanied the first years of his presidency taught that a debt-ridden France is in no position to dictate to Germany. At best it can influence, but only if his government gains credibility ...

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