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The purpose of the Mitterrand's decision was to allow France to coexist in a semi-fixed exchange rate regime with West Germany. It was a political choice of macroeconomic adjustment, not one of supply-side voodoo and ideological convergence.
However, Hollande's choice is, at bottom, the same: monetary co-existence with Germany, or, more broadly, the absolute rule of French policy is that France's lot is cast in with Germany. That choice gives France no room to manoeuvre. The "suppy-side voodoo" is an attempt to put a varnish on an indeed desperate scheme to mimic Germany's past social "reforms" (even down to inviting Peter Hartz).
The Franc Fort Policy - EuroDM has condemned two generation to be stuck in life for no good reason, with politicians "forced"( but do they even realize it?) to rewrite the same policies (Austerity/desindustrialization/vicious cycle) again and again.
it would be a joke if is was not so sad that only the FN seems to have a clue on what s happening and what to do to return to growth/get out of the cycle( the UPR is pretty spot on on it but irrelevant).
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