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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).

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Feb 9th, 2014 at 04:54:31 AM EST
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