The French Franc Crisis of 1968-69: Part One

In May 1968, a student strike eventually became a workers' strike and shut down France. To settle the strike, the government agreed to wage increases which pushed up costs and led to speculation against the French franc. At the time, the franc and other major currencies were under the Bretton Woods fixed exchange rate regime. By Nov. 1968, it appeared the franc would be devalued. The first news clip indicates a devaluation was certain. But a second one, a few days later, reports that President DeGaulle decided not to devalue. This is Part One. In Part Two, the devaluation occurs, delayed until August 1969.

Category:

News & Politics

Tags:

• French-franc
• Bretton-Woods
• DeGaulle
• devaluation