Franc to return to 'Snake'
<t) Z P A.-Reuter —Copyright) PARIS, June 17. The French Finance Minister (Mr Jean Pierre Fourcade) has announced that the franc will return to the joint float system of the strongest West European currencies on July 10.
He announced the date 'after the weekly Cabinet ' meeting at which the French currency’s latest position was I discussed. France withdrew its currency from the joint float, known as the European Snake, 18 months ago when the franc was under severe pressure because of the country’s huge oil payments deficit and an inflationary run on reserves. Plans to return the franc ito the European Snake, in I company with the German
mark, the Benelux currencies and the Danish crown, were first announced by President Giscard d’Estaing early last month. But he set no date. The French have been bill-' ing the move as a sign of their determination to pro-' I mote European unity. The Government felt able Ito resume the franc’s close I link with the other strong European currencies because the French currency has now weathered the oil storm and inflation has been brought! under a measure of control.!
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Bibliographic details
Press, Volume CXV, Issue 33873, 19 June 1975, Page 22
Word Count
193Franc to return to 'Snake' Press, Volume CXV, Issue 33873, 19 June 1975, Page 22
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