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Between Europe and a Hard Place

French Financial Diplomacy from 1995 to 2002

Daphne Josselin

In the mid-1990s, a series of financial crises placed international financial stability and North-South dialogue once again very firmly on the agenda of economic diplomacy. These had long been pet topics for the French: back in the 1960s, President Charles de Gaulle had famously clamoured for the establishment of a new monetary order; the summitry set up, on French initiative, in 1975, had been largely focused on exchange rate stability and North-South relations; in the 1980s, President Mitterrand had made repeated appeals for a “new Bretton Woods.” One could therefore expect the French to contribute actively to debates on how best to reform the international financial architecture.