| Popis: |
The gradual adoption of increased austerity during 1982 and 1983 and the March 1983 decision to keep the franc in the Exchange Rate Mechanism (ERM) of the EMS marked a major transition for the Socialist Party which had been radicalised during its long period in opposition. During the first two years of Socialist government, from May 1981 to March 1983, there was considerable political pressure from within the government to remove the franc from the ERM. Nonetheless, on at least four separate occasions President Francois Mitterrand made the decision not to float the franc — the immediate post-election period, and the three devaluations within the ERM of October 1981, June 1982 and March 1983. Keeping the franc within the mechanism was crucial for the development of Socialist government policy on European monetary co-operation and integration, European integration more generally, as well as overall economic policy. Due to the debate within the Socialist government regarding desirable economic policies, the official French position on the EMS was ambiguous prior to March 1983. |
