The French disconnection

France will be forced to learn that, in a monetary union, there are only two ways to close a competitiveness gap: transfers from the more competitive to the less competitive, or internal devaluation.

Dire conditions can permit what was once unthinkable to push its way into public debate. In France, the idea that now dares to speak its name is that the country will sink into an ever-deeper economic malaise unless it regains its monetary sovereignty.

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