Since the beginning of the Maastricht treaty referendum campaign, two opposite policies have been discussed in France. The first one favors the lowering of short-term interest rates in order to fight unemployment. The second one favors a strong franc kept in the European Monetary System , therefore, it advocates interest rates compatible with the German ones. It is argued in this article that a third policy exists. An independent Central Bank should have as its objective the control of stable monetary growth. Such a policy should allow interest rates to be lowered without raising fears of inflation in the future.
AFTALION, F. (1993). Franc fort ou franc faible : un faux dilemme. Le Monde.