The Bank of France has let the French monetary aggregates undershoot its own targets. Its contractionary monetary policy resulted in a severe crisis in 1993. In 1994, the recovery can only be moderate. By favoring the Franc-Mark exchange rate stability the Bank of France has sacrificed economic growth.
LEROY, P. and AFTALION, F. (1994). Une politique monétaire empoisonnée. Libération, pp. 6.