The single currency should allow the European Union and therefore France to balance its monetary strength with the United States. It should help us adjust to the development of China.
For a long time many believed that there would be an automatic adjustment and counted on a rapid increase in the wages of the emerging nations on our advances in technology and the costs of transport preventing disruption. But this reassuring analysis is out of date.
The demographic weight of countries such as China and India exercise a massive pressure on our wages and salaries. They have accomplished massive technological advances and the revolution in information technology has reduced the costs of transport.