By the 1980s France had elected a Socialist president for the first time during the Fifth Republic. For almost three years, that government continued to fund the stagnant economy by nationalizing 49 major enterprises, and pouring funds into industry on the idea that public investment would offset the lack of investment by the private sector. This did little to help the economy as the markets continued to slide and even worse the exchange rate of the French franc spiraled downwards in comparison to the other currencies in the European monetary system.
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Compounding the problems
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