I '6 The country enjoye da higher before the devaiuation of its currency.
DEVALUATION (PHÁ GIÁ TIỀN TỆ)
(PHÁ GIÁ TIỀN TỆ)
Jill Connors là m ột người Mỹ đang sống tạ i P háp, đang cùng người b ạ n gái P h á j M arie P o ttie r đi dạo trê n đường p h ố P aris, Jill nh ận th ấ y dòng người xếp h à n g đợi tạ i văn phòng th a n h to án ngoại hấi.
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Jill Look a t all those people in line, Marie. Why are they w aiting a t the íbreign exchange oíĩĩce?
M arie T here are rum ors t h a t th e govem m ent is going to devalúe th e franc. I suspect those people are try in g to buy G erm an m arks o r Dutch guilders, which are stro n g currencies.
J ill A devaluation! T h a t sounds serious.
M arie W ell, b a n k e rs a n d g o v em m en t offĩcials have been saying ỉa te ly t h a t a rea ỉig n m e n t of th e exchange ra te s of th e E uropean M onetary S ystem is necessary.
Jill Why do th ey th ỉn k it’s necessary to realign European currencies? 1 would th in k th a t sỉnce th e estab lish m en t of th e Common M arket, economỉc conditions wouỉd be sim ỉlar in all countries.
M arie T h a t h a sn ’t yet happened. Inílation rates, for instance, v ary greatly. Ir G erm any, inílation is low, about 6% a year, w hỉỉe in Ita ly it’s relativel) high, about 20% p er year. F rance is in th e m iddle,w ỉth about 13% yearly inílation.
Jill I im agine th a t th e devaluation will have a consỉderable eíĩect OI ỉbreign trade.
M arie I t will ỉndeed. I t shouỉd m ake ỉ t e a sie r ỉo r F ran ce an d Ita ỉy to expor to G erm any by m ak in g th e ir Products less expensive. I t w ỉlỉ also be
m ore diíĩlcult for F ren chm en an d Ita lia n s to buy im ported goods aftei th e devaluation sỉnce th e price of G erm an a n d D utch im ports wil rise. T h ere is hope th a t th is move will reduce our deíĩcits in thẹ b aỉance of trad e.
Jill But m ay be th e ta lk of dsyaluation is nothing m ore th a n rum or. It’í possible th a t th ese people are acting too quickly in selling th e ir francs. M arie Yes, th a t’s always possible. However, th e rum ors them selves s e t oí
speculation and big investors, such as th e m ultinational corporations