asked the Minister for Finance the name of any county which devalued its currency upon accession to the European Economic Communities; and the reasons for its so doing.
Ceisteanna—Questions. Oral Answers. - Currency Devaluation.
12.
No member county of the EEC devalued its currency upon accession.
Is it not true that France devalued her currency just prior to accession, or immediately upon accesion, or some time during that period?
No. At the time of accession by France the franc had no agreed par value. A par value for the franc was agreed with the International Monetary Fund in December, 1958. The Treaty came into operation on 1st January, 1958, about a year before.
Is it not possible to conclude that France devalued as a trade tractic to give its export products an advantage over those of competitors?
No. Whatever the object of the exercise was is one matter but it would not be true to say that France devalued. Even what happened in December, 1958, was not technically a devaluation and it did not happen on accession but a year later.