Magazine article The Spectator

Let Us Raise Our Glasses to the Ten-Franc Kir While We Still Have the Chance

Magazine article The Spectator

Let Us Raise Our Glasses to the Ten-Franc Kir While We Still Have the Chance

Article excerpt

This is a proud moment for me. The ten-franc kir has come. All last week the rate of exchange was pushing fiercely upwards, on Monday it faltered but rallied, the French franc closed at 9.9995 to the pound, and on Tuesday morning, bingo! It hit 10.01. So my long campaign in these columns has paid off, just in time for the annual exodus to the Dordogne. My influence on France's recent election votez non, votez souvent, I urged, when the franc was at 9.45 - may well have been decisive. As that first cooling kir comes to your zinctopped table, raise your glass to the column that made it affordable. It is too much to expect the Confederation of British Industry to join us. The pound will be getting too hot for it. Any minute now, in its oxymoronic way, the CBI will call for an exchange rate that is stable but competitive. I would rather argue that a rate of exchange is a price in a market, that prices in markets move about, and that attempts to rig them are counterproductive and doomed to disappointment. …

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