Préparée À L'ecole Normale Supérieure De Paris Dans Le Cadre D'une Cotutelle Avec East China Normal University Wenfei WA
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Préparée à l’Ecole Normale Supérieure de Paris Dans le cadre d’une cotutelle avec East China Normal University La monnaie et la puissance: Les relations politiques et monétaires entre les États-Unis et la France, 1965-1973 Money and Power: The political and monetary relationship between the United States and France, 1965-1973 Soutenue par Composition du jury : Wenfei WANG Le20/05 /2019 Olivier, FEIERTAG Professeur, Université de Rouen Rapporteur Yongan, ZHANG Professeur, Université de Shanghai Président du Jury, Rapporteur Ecole doctorale n°286 L’École doctorale de Laurent, WARLOUZET Professeur, Université du Littoral Côte d’Opale Examinateur sciences sociales Zikui, LIU Professeur, Université normale de Shanghai Examinateur Spécialité Laure, QUENNOUELLE-CORRE Directrice, CNRS-EHESS Directrice de thèse Histoire Chaowu, DAI Professeur, Université normale de la Chine de l’Est Directeur de thèse Contents Abstract......................................................................................................................................................................... 1 Résumé..........................................................................................................................................................................2 Acknowledgment.......................................................................................................................................................... 4 Abbreviations................................................................................................................................................................5 Introduction...................................................................................................................................................................7 Academic review.................................................................................................................................................. 8 Questions and objectives of the study................................................................................................................ 13 Primary archives and official documents........................................................................................................... 14 Organization of chapters.....................................................................................................................................16 Part I From the “dollar gap” to the “dollar glut”, 1944-1968................................................................................. 19 Prologue.............................................................................................................................................................. 21 Chapter I The heavy heritage from 1944 to 1964.............................................................................................. 23 I. The international monetary aftermath of World War II..........................................................................24 1.1.1. The development of the International Monetary system (1944-1958).................................... 25 1.1.2. The liquidity problem and the Triffin dilemma....................................................................... 28 1.1.3. The interactions between money, security and politics........................................................... 31 II. The measures to defend the U.S. dollar (November 1959 - November 1963)...................................33 1.2.1. The Gold Crisis and the reactions of the European press ( October 1960)............................. 34 1.2.2. U.S. officials’ mission to Europe: asking for financial aid in November 1960.......................37 1.2.3. U.S. measures to defend its currency (November 1960-November 1963)..............................41 III. French reflexion on the reform of the Bretton Woods system, 1959-1964......................................... 45 1.3.1. Jacques Rueff’s propositions on the role of gold.....................................................................46 1.3.2. French Conseil Restreint in 1963............................................................................................. 48 1.3.3. U.S. rejection of the French proposal about the CRU and the deterioration of the French-U.S. monetary relationship (September 1964 to January 1965)............................................................. 54 Conclusion of Chapter I......................................................................................................................................60 Chapter II Two turbulent years: 1965-1966....................................................................................................... 65 I. The U.S. economic and financial position, 1965-1966...........................................................................66 2.1.1. The Vietnam War and the U.S. balance of payments problem................................................68 2.1.2. The U.S.-German offset negotiations in 1965-1966................................................................ 70 2.1.3. Negotiations about the introduction of new liquidity in 1965-1966........................................73 II. De Gaulle government’s attack on the U.S. hegemony.........................................................................78 2.2.1. The press conference of de Gaulle in February 1965 and French international monetary policies................................................................................................................................................78 2.2.2. Discussions about the reform of IMS inside the De Gaulle government................................ 83 III. French-American meetings in the ministerial level, 1965-1966..........................................................92 2.3.1. The overall relationship between the United States and France in 1965-1966....................... 92 2.3.2. U.S.-French bilateral talks on monetary issues 1965-1966..................................................... 97 Conclusion of Chapter II.................................................................................................................................. 101 Chapter III Confrontation and cooperation, U.S.-French monetary and political relations in 1967-1968...105 I. The troubled situation inside and outside the US government in the last two years of the Johnson administration, 1967-1968........................................................................................................................105 3.1.1. The Johnson government’s balance of payments plan in 1967-1968....................................106 3.1.2. US offset negotiations with West Germany, 1967-1968....................................................... 110 3.1.3. Gold crisis in November-December 1967 and the U.S. reaction...........................................113 II. Domestic problems and the international actions taken by the de Gaulle government...................... 120 3.2.1. France’s strategy after the introduction of the SDRs.............................................................120 3.2.2. France’s consideration on gold: the quit from the gold pool and the consideration on the gold crisis, 1967-1968...............................................................................................................................126 3.2.3. The crisis of May-June 1968 and French refusal of devaluing its currency ........................129 III. French-U.S. relations in late 1968: the attempt to cooperate in different areas................................ 134 3.3.1. The dialogue and cooperation between France and the United States on the monetary issue before and after May 1968................................................................................................................135 3.3.2. Franco-U.S. relationship in other aspects...............................................................................137 Conclusion of Chapter III................................................................................................................................. 139 Part II 1969-1971, a good beginning for the U.S.-French relationship?...............................................................141 Chapter IV Leadership transitions in the United States and in France, 1969-1970.........................................143 I.The Nixon doctrine and U.S. international monetary strategy.............................................................. 144 4.1.1. The “Nixon Doctrine” and the new form of the transatlantic partnership.............................144 4.1.2. U.S. offset negotiations with Germany and U.S. deficits in balance of payments................149 4.1.3. The considerations of the Nixon government on monetary problems...................................152 II. 1969, the beginning of the Pompidou era............................................................................................157 4.2.1. The Pompidou government and its international monetary policies: a combination of Gaullism and pragmatism.................................................................................................................158 4.2.2. The Summit of Hague and French Road to European monetary integration........................ 163 III. U.S.-French rapprochement in 1969 and 1970.................................................................................. 170 4.3.1. de Gaulle’s attitudes towards the Nixon government, January-April 1969...........................171 4.3.2. Nixon’s visit to Europe and