But above all, the first post-war French republic was brought low by its colonial struggles. Like the Ancien Régime, the Fourth Republic was crippled by the costs of war. Between December 1955 and December 1957 France lost two-thirds of its currency reserves, despite the steady growth of the economy. Exchange controls, multiple exchange rates (comparable to those operated by the Soviet bloc in later decades), foreign debt, budget deficits and chronic inflation were all attributable to the uncontrolled expenses of unsuccessful colonial wars, from 1947 to 1954 and again from 1955 onwards.
...more
