Expert board:

• Scientific Council of RAS on economic history;
• Research and Educational Center «The economic history of Central Russia and the Middle Volga region» of Ogarev Mordovia State University;
• Center of Economic History of  Lomonosov Moscow State University

ISSN 2409-630X (Print), ISSN 2618-916X (Online)

DOI: 10.24412/2409-630X.071.021.202504.352-365

Maksim A. Averyanov1, Anton B. Gekht2

1,2 Prof. M. A. Bonch-Bruevich St. Petersburg State University of Telecommunications

(Saint Petersburg, Russia)

1 e-mail: Averyanov00@yandex.ru

2 e-mail: a.geht@yandex.ru

 

Towards Greater Sovereignty: the International Monetary Policy of the Fifth Republic within the Bretton Woods System

 

Abstract

Introduction. The study examines France’s monetary policy in the 1960s within the Bretton Woods system. Special attention is given to the strategic initiatives of the Fifth Republic aimed at reforming the global monetary order and strengthening national sovereignty.

Materials and Methods. The authors rely on historical-comparative analysis, statistical data on gold reserves, IMF and NATO documents, as well as the works of leading economists (Keynes, Rueff, Triffin).

Results. The findings show that France actively used the conversion of dollars into gold and its participation in the Gold Pool to exert pressure on the United States and expose the vulnerabilities of the system. While France managed to strengthen its position, it did not achieve a fundamental reform of the international monetary system.

Discussion and Conclusion. French policy was not purely confrontational; rather, it represented consistent efforts to establish a fairer and more balanced monetary order. France’s role was important but not decisive in the collapse of the Bretton Woods system. De Gaulle’s policy reflected the Fifth Republic’s pursuit of sovereignty through monetary reform. France contributed significantly to the crisis of the Bretton Woods model, but its collapse resulted from a broader set of global factors.

Keywords: Bretton Woods monetary system, Fifth Republic, Charles de Gaulle, monetary policy, Gold Pool, currency parity, gold exchange standard, gold reserves, de Gaulle’s monetary policy.

For citation: Averyanov M. A., Gekht A. B. Towards Greater Sovereignty: the International Monetary Policy of the Fifth Republic within the Bretton Woods System. Ekonomicheskaya istoriya = Russian Journal of Economic History. 2025; 21(4): 352–365. (In Russ.). DOI: 10.24412/2409-630X.071.021.202504.352-365.

 

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