The French franc is likely to sag in the weeks after the May 7 presidential election--especially if the victor is Socialist Lionel Jospin. He plans to spend France's way out of 12.2% unemployment. Conservative Jacques Chirac would comfort markets more, yet he's less committed to a strong currency than departing President Franois Mitterrand. Even former European Union President Jacques Delors has joined other public figures calling for a looser monetary policy.

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