The supply of francs or dollars consist in whatever francs or dollars are in existence. Inflationary currencies, therefore, will tend to suffer from rising prices domestically and from falling exchange rates in terms of other, less inflated currencies. The best and least inflated form of money is a world-wide gold currency. But absent gold redeemability, and given our existing fiat national currencies, by far the best course is to allow exchange rates to float freely in the foreign exchange markets, where they at least clear the market and insure no shortage or oversupply of currencies. At least, the values reflect supply and demand.
Governments like to pretend that the value of their currency is greater than it really is.
As a result, governments habitually set a value of their currency higher than the free-market rate. The alleged Heroes are even more villainous these days than usual. It was a step toward the old Keynesian dream of a world paper unit by a World Reserve Bank administered by a world government. The world market has once against triumphed over Keynesian statism, even though the power seemed to be in the Establishment's hands. In the French case, there was another villain condemned by all.