Free French Francs? Wartime Monetary Sovereignty (1940–1944)

Abstract

Abstract This article asks whether the concept of ‘monetary sovereignty’ can be applied to General Charles de Gaulle’s Free French movement during the Second World War. It explains the creation of the Caisse centrale de la France libre, the Free French semi-central bank, and the role of its personnel, alongside those of the Bank of England and HM Treasury. Using social network analysis, the role of important intermediaries, including John Lithiby and Allen Bartholomew of the Bank of England, comes to the fore. The article demonstrates the importance of international relations to the economic situation of the territories rallied to the Free French. The part played by the Free French delegations in helping to fund the movement is also underlined. Ultimately, the Free French were far from being monetarily sovereign during this period, but retained limited aspects of economic independence, nonetheless.