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La France par exemple réalisa 4 dévaluations du franc (1981, 1982, 1983, 1986). Les trois premières correspondaient à une relance initiée par la gauche contre le chômage or l'appareil productif n'était pas prêt et ainsi l'accroissement des revenus provoqua un déséquilibre extérieur important et une forte inflation (demande supérieure à l'offre). Dès 1981 l'inflation est à son maximum. Or l'inflation fait fuir les capitaux étrangers d'autant et conduit à la perte de compétitivité et donc à la nécessite de procéder à une dévaluation (parfois même par surréaction). La France va donc dévaluer le franc en 1981 car l'inflation et le déficit extérieur poussent le franc à baisser sur le marché. Deux relances sont ensuite initiées car une seule ne suffisait pas à résorber le chômage. L'année 1986 marqua la dernière dévaluation.

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