Pinay, Antoine

▪ 1995

      French politician (b. Dec. 30, 1891, Saint-Symphorien-sur-Coise, France—d. Dec. 13, 1994, Saint-Chamond, France), engineered the recovery of the French economy after World War II by adamantly pursuing an anti-inflationary policy, a stance that was unpopular among economists of his day. Pinay's visionary approach to this daunting task brought inflation under control in France for the first time since World War II. In 1960, while serving as finance minister, Pinay introduced a new franc, deflating the standard franc by removing the last two zeroes. For this monumental deed, Pinay earned the moniker "the man who saved the franc." Though he held a series of governmental posts ranging from secretary of state (1949) to minister of foreign affairs (1955-56) to France's first ombudsman (1973-74), Pinay's highest yet briefest office was as prime minister, which he held from March to December 1952. In that post, Pinay introduced successful austerity measures and issued the "emprunt Pinay," a bond that allowed French citizens who had hidden away gold and cash during the war to convert their caches into legal, tax-exempt savings. He later served (1964-73) as president of regional economic development for Rhône-Alpes. Earlier, Pinay had earned the Croix de Guerre for heroism during World War I, had managed a tannery (1919-48), and had aided the Resistance fighters during World War II. He served as mayor of Saint-Chamond from 1929 to 1977. The man whose name became synonymous with strong currency died peacefully just days before his 103rd birthday.

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▪ prime minister of France

born Dec. 30, 1891, Saint-Symphorien-sur-Coise, France

died Dec. 13, 1994, Saint-Chamond

      leader of the Republican Independents in France and premier from March to December 1952.

      Pinay, the director of a tannery from 1919 to 1948, began his career in politics with election in 1929 as mayor of Saint-Chamond, a position he held until he retired in 1977. He was a politically moderate deputy from 1936 to 1938 and a senator from 1938 to 1940. Although he supported Marshal Philippe Pétain, he was not considered a collaborator, and after the war he was again elected to the National Assembly, where he served as leader of the Independents from 1956 to 1958. He also held posts in several cabinets—secretary of state for economic affairs (1948–49), minister of public works, transportation, and tourism (1950–52), and minister of foreign affairs (1955–56)—and served as premier in 1952. His anti-inflationary policies were instrumental in reviving the French postwar economy.

      Pinay helped bring Charles de Gaulle back to power in 1958. In the new government, Pinay served as minister of finance (1958–59, 1960) with a policy of limiting inflation even if it meant curtailing industrial expansion. He was president of regional economic development for Rhône-Alpes from 1964 to 1973 and was then appointed first ombudsman of France (1973–74).

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