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The French were angered by the President's enforcing his limits on the exporting of capital.
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It would also have to raise the value of its currency and permit the export of capital.
Over all, exports of capital goods grew by $2 billion in May, while exports of industrial goods and services expanded by $600 million and consumer goods exports were $300 million.
The export of capital goods declined $1.6 billion, while imports of capital goods rose $600 million, an indication that businesses around the world are slowing their spending.
Deficit countries would be charged interest on the overdraft, rising as the overdraft rose; they would have to reduce the value of their currency by up to 5% to promote exports and would have to prevent the export of capital.
Singapore's industrial production has sunk by 16% over the past year.Germany's greater dependence on exports of capital goods partly explains why it has been hit harder than other euro-area economies.
A middleman who formed one of the Russian counterparty funds told me that the cost of his services depended upon the Russian authorities' desire to stop the export of capital.
The British Empire relied on an enormous export of capital and people, but since 1972 the American economy has been a net importer of capital (to the tune of 15percentt of G.D.P. last year), and the United States remains the favored destination of immigrants from around the world, not a producer of would-be colonial emigrants.
The latest numbers from the European Central Bank and Eurostat show the volume of exports of capital goods from the euro zone falling at an annual rate of 10.5% in the fourth quarter of last year, even as trade inside the euro zone grew.
However, over the last three months, exports of capital goods have stalled.
Especially critical for signs of an export-led economic recovery will be exports of capital goods.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com