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Upper Normandy Travel on Suggestions have been made that the Bank was responsible for France’s consistently low interest rates, though France’s traditional position as a net exporter of capital offers another possible cause of those low rates. The Popular Front government of 1936–38 began a process of democratization of the Bank that culminated in its nationalization in 1945. In 1936, more than 40,000 investors owned shares in the Bank, but this figure concealed the fact that most of its shares were held by a small number of institutions and individuals. The Popular Front government altered the administrative structure of the Bank, by increasing the number of regents appointed directly by government and by including one worker’s representative. In 1945, the Bank of France and the largest deposit banks were nationalized, along with other major economic entities such as Renault car company, the coal industry, and public utilities. Post-war French governments advocated a strong role for technocratic government in the rebuilding of the postwar economy, and in many respects they were successful in this aim, using the Bank of France in furthering such policies. In the postwar period the Bank continued its policy of limiting its role in managing the value of the franc, tracking the dollar for much of the period, before linking the value of the franc to that of the deutschmark. Upper Normandy Travel 2016.