U.S. corporate profits (which are expressed in nominal terms) have tended to rise and fall at about twice the rate of world nominal dollar GDP, suggesting double-digit profit growth again in 2006.

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As a result, the real rate of interest nominal rates adjusted for inflation would actually rise in France.

ECONOMIST: Economics focus

With the nominal exchange rate held down by intervention, this could only come about through a rise in prices, creating expectations of future inflation and so reducing real interest rates.

ECONOMIST: The yen