Controversy about currency speculators and their effect on currency devaluations and national economies recurs regularly. In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies. The nation suffered from uncontrolled inflation, a large debt, and massive currency devaluations. Therefore, a higher proportion of foreign currency debt increases the vulnerability to currency devaluations. The widespread currency floats and devaluations set back aspirations for European monetary union. Devaluations of the peseta during the 1990s made Spanish exports more competitive. The hwan also suffered from inflation and a series of devaluations occurred. In the subsequent decade, the government was forced into several currency devaluations. Consequently, the Djiboutian economy was not affected by the further devaluations of the French franc. A notable example is the substantial devaluations which occurred during the Napoleonic wars. Thereafter, the pound underwent successive devaluations. After devaluations the depression bottomed out in 1993. After devaluations, the depression bottomed out in 1993.