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The midpoint of the Third Republic was known as the belle époque in France, a golden time of beauty, innovation, and peace with its European neighbors. New inventions made life easier at all social levels, the cultural scene thrived, cabaret, cancan, and the cinema were born, and art took new forms with Impressionism and Art Nouveau. The glory of this turn-of-the-century period came to an end with the outbreak of World War I.

Current President Jacques Chirac assumed office May 17, 1995, after a campaign focused on the need to combat France's stubbornly high unemployment rate. The center of domestic attention soon shifted, however, to the economic reform and belt-tightening measures required for France to meet the criteria for Economic and Monetary Union (EMU) laid out by the Maastricht Treaty. In late 1995, France experienced its worst labor unrest in at least a decade, as employees protested government cutbacks.

France's founding membership in the European Union largely defines France's current foreign policy. The French Republic is furthermore a member of the Secretariat of the Pacific Community (SPC) and of the Indian Ocean Commission (COI), and an associate member of the Association of Caribbean States (ACS). France is also a leading member or the International Organisation of Francophonie (OIF) which gathers 51 fully or partly French-speaking countries.

Although ultimately a victor in World Wars I and II, France - much like Britain - suffered extensive losses in its empire, comparative economic status, working population, and status as a dominant nation-state. Since 1958, it has constructed a semi-presidential democracy (known as the Fifth Republic) that has not succumbed to the instabilities experienced in earlier, more parliamentary regimes.

France has an important aerospace industry (lead by Airbus Industrie) and is the only European power to have its own national space centre. France is also the most energy independent Western country due to heavy investment in nuclear power, which also makes France the smallest producer of carbon dioxide among the seven most industrialised countries in the world. Large tracts of fertile land, the application of modern technology, and EU subsidies have combined to make France the leading agricultural producer in Western Europe.

While France continues to revere its rich history and independence, French leaders increasingly tie the future of France to the continued development of the European Union (EU). During President Mitterrand's tenure, he stressed the importance of European integration and advocated the ratification of the Maastricht Treaty on European economic and political union, which France's electorate narrowly approved in September 1992.