I don't agree. And you're looking at this from a very anglo-centric point of view. This will open doors for french-speaking Africans to work for French companies. For Brazilians working for Portugal etc.
I've worked with skilled developers from all over the world, who speak more than good enough English.
The anglo-centric view is really a USA-centric view. UK firms, for whatever reason, don't seem to feel obligated to pay more than 50-60k GBP per year, and they still manage to fill their cube farms.
And the foreigners who speak more than good enough English aren't going to be sufficiently cheaper than I am, if they're also great software engineers.
I've worked with skilled developers from all over the world, who speak more than good enough English.