The Stressemann Era (1924-29)
The Rentenmark
The Dawes Plan
The Locarno Pact
The League of Nations
Kellogg-Briand Pact
The Young Plan
1923 hyperinflation
Temporary currency, Rentenmark; new notes trusted bc gvmt said if money failed they could be exchanged for shares in land or industry
Confidence in German currency/banking system restored
August 1924, permanent currency, Reichsmark. Controlled by Reichsbank
Deposits in banks rose from 90m marks in 1924 to 4900m marks in 1926
August 1928
Germany signed pact with 65 other countries
International agreement that states wouldn't use war to achieve foreign policy aims
Showed Germany was respectable member of international community
April 1924
October 1925
Britain, France, Belgium, Italy, Germany
Germany agreed to keep new border with France and Belgium
Allies removed troops from Rhineland and discussed entry into League Of Nations
Germany treated like an equal, unlike in TOV
1926
Germany joined, treated as an equal
Germany even got a place on the League's council
Germany excluded by Allies in 1919
August 1929, Young Plan cut reparations from 6.6bil pounds to 2bil pounds, with 59 more years to pay
Strengthened Weimar Republic
Linked with other successes in economic/foreign policy
Made W.R look trusted/stronger
However, reparations were still 50mil pounds each year, paid until 1988, Germans like Hitler said that it was 'passing on the penalty to the unborn'
Annual reparations payments reduced to affordable level
American banks agreed to invest 800mil marks in German industry
Germany resumed reparations payments
French left Ruhr
German economy recovered
Economic recovery depended on American loans
Unemployment in 1928 fell to lowest for 10 years
Extreme political parties furious that G had again agreed to pay reparations