The interwar years

Frenchmen concentrated much of their energy during the early 1920s on recovering from the war. The government undertook a vast program of reconstructing the devastated areas and had largely completed that task by 1925. To compensate for manpower losses, immigration barriers were lowered, and two million foreign workers flooded into the country. Underlying all other concerns, however, was anxiety about the nation’s security and about financing the costs of war and reconstruction. The peace settlement, in the eyes of many Frenchmen, had not provided adequate guarantees; and, except among Socialists and Radicals, there was little confidence in the League of Nations. American and British promises to aid France in case of future attack had been written into the treaty, but they became meaningless when the U.S. Senate rejected Versailles.

German reparations

The general elections of November 1919 resulted in a massive majority for the right-wing coalition called the Bloc National. The new Chamber set out to enforce the Treaty of Versailles to the letter; it also sought traditional security guarantees, maintaining the largest standing army in Europe and attempting to encircle Germany with a ring of military allies (Belgium and Poland in 1920–21; Czechoslovakia, Romania, and Yugoslavia in 1924–27). But the central issue was that of German reparations. A clause in the treaty had ascribed war guilt to the Germans and their allies and had obligated Germany to make reparations; the total sum due was calculated in 1921 at $33 billion, but the French were aware that the British hoped to see this total reduced. By the end of 1921 the British clearly favoured a reduction of the burden in order to get Germany back on its feet; this issue caused increasing strain between the British and French governments. Premier Briand, who seemed willing to compromise, was overthrown by the Chamber and replaced by the more intransigent Poincaré. Repeated German defaults on reparations deliveries led Poincaré in January 1923 to send French troops and engineers (supported by a token force of Belgians) into the Ruhr valley to force German compliance or, if necessary, to collect reparations by direct seizure. The German government attempted passive resistance but finally had to comply. Germany agreed in 1924 to a revised reparations settlement, the Dawes Plan, and the French occupation forces were withdrawn. The plan enabled the Germans to meet their obligations on schedule during the rest of the decade with the help of large American loans. In 1926 France and the United States finally reached agreement on another nagging problem—the repayment of French war debts for wartime deliveries of American munitions and other supplies.

Financial crisis

The aftermath of the Ruhr occupation was to cast doubt on its apparent success. The German republic was weakened by the runaway inflation of 1923, and its future clouded. The occupation had embittered Britain and the United States. Even among Frenchmen the victory had left a sour aftertaste, because the costs of the occupation forced an increase in French taxes. In the elections of 1924, Poincaré’s Bloc National was beaten by a coalition of the left, the Cartel des Gauches, and the Radicals were returned to power. But their triumph was brief; they were confronted by the nation’s worst financial crisis since the war. The shaky franc went into rapid decline until there seemed to be danger of complete financial collapse. Seven Cartel cabinets in 1924–26 wrestled ineffectively with the problem; at last the Cartel gave up, and Poincaré returned. The latter’s reputation for decisive character and conservative views enabled him to win the bankers’ support and to embark on such measures as slashing government expenses and increasing taxes. The franc began to rise, and it finally stabilized at about one-fifth of its 1914 value. Poincaré was hailed as “saviour of the franc,” and, when he resigned in 1929 for reasons of health, he was acclaimed as one of the Third Republic’s outstanding statesmen.

Collective security

Poincaré, in his final term of office (1926–29), retained as foreign minister Aristide Briand, who had been named to that post by the Cartel in 1925 and who was to remain there for seven years almost without interruption. Briand sensed a change in the public mood after the Ruhr episode and proclaimed himself “the pilgrim of peace”; he formulated a policy that he called apaisement. His goal was to work for collective security through the League of Nations, for disarmament, and for a reconciliation with those Germans who favoured peaceful and cooperative methods. Briand found a ready partner in Gustav Stresemann, the German foreign minister. By the Pact of Locarno (1925), the French and German governments bound themselves not to use force to alter the existing Franco-German frontier. In subsequent years, France sponsored Germany’s entry into the League of Nations and made a series of concessions softening various aspects of the Treaty of Versailles. A revised reparations agreement in 1929 (the Young Plan) further eased Germany’s obligations, and in 1930 the French ended their occupation of the German Rhineland five years ahead of schedule.