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Dawes, who was the U.S. vice president at the time, received the Nobel Peace Prize of 1925 for "his crucial role in bringing about the Dawes Plan", specifically for the way it reduced the state of tension between France and Germany resulting from Germany's missed reparations payments and France's occupation of the Ruhr.
The Labour Party opposed the occupation of the Ruhr throughout 1923, which it rejected as French imperialism. The British Labour Party believed it had won when Poincaré accepted the Dawes Plan in 1924. [40] Despite his disagreements with the United Kingdom, Poincaré desired to preserve the Anglo-French entente and moderated his aims to a degree.
The Locarno Treaties were seven post-World War I agreements negotiated amongst Germany, France, Great Britain, Belgium, Italy, Poland and Czechoslovakia in late 1925. In the main treaty, the five western European nations pledged to guarantee the inviolability of the borders between Germany and France and Germany and Belgium as defined in the Treaty of Versailles.
His first major diplomatic success was the 1924 Dawes Plan, which reduced Germany's overall reparations commitment. It was followed by the Locarno Treaties in 1925, which confirmed Germany's postwar western borders, guaranteed peace with France, and led to Germany's admission to the League of Nations a year later.
The adoption of the plan was followed by the Locarno Treaties. The subsequent "spirit of Locarno" saw an apparent reconciliation between the European Powers. The implementation of the Dawes Plan also saw a positive economic impact in Europe, largely funded by American loans. [74] Under the Dawes Plan, Germany always met her obligations. [75]
1 September: The Dawes Plan to lower and reschedule Germany's reparations payments comes into force. [66] 11 October: The Reichsmark replaces the temporary Rentenmark, which had been introduced on 15 November 1923. [67] 7 December: The second Reichstag election of 1924 ends with the same parties in the top three places as after the 4 May vote. [68]
The end of passive resistance in the Ruhr allowed Germany to undertake a currency reform and to negotiate the Dawes Plan, which led to the withdrawal of French and Belgian troops from the Ruhr Area in 1925. The agreement of the Dawes plan in late 1924 also led to a resumption of reparations payments in hard cash and gold.
The crisis was solved by a compromise in the form of the Dawes Plan in 1924. [53] Under the plan, developed by a committee headed by American Charles G. Dawes, New York and London banks loaned Germany hundreds of millions of dollars to stabilize its currency and expand production, which then allowed it to pay reparations. [18]