The years following the 1922 post-war depression were characterised by a re-building of the monetary and banking systems of Europe on a quite different foundation than had been seen in the past. Stability returned to Germany with the introduction of the Rentenmark (one Rentenmark = 1 billon paper marks), and in the autumn of 1923 the budget had finally been balanced. Similarly, the currencies of Austria and Hungary had been stabilised.
KeywordsForeign Exchange National Income Foreign Exchange Market Swiss Franc Capital Export
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