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En 1924 arrive au pouvoir en France une coalition de gauche appelée le cartel des gauches présidé par Edouard Herriot. Selon lui, la valeur du franc est trop basse. Il entreprend donc de faire remonter le Franc en s'appuyant sur les réparations de guerre allemandes mais n'y parvient pas car les opérateurs financiers n'avaient pas confiance en lui (de gauche). Le franc s'effondre alors que le déficit budgétaire du pays a été très fortement réduit sur la période 1922- 1926. R

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