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La concurrence entre Londres et Paris devient alors réelle. La France redevient excédentaire et attire les capitaux étrangers, notamment des livres. La livre baisse face au Franc, d'autant plus que Poincaré demanda la conversion des livres détenues par la banque de France. Cette décision particulièrement inamicale compromet non seulement la convertibilité de la livre mais met aussi en péril la stabilité de l'ensemble du système international.
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