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Raymond Poincaré, lui, est un conservateur de droite qui a le soutien des milieux financiers et fut Président de la République de 1913 à 1920. Quand il revient au pouvoir en 1926, la confiance revient, le franc va alors quasi-instantanément retrouver de la couleur sur les marchés financiers. Le franc monte à tel point que l'on veut revenir à l'or (débat stabilisateurs vs revalorisateurs : faut-il revenir à la parité d'avant-guerre ?). La décision est prise en juin 1928. Le franc est officiellement dévalué à 1/5 du franc germinal. Cela correspond à une perte de 80% du franc germinal. A cette époque-là, la France se porte bien et détient environ ¼ du stock d'or mondial

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