tav Stresemann.
             Despite strong opposition, he abandoned the policy of passive resistance to the French occupation of the Ruhr and declared Germany's willingness to resume reparation payments. He established a Reichsbank with the power to issue a new currency, the Rentenmark. He also ordered the government to curtail expenditure by sacking thousands of civil servants and increasing taxation. Stresemann's actions led to a number of economic successes: he had managed to halt hyperinflation and balance the budget; he had introduced a stable currency which restored domestic and foreign confidence in German money; but more importantly, his conciliatory policy had led to the establishment of an international committee to consider Germany's economic plight.
             In April 1924 the committee issued a report, which was to become known as the Dawes Plan. The committee recommended that Germany should receive an international loan of eight hundred million gold marks, financed mainly by the United States. In addition reparation payments were reduced and the repayment period extended. According to the optimists, acceptance of the Dawes Plan led Germany into a period of greater stability and prosperity. With the inflow of foreign capital the Republic
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