ABSTRACT
Whoever studies the recent economic history of Europe is struck by a most surprising fact: the rapid monetary restoration of some countries where for several years paper money had continually depreciated. In some cases the stabilization of the exchange was not obtained by a continuous effort, prolonged over a period of years, whose effects would show themselves slowly in the progressive economic and financial restoration of the country, as occurred before the war in several well-known cases of monetary reform. Instead, the passing from a period of tempestuous depreciation of the currency to an almost complete stability of the exchange was very sudden.
