THROUGH INFLATION TO STABILISATION 113 severe reaction sooner or later. It may, of course, be argued that in the case of France and Belgium the stabilisation crisis arrived several years later in 1931 and 1932. In reality, the crisis of 1931 was inevitable in any case, and even though the under-valuation of the franc played an important part in bringing it about, it would have taken place without that factor some other time or in a slightly different form. In any case, those countries which between 1922 and 1927 underwent a stabilisation crisis were affected none the less by the world crisis, so that France and Belgium were more fortunate since they had only one crisis instead of two.