In the countries of the Gold Bloc, however, reflation has not actually begun yet. In Italy, deflation came to an end during 1934, and the French Government declared it to be over at the end of that year. The French Government went indeed a step further by announcing a new policy which is calculated to bring about a certain degree of reflation. The chances are that the other countries of the gold group will follow its lead. At the time of writing, however, there is as yet no sign of actual reflation in any of the countries of the Gold Bloc.