Why did the French government delay its endorsement of the Hoover Moratorium in the summer of 1931? Key policymakers were fully aware that their stance would exacerbate the German financial crisis, which ultimately dragged the European economy into the abyss. Most historical accounts identify the plan for an Austro-German customs union, which became known publicly in March 1931, as a major cause for the French ‘non’. We suggest a different chronology by showing that the French government was reluctant to help Germany as early as the fall of 1930 when, in the wake of the Nazi victory in the Reichstag elections, a currency crisis threatened to ruin the German monetary and financial system and bring down the government. We also argue that the reason for this French reluctance to extend financial help to Germany was the traumatic experience resulting from the evacuation of the Rhineland in June 1930. This chauvinistic outburst in Germany not only frightened the French public, but also made it clear to French politicians how the lack of military cooperation with the Anglo-Saxon powers had made France highly vulnerable on its Eastern front. After June 1930 a financial bargain with Germany became unrealistic, due to domestic opposition.

法国政府为什么在1931年夏天推迟对胡佛纪念馆的认可？关键决策者完全意识到，他们的立场将加剧德国的金融危机，最终将欧洲经济拖入深渊。大多数历史记载都表明了建立奥德海关联盟的计划，该计划于1931年3月被公知为法国“非”移民的主要原因。我们提出了不同的时间顺序，表明法国政府不愿在1930年秋天帮助德国，当时纳粹在德国国会选举中获胜，一次货币危机有可能破坏德国的货币和金融体系，推翻政府。我们还认为，法国不愿向德国提供经济援助的原因是1930年6月莱茵兰撤离所造成的痛苦经历。德国沙文主义的爆发不仅使法国公众感到恐惧，也使法国人清楚了政治家如何与盎格鲁撒克逊大国缺乏军事合作，使法国在其东部战线变得极为脆弱。1930年6月之后，由于国内的反对，与德国的金融交易变得不切实际。