The work of Stresemann

• Gustav Stresemann became Chancellor and Foreign Secretary in August 1923
• He stopped passive resistance
• November 1923, Stresemann set up a new state-owned bank, the Rentenbank and issued a new currency, the Rentenmark. Its value was tied to the price of gold, the notes were severely limited and were backed by German industrial plants and agricultural lands
• In August 1924, a newly independent bank, the Reichsback was given control of the new currency, renamed the Reichsmark, and its value was backed by Germany’s gold reserves
• In November he resumed the repayment of reparations
• These actions ended the problem of hyperinflation