Stresemann persuaded the French, British, and Americans to accept lower reparation payments from Germany after the First World War. In 1924, Germany paid as much as it could afford each year starting with 1,000 million Marks. U.S.A gave them 800 million Marks. The Young Plan of 1929 proposed reductions in Reparations but now they had to pay in cash rather than goods. Some people were worried it might cause a financial crisis. The plan never got into operation. But a new currency, called the Rentenmark, replaced the old worthless money. More loans from the United States were negotiated and money invested in new industrial enterprises. Germany also improved relations with its neighbours. It ended a passive resistance campaign and the French were persuaded to leave the Ruhr in 1924. In 1925, the Locarno pacts were signed. These included agreement that Germany would accept Western frontiers, as agreed in the Treaty of Versailles. In addition, Germany promised not to alter her Eastern frontiers. Stresemann was awarded Nobel peace prize for his work and in 1926 Germany was allowed to join the League of Nations.
