The end of World War I did not mean the arrival of absolute peace in Europe. On the contrary, – one effect of the Great War was the economic instability seen in numerous countries. For the Entente countries, reparations paid by Germany and the return of loans taken out by Russia during the tsarist era offered a chance for overcoming such difficulties. However, both the Germans and the Russians were not so willing to pay off their debts. It was therefore decided to deal with these two urgent matters at an international economic conference, which was convened in the spring of 1922 in Genoa, Italy.