A third difference is that the political preconditions for a cooperative response are better today. In 1931, France refused to help stem the Central European financial crisis because it believed that Germany was rearming, in violation of the Treaty of Versailles, signed at the end of World War I. Political tensions between France and Germany may very well grow in the coming months and years, following François Hollande’s victory in the French presidential election, but they will not begin to rise to that level.