Despite being humiliating to France, the financial obligations imposed by the Allied Council led to political reforms in that country and an intertwining of financial interests across Europe. The property rights of smaller countries and individuals were respected as much as the demands of the four great powers were. Bankers benefited from the loans, and wealthy European citizens who bought these so-called rentes helped finance France’s security. French and European security rested on the capitalist foundation of financial ‘securities’, securing the new peace order through the payment of reparations. This led to a transformation towards a new system of financial and capitalist power alignments in Europe, exemplified by the formula: ‘indemnity for the past and security for the future’.