Following Napoleon’s final defeat at Waterloo in 1815, the victorious allies imposed 700 million francs of reparations on the French – around 10 per cent of GDP. To pay these, the Restoration developed the final element of the nineteenth-century French fiscal system: public credit, which the government modelled largely on that of Britain. With the payment of reparations, the Restoration reintegrated France into the international order, facilitating the stabilisation of Europe and thus that of France’s domestic politics. At the same time, Napoleonic conscription was overhauled, and replaced with a system of limited military service that lasted until the 1870s. Though often overlooked by historians, the Restoration therefore did much to facilitate the creation of a sustainable, stable post-revolutionary fiscal-military state.