In chapter 15, Going off the gold standard? (July 14 - August 21) attention shifts to Great Britain and the weakness of sterling. As pressure on sterling increases, Norman fall sick with ’stress’ and he has to take leave of absence from the bank in late July, only to return after Britain has left gold on September 21, 1931. With Norman out of the picture, his deputy Ernest Harvey takes over as the Banque de France and the New York Fed arrange a $200 million credit to the Bank of England. Tensions arise between Harvey on the one hand and Clément Moret (Banque de France) and Harrison on the other, about the use of the credit. The weakening of sterling continues and in late August, Harry Siepmann writes an ominous note discussing the consequences of Great Britain leaving gold.

In chapter 11, To act now if we are to act at all (June 16 - Jun 27) the relative calm in Austria is followed by increasing concern about Germany which looses foreign exchange. The Bank of England, the New York Fed, the Banque de France and the Bank for International Settlements arranges a $100 million credit to the Reichsbank. Meanwhile,on June 20, US President Herbert Hoover announces his plan for a one year moratorium, which is received positively in most of Europe, but not in France. George Harrison assumes a more active role in trying to defuse the concern about a breakdown in Europe, and he enters into dialogue with the Banque de France, which is more open to a solution than the French government. The chapter ends with some optimism that the Hoover proposal may have changed the situation in Europe.

Chapter 4, Moratorium or guarantee (May 25 - May 27), traces the communications between central and private bankers as they realize that a moratorium may be on its way. Central and private bankers increasingly try to avoid a moratorium and Norman uses his network to get the international creditors to organize themselves. There is an increasing sense of urgency and uncertainty, but it seems that the BIS and central banks are successful in averting a moratorium and getting a guarantee instead. There are still many unknowns, however, and the occasional conflict in the epistemic community also appears.

Chapter 8, Surrounded with trouble (June 5 - June 10). The BIS board decides to grant a second credit to the BIS, but only after a prolonged discussion and it is made conditional on the placement of the Austrian government loan. There is increasing concern about the schilling as capital flows out of the country and the government issues take increasing priority, without being placed. At the same time, Germany’s reparations issues become ever more present as the German Chancellor Brüning meets with Prime Minister MacDonals at Chequers. Shortly before, Brüning published a statement saying that the burden on the German people has reached its limit. The international creditors too become increasingly nervous about the Austrian situation.