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This article highlights the improvisations in financial management during World War I. The option of a moratorium on bank deposits to the detriment of rediscount reflected a refusal to allow the Banque de France to fulfil its role of lender of last resort. The subsequent choice of a preference for a floating debt laid the foundation for a loss of control over the money market by the French monetary authorities. The article questions the relationship of WWI contemporaries with liquidity.
