Inflation and Stabilization 
17 
parity. As no attempt was made to raise the value 
of the currency, no deflation had to be gone 
through, and the country escaped the economic 
crisis connected with such a process. No external 
changes were made, the currency to which the 
people were accustomed was left unaltered, and 
the law was content to introduce guarantees for 
the new gold parity given to the currency. The 
recommendations so highly cherished in dilettante 
circles, according to which a new currency ought 
to be attached to some already existing gold cur- 
rency or at least be defined as an exact subdivision 
of such a currency, were resolutely set aside, and 
the level of stabilization was chosen exclusively 
with a view to avoiding all unnecessary disloca- 
tions of the purchasing power which had already 
begun to stabilize itself. The complete success of 
the monetary reform in Finland and the fact that 
it was carried through with an absolute minimum 
of economic disturbance are a proof of the sound- 
ness of the stabilization policy that I have here 
outlined. The final stabilization of the Belgian 
currency took place essentially on the same lines, 
and its success is a further confirmation of the 
principles of stabilization applied in the case of 
Finland. 
Sweden was the first country in Europe to