A procedure has already been -worked out for dealing with
a German default under the Young Plan. It includes the Hague Court and the Special Advisory Committee. The Committee, summoned and informed by the International Bank, would establish the fact of default, and the Hague Court would decide whether the default was deliberate or not. It is, of course, only in respect of deliberate default that sanctions would have any sense, and deliberate default can safely be left out of the picture. No first-rate Power could con- ceivably face the wrecking of its credit by deliberate default. As for involuntary default the whole purpose of the International Bank is to deal with it. In brief, the Reparations question has passed out of the politico- military atmosphere of the Treaty. It has become a commercial transaction.
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