Not only has the war created new factors and conditions, but it has also led to new conceptions which have shattered the foundations of former European policy. Among many other political theses, the one which held that Austria-Hungary was an expiring state has vanished. The dogma of the impending collapse of the Monarchy was what made our position in Europe more difficult and caused all the misunderstanding concerning our vital needs. But having shown ourselves in this war to be thoroughly sound and, at any rate, of equal standing, it follows that we can reckon now on a proper understanding of our vital needs in Europe and that no hopes are left of being able to beat us down by force of arms. Until the moment had arrived when this could be proved, we could not do without the protection of armaments nor expose ourselves to unfavourable treatment in the matters vital to us produced by the legend of our impending collapse. But from that moment, we have been in the position simultaneously with our enemies to lay down arms and settle our difficulties peacefully and by arbitration. This being recognised by the world affords us the possibility of not only accepting the plan of disarmament and a court of arbitration, but, as you, gentlemen, are aware, of working with all our energy for its realisation, as we have for some time past. After this war Europe must without doubt be placed on a new political basis, the permanency of which can be guaranteed. This basis will, I believe, be of a fourfold nature: