But Europe will not have peace until the three progressive countries of the Continent, Germany, France and Italy, find a way of agreement which can reunite all their energies in one common force. Russia has conceived the idea of having the hegemony of Europe; Germany has indeed had the illusion of such a hegemony. Now this illusion penetrates certain French elements. Can a people of forty million inhabitants, who are not increasing, who already find difficulties in dominating and controlling their immense colonies, aspire to hegemonic action, even taking count of their great political prestige? Can France lastingly dominate and menace a country like Germany, which at no distant date will have a population double that of France? The future of European civilization requires that Germany, France and Italy, after so much disaster, find a common road to travel. The first step to be taken is to give security of existence and of reconstruction to Germany; the second is to guarantee France from the perils of a not distant future; the third is to find at all costs a means of accord between Germany, France and Italy. But only vast popular movements and great currents of thought and of life can work effectively in those cases where the labours of politicians have revealed themselves as characterized by uncertainty and as being too traditional. Europe is still under the dominion of old souls which often enough dwell in young bodies and, therefore, unite old errors with violence. A great movement can only come from the intellectuals of the countries most menaced and from fresh popular energies. 4.--REGULATING INTER-ALLIED DEBTS, GERMANY'S INDEMNITY AND THAT OF THE DEFEATED COUNTRIES These two problems are closely connected. The victorious countries demand an indemnity from the conquered countries which, except Germany, who has a great productive force even in her hour of difficulties, are in extreme depression and misery. Great Britain is in debt to the United States, and France, Italy and minor nations are in their turn heavy debtors to the Americans and to Great Britain. The experience of the last three years has shown that, even with the best will, none of the countries owing money to the Entente has been able to pay its debts or even the interest. With an effort Great Britain could pay; France and Italy will never be able to, and have, moreover, exchanges which constitute a real menace for the future of each. The fact that France and Italy, although they came out of the war victoriously, have not been able to pay their debts or even the interest on them is the proof that Germany, whose best resources have been taken away from her, can only pay an indemnity very different from the fantastic figures put forward at the time of the Conference of Paris, when even important political men spoke of monstrous and ridiculous indemnities.