Life of Being a Crown Prince in France-Chapter 946 - 854: Iberian-Apennine Summit · 3

The Governor of Genoa, Abiasso, coming from a family of merchants, reacted swiftly and immediately stood up, saying:

"Your Highness, I believe the Bank of France Reserve is very suitable to undertake this role." freeweɓnovel.cøm

Joseph was very pleased with his support and smiled, gesturing for him to sit down, then shook his head and said:

"This bank serves the common market, and having the Bank of France concurrently fulfill this role is inappropriate.

"I suggest that all member countries jointly contribute to establish a ’Mediterranean Bank’. Depending on the proportion of each country’s investment, they will obtain shares in this bank.

"This bank will not conduct regular deposit and loan business, but will focus exclusively on settlements between member countries and providing national-level loans."

The representatives of various countries nodded upon hearing this, their admiration for France’s generosity growing ever stronger.

A bank managing international trade settlements is bound to have a significant impact, even influencing the prosperity or decline of a country’s trade.

It’s surprising that France allows all member countries to jointly hold shares and participate in management; such sincerity is not even achievable with one’s own kin!

Instantly, there was another wave of praise all around.

Joseph raised his hand to signal everyone to be quiet and continued:

"To standardize the operations of the Mediterranean Bank and facilitate trade settlements and loans within the common market, I believe it is necessary to designate a currency as the standard settlement currency.

"When countries engage in international trade, they should settle using the standard currency. This is not only efficient but also reduces trade disputes.

"Countries can determine the exchange rate between their national currency and the standard currency, and the Mediterranean Bank will perform conversion based on this rate during settlements."

In this era, gold and silver coins are predominant, so there’s no worry about exchange rate manipulation.

Once again, the Governor of Genoa took the lead by saying: "The standard currency should, and can only be, the franc. All our countries have significant trade volumes with France, making the use of the franc most convenient."

Joseph then smiled and nodded, looking around: "Who among you supports or opposes Abiasso’s suggestion?"

Everyone nodded in agreement.

Anyway, the franc can be exchanged for gold at any time at the Bank of France Reserve, so what’s the problem in using it for trade settlements?

Moreover, French goods sell well in Italy, even if not exchanged for gold, they can be used to buy products.

Joseph had originally thought there would be a need for using the "ashtray", but unexpectedly, it went so smoothly, and he satisfactorily announced:

"Then, based on everyone’s wishes, the franc will be used for trade settlements. Regarding the preparations for the Mediterranean Bank, I also urge all countries to promptly send financial representatives to hasten its initiation."

Thus, after very simple negotiations, the franc officially ascended to the throne as the national settlement currency.

This day is destined to leave a deep and colorful mark in French history.

And for the majority of the attending national representatives, they are yet entirely unaware of what this signifies.

After all, currency wars are still an entirely unprecedented concept...

The entire day of the summit ended, and everyone, whether excited or expectant, discussed among themselves as they surrounded Joseph leaving the conference hall.

That evening, at the court ball in the Palace of Versailles, Archbishop Brienne was surrounded by various national delegations, barely managing to dance even a single dance.

Post-conference, representatives from various countries began to engage in careful scheming; some aimed to invest more shares in the Mediterranean Bank, like the wealthy Genoa, while others sought to reserve a development loan, such as impoverished Spain.

Yes, although Spain ships loads of silver back from South America, its domestic industries are withered, agriculture is backward, and nobles live in decadence, resulting in a deficit every year.

Brienne, upon returning to his residence, still had a large group of people following behind him.

It wasn’t until one o’clock in the morning that he wearily saw off the last guest—the President of the Milan Council.

Rubbing his sore back, he couldn’t help exclaiming in his heart, how did the Crown Prince come up with these seemingly miraculous methods, pulling these countries so closely to France in just about a day.

And they all willingly embraced this.

He subconsciously drew a cross on his chest and murmured: "Thank Jesus for sending the Son of Divine Favor to France."

The next day, amidst the orchestra’s playing, representatives of various countries stepped onto the red carpet and entered the Tuileries Palace.

The Iberian-Apennine summit continued.

Joseph first envisioned the broad future of the common market and then turned his focus and said:

"When we achieve prosperity, there will surely be some evil countries threatening the common market to provide them with unreasonable trade concessions or even directly extending their claws to our wealth.

"In order to protect our common market and safeguard every member country, I suggest establishing the Iberian-Apennine Security Defense Organization.

"Whenever any member country is invaded, all nations within the organization are obliged to provide military support. Also, when the common market faces the threat of being compromised, the Security Defense Organization will assemble the armies of member countries for appropriate retaliation."

Before he finished speaking, apart from Spain, the representatives of all other countries showed signs of retreat in their eyes.

The Crown Prince of France appears to be proposing a military alliance.

The small countries of Northern Italy are reluctant to tie themselves to France’s war chariot.

The main issue is that they can’t afford to provoke countries that could become enemies of France.

If France were to declare war on England, Prussia, and Austria, dragging them into battle, they might face annihilation...

Joseph had anticipated such scenes and immediately adopted a relaxed tone:

"The Security Defense Organization is managed by a staff separate from all countries. Staff officers are dispatched by all member states, with each country’s officials taking turns to serve as the Chief of Staff, with a term of one year.

"All actions of the Security Defense Organization must be approved by the staff. Major decisions, such as going to war, require votes from all member countries."

The representatives from Northern Italian states exchanged glances and seemed relieved.

If decisions about going into war depend on everyone’s vote, clearly, the votes from these smaller countries are numerous, thus ensuring they’ll avoid being drawn into wars involving major powers.

Joseph continued:

"Another important function of the Security Defense Organization is to mediate conflicts between member countries. When diplomatic disputes arise amongst member countries, they can appeal to the Security Organization.

"Before the Security Organization makes a ruling, member countries are prohibited from using military forces against each other."

This time, representatives from small countries began to feel excited.

This is equivalent to France offering them a security promise.

Additionally, it prevents neighboring countries from threatening them with military force.

The threshold for declaring war in this era is extremely low, leaving small countries in constant unease, treading on thin ice.

With the Security Organization, they could feel assured and at peace.

Externally, they wouldn’t have to join France in warfare; internally, they could ensure their own safety. Joining this Security Organization seems viable.