In 1924, an international attempt was made to deal with runaway German inflation by creating the Dawes Plan, which aimed to restructure Germany's reparation payments for World War I. The plan was named after American banker Charles G. Dawes, who chaired the committee that developed it.
Under the Dawes Plan, the Allies agreed to reduce Germany's annual reparation payments and provide a large loan to Germany to help stabilize its economy. The German government, in turn, agreed to implement economic reforms and increase taxes to pay its remaining reparations.