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'At a time when many observers are concerned about the danger of currency and economic wars, this scholarly account of the monetary and economic tensions of the troubled years from 1918 to 1939 is particularly welcome. While Alessandro Roselli rightly dismisses the simplistic notion that this history can "dispense" lessons to be applied by policy-makers today, a study of the period can nevertheless, as he states, "contribute to a better understanding of current circumstances." The theme of the story, as Roselli tells it, is clear: how bilateralism and dirigisme in international financial relations emerged from the collapse of the universal gold standard, and how this poisoned international relations. After an enlightening account of the German hyperinflation and monetary stabilisation of the 1920s, the central chapters trace the growing nationalism of the following years, the resort to foreign exchange controls, and Germany's aggressive use of bilateral trade agreements as it sought .