Fair trade

Fair trade
The example of coffee growers association Guaya'b(Jacaltenango, Huehuetenango, Guatemala)SUMMARY1. Introduction, the conventional tradea. The traditional circuit: many intermediariesb. The consequences in terms of price: a small part to producerc. The price of coffee, fruit of the global stock marketd. A way for the producer?2. The history of fair tradea. A call from the Southb. NGO initiatives ...c. ... Towards a truly global organization

3. Definition and principles of fair trade
"Trading with the social goal is not the profit but maximum assistance dévelloppement"

4. The operation of a network of fair tradea. Producers: a cooperative organizationb. Fair Trade Organizations- Labelisation (employment contracts)- Import and direct sales- Awareness

CASH MANAGEMENT

CASH MANAGEMENT
Good cash management is to ensure the solvency of the company at the lowest cost, meaning that the company must be able to pay its debts at any time, maintaining a minimum cash. It also calls, or rather to maximize the performance of its investments cash surpluses. The cash management is therefore based on the couple "security / Profitability."To address the risk of insolvency or inquidité (breakdown of cash distribution services, insolvency, etc..), The company must maintain a certain level of cash, because in practice it is very difficult to ensure perfect synchronization between receipts and disbursements. At the same time, it must be to reduce the negative impact of the profitability of idle cash by ensuring good financial investments.The main grounds for detention of cash are:* The desire to achieve the transaction in good conditions.

Sector Management Sales

How many sellers are required to cover a cost effective manner in the market?How can the belly area between vendors?

1) Determining the number of sellers

                                                   Number of visits per year for all customers
  = Number of sellers
                                                Potential number of visits per vendor per year

Attention!
 Too many vendors:• key personnel costs for the enterprise;• The revenue potential is insufficient to motivate all sellers (low commissions) so high staff turnover.
 Too few vendors:• risk of loss of market share for the company;• workload too great for sellers.
                  consequences: insufficient or no follow-up visits to clients, which is harmful
                  for customer loyalty.

2) The potential number of visits per seller


   Potential number of Number of Number of
   visits = visits by vendor X days
   year and a day visits per year


number of weeks worked per year X number of days of visits per week
How to get the number of weeks worked per year?
How to obtain the number of days of visits per week?

                                                 Days Hours
   Potential number of visits of visits per day X
   visits by seller =
   Average time per year for a visit

Marketing studies

Why study Marketing?Marketing a study should answer the following questions:• Who is buying?• How do we buy?• Where do you buy?• Why do we buy?There are two types of studies:• Quantitative,• Qualitative.The studies are done before the launch of a product, but also for the life of the product. The distribution network should be involved in the study.

Marketing Management

Marketing Management
I. The role of marketing in the company
Evolution of management methods
Orientation production: the company is interested in the tool / capacityAssumption: consumers choose products based on their price and availabilityObjective: To increase capacity and improve the efficiency of the distribution
Product orientation: the company is focused on the productHypothesis: the consumer prefers the product that offers the best performanceObjective: To improve the quality of the productExample: high-tech companies

E-MARKETING SEMINARS INTERNATIONAL AFFAIRS

E-MARKETING SEMINARS INTERNATIONAL AFFAIRS
The e-marketing is designed to help companies develop and market products and services that best meet the needs of individuals and firms belonging to the target market.
"Innovation" is one of the leitmotifs of men both in marketing management product portfolio under their responsibility in setting prices, the development of communications policy, and a perfect mastery of the world.
Line Sopel / UDNE - University of New Economy - inspired by the reality that she has no other purpose than to meet the diverse needs of executives and business leaders and institutions concerned to update knowledge in this field or perfect training acquired in a different scientific discipline.

Interactive marketing online and offline

Interactive marketing online and offlineAmong the various online tools, e is especially popular: it is the most used service on the Internet. From the perspective of the company, it is worth a closer look at the potential of email as a marketing tool.The use of mail for marketing purposes is similar to the traditional direct marketing and is also based on continuous dialogue with customers and stakeholders.One of the main rules of interactive marketing is this: it costs less to keep a customer than to find another. Currently now, almost half of marketing budgets are invested in direct marketing. The comparison between the postal addresses and email addresses to better understand the difference between the forms online and offline interactive marketing.

MARKETING APPROACH

MARKETING APPROACH
I) INTRODUCTION TO THE CONCEPT OF MARKETING:
History: Industrial Revolution to the birth of marketing.Priority is first given to the production face a chronic shortage of consumer goods (supply-side economics). At the beginning of the century, is mass production (Fordism Taylorism applied). The 1929 crisis (depression) creates a demand economy (Keynes). The evolution of purchasing power will lead to mass consumption. It then moves progressively from a supply-side economics to demand economy. The end of the war boom coincides with the market saturation of the first equipment, increased competition, focus on the sale (a good product always sells). Marketing has evolved from these developments, the consumer becoming the commercial center of reflection.

Direct advertising and other forms

Direct advertising and other formscommunication
 Marketing
Patrick Hetzel


 Terms of themes covered
1. Direct advertising2. Advertising the event3. Public relations4. The implementation of communication strategy: standardization or adaptation?5. Some unique issues:• Crises• Rumors• Boycotts

1.
Direct advertising
This technique individualized and personalized communication in contrast to media advertising is a technique for mass communication.• For some sectors it now represents 50% of advertising investments.

To set the direct advertising, let's talk about direct marketing:
• This is an interactive marketing using one or more media to obtain a measurable response anywhere, from, if any, to purchase.• Direct marketing has developed, among others, with the interest in relationship marketing (also often called the "one to one") which, unlike the transactional marketing, favors the establishment of a lasting relationship between the firm and its client in order to retain it.

Successful direct marketing depends on the following (1):
• A good product and good service (basic requirement of any marketing approach).• The right media (direct mail or mass media).• Good supply (quality and attractiveness of the offer are essential to the success of direct marketing).

Direct marketing is an interactive marketing

INTRODUCTION

Direct marketing is an interactive marketing using one or more media to obtain a measurable response from appropriate to the purchase.
Through a direct marketing program, the brand is committed to recognizing its customers to serve them better by matching needs and satisfaction.
The media used for direct marketing are usually television, radio and print. With the development of IT, we have witnessed the rise of new media. We can classify these new media into two categories, on one hand the "fixed" and the other "mobile":
Media "fixed"Media "mobile"Interactive TV PDAPersonal Computer Mobile Phones

These media can optimize direct marketing operations both in the creation of databases at the level of exploitation. In addition, interactivity and personalization, which are undoubtedly two terms related to new media, can significantly increase the return rate of these operations.
 I. DATABASES

HOW TO MAKE A GOOD DIRECT MARKETING CAMPAIGN?

HOW TO MAKE A GOOD DIRECT MARKETING CAMPAIGN?Policy of supply and new marketsMyriem ABBASSaphia ElbachLicense 3 Institute of Marketing-Sales Administration
                                                                                                                                    and Enterprise
                                                                                                                                                         Lille1
            
[Select Date] 2010/2011




SUMMARY

ANALYSIS p.2METHODOLOGY p.21) Define the objective of the campaign, the target and its needs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .... p.32) Support the campaign files as ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... p.33) Create the message p.4ADVANTAGES AND DISADVANTAGES ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. p.6BUDGET p.7PROVIDERS AND ACTORS p.8RESULTS AND PERFORMANCE ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. p.10REGULATORY POINTS p.121) The concept of consent "active" ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .... p.122) The nature of the advertisement ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .... ... ... ... .... p.133) The Churn p.134) hours of sending SMS p.14INTERVIEW p.14QUESTIONING p.21EXAMPLES OF DIRECT MARKETING ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... p.22

We chose the following question: "How to make a good direct marketing campaign (direct mail, e-mailing, sms / mobile, catalogs, files and databases)"
ANALYSIS
 Definition of direct marketingDirect marketing is a business approach that is characterized by a customer without intermediate approach, customized and remotely. This must result in a rapid and measurable results.
Direct marketing is both:• a method of distribution (no intermediaries)• a mode of communication (relatively custom)• a method of sale (remote)• a policy mode (the target is the consumer and not the entire market or segments of it).Direct marketing can include: Find new customers Retaining existing customers, Reactivate old customers, inform customers and prospects, Invite customers and prospects at events, Obtain appointment Promote new products.The different types of direct marketing are: the mailing e-mailing the sms / mobile catalog phoning the bus mailingMETHODOLOGYThere are several key elements to ensure a successful direct marketing campaign.These elements are distinguished in three steps:
1) define the objective of the campaign, the target and needs.The entire campaign, the message to get across to the selected media will be built around the objective that the company wants to achieve. Different objectives were mentioned above. The aim of the campaign is defined qualitatively but also quantitatively. Defining this goal will identify ways to implement to achieve them. To learn how to set this goal requires that the company refers to its overall objectives set for the current year and ensures that the two are consistent. For example, if the goal of the year is to increase its turnover by 30% over the previous year, it is necessary that the direct marketing campaign helps to achieve this objective and therefore it is necessary to adapt the The aim of the campaign. Other criteria are taken into account in defining this objective: other commercial actions planned over the year, the marketing budget for the marketing year, the human resources of the company, the existing commercial structure, etc..

GENERAL INFORMATION ON THE DIRECT MARKETING

CHAPTER I: GENERAL INFORMATION ON THE DIRECT MARKETING
1. Abstract:Direct marketing has become widespread and now covers almost all areas of B2B and B2C, well beyond its traditional birthplace of VAD (distance selling). Companies have chosen to be listening to the customer to provide an appropriate response to what it is and what he wants.
In addition to running a direct marketing transaction (also known as relationship marketing) leads to reflect on the long-term determinants of fidelity, the evolution of a social relationship, and a central concept, confidence, which should guide the content of the communication.
The essence of direct marketing is the management of a dialogue with the customer to provide a personalized way the items he wants, be it information, product, or service. For the offer personalized service to be profitable is information that will drive the decisions of the communication interface and service.

Trading and Diagrams Types of Trading

Types of Trading
Congratulations! You got through the pre-school and are ready to begin your first day of class. You do not go through the Pre-School right? Now, you learned a little history About Forex, how it works, what influences the price, blah blah blah.
We know what you think ... BORING! Show Me How To Make Money EVER!
Well, say no more my friend, because that's where your journey as a trader Forex begins ...
This is your last chance to go back ... Take the red pill and you are back where you were and you will forget all this. You can return to live your life in your category average 9-5 job and work for someone else for the rest of your life.
OR
You can take the green pill (green for money! Yeah!) And learn how you can make money for yourself the most active market in the world, simply by using a little brain power. But remember, your education will never end. Even after you go to school-forex.fr, you must constantly pursue as much knowledge as you can, so you can become a true Master Forex! Now pop the green pill, wash it with some chocolate milk, and enter your lunchbox ... Forexest School now in session!

Protect itself from bankruptcy

Before going further, we will be 100% honest with you and tell you the following before you consider trading currencies:

   1. All traders, and we will all traders lose money on métiers.Quatre ninety percent of traders lose money, largely due to a lack of planning and training and having poor rules of money management. Also, if you hate losing or are a super perfectionist, you'll probably find it difficult to adjust to the negotiations.
   2. Forex Trading is not for the unemployed, those on low incomes, or who can not afford to pay their electricity bill or afford to manger.Vous must be at least $ 10,000 Non-trading capital (in a mini account) that you can afford to lose. Do not expect to start an account with a few hundred dollars and expect to become a kazillionaire.

Forex Jargon Impress your friends with your jargon FOREX

Impress your friends with your jargon FOREX
As with any new skill you learn, you need to learn the lingo ... especially if you want to win the heart of your love. You, the newbie, must know certain terms like the back of your hand before making your first trade. Some of these terms, you have already learned, but it never hurts to have a little review."Hi ... I have a doll ENOOOOORME leverage! "Major and minor currencies
The eight most frequently traded currencies (USD, EUR, JPY, GBP, CHF, CAD, NZD and AUD) are called the major currencies. All other currencies are called minor currencies. Do not worry about the minor currencies, they are for professionals only. In fact, on this site, we will mainly cover what we call the Fab Five (USD, EUR, JPY, GBP and CHF). These pairs are the most liquid and most sexy.Base Currency

Forex vs Future

Forex versus Futures Advantages Advantage Forex Futures 24-hour trading YES NO Commission free trade YES NO Leverage up to 400:1 YES NO Price Certainty YES NO YES NO Risk Guarantee
Hey Mr. Futures, are not our shorts look cool?

Liquidity
Spot forex market, almost $ 2 trillion traded each day, making the market's largest and most liquid in the world. This market can absorb the volume of trades and trade sizes that reduce the ability of any other market. Trade a futures market for $ 30 billion a puny jour.Trente billion? Peanuts! Futures markets can not compete with its limited liquidity. The Forex market is always liquid, meaning positions can be liquidated and stop orders executed without slippage except in extremely volatile market conditions. MARKET 24 HOURS

Forex vs Stock

Forex vs Stock Forex versus Stocks Benefits Advantage Forex Stocks 24-hour trading YES NO Commission free trade YES NO Instant execution orders YES NO Without short selling uptick YES NO MARKET 24 HOURS
The Forex market is a transparent market for 24 hours. Most brookers are open from Sunday at 2PM EST until Friday at 4 pm EST with customer service available 24 / 7. With the ability to trade in the U.S., Asian and European market hours, you can customize your trading schedule. Commission free trade
Most Forex brookers charge any commission or fees additional trades to trade currencies online or by phone. Combined with the spread tight, consistent and fully transparent, the costs of Forex trades are lower than those of any other market. The Brookers are paid for their services through the bid / ask price. Instant execution of orders at best

The choice of Brooker Choosing a broker (Brooker) for Forex

The choice of Brooker Choosing a broker (Brooker) for Forex
Before negotiating currency, you need to create an account with a broker in Forex. So what is a Brooks? In simpler terms, a broker is a person or company that buys and sells orders according to the decisions of the merchant. Brokers earn money by charging a commission or fee for their services. You may feel overwhelmed by the number of brookers who offer their services to a broker ligne.Décider requires a little research on your part, but the time spent will give you an overview of services available and fees charged by brookers different.
e-Forex Brooker is regulated? When selecting a prospective Forex Brooker, discover with which regulatory agencies it is inscrit.Le Forex market is labeled as an "unregulated" market, and it is basically. Regulation is typically reactive, meaning that once you have been duped of your entire savings will something be done. In the United States a broker should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and member of the NFA.

Know what "orders" you are entitled

You will take something with your Pips?
The term "order" refers to how you enter or exit a trade. We speak here of the different types of orders that can be used in the foreign exchange market. Know the types of orders as are consented to your brooker. For the Brookers does' not always accept all systematically.The basic types of orders
There are some basic order types that all brookers allow you to use. Here are the most common:

Know Your Pips and Lots

The Pips & Lots To Know ...!
It is now that we're going to do a little math, yay! You've probably heard of "pips" and "lots" are often used in the middle of Forex, we'll explain what they are and how they are calculated.
Take your time with this information, it is knowledge Essenciel for any Forex trader. Do not even think a trader in real mode without feeling completely comfortable with pip values ​​of the lots.But what a PIP at the end?

How to make money with FOREX?

In the FOREX market, you buy or sell currencies. Make a trade in the foreign exchange market is simple: the mechanics of a trade is very similar to those of other markets (like the stock market). So if you have some experience in trading, you should be able to reap gains fairly quickly.
Ners of the war, in trade in Forex is to exchange one currency against another in the hope that the price will change ... that the currency you bought will increase in value compared to the one you sold.

Example of how to succeed his Trade by buying eurosTrade Action EUR USDYou buy € 10,000 to "EUR / USD exchange rate of 1.18 -11.800 10 000 *Two weeks later, you exchange your € 10,000 back to dollars at the exchange rate of 1.2500. 10 000 12 500 **You made a profit of $ 700. 0 +700

Topo little on the FOREX ...

What is Forex?
The foreign exchange market, also known as Forex or "FX" or "Spot FX" or just "Spot" is the largest financial market in the world with a trading volume of over $ 4 billion a day ...! . Yeah my coconuts, visit counts is the largest global financial market in terms of overall volume. In recent years, it has even surpassed that of market interest rates. It is the most concentrated and the first for the liquidity of the most treaties, such as the euro / dollar .... It effectively amounts to more than three times the total amount of stocks and futures markets combined! Forex live, long live the Forex!What are we buying or selling on the FOREX?

How to invest about EUR / USD

IG Markets Ltd (UK Company No. 04008957, Friars House, 157-168 Blackfriars Road, London SE1 8EZ) is a company authorized and regulated bythe Financial Services Authority in the UK (reference No. 195355) and licensed to provide reception / transmissionand order execution of CFD in France, either directly or through its branch registered with the Trade andCompanies of Paris under number 500 540 174 and located at 17 Avenue George V 75008 Paris.How to invest about EUR / USDGeneral and determination of market prices of currencies.The currency market is the market the most liquid and largest after that of the debt (interest rates). According to the Bank of International Settlements (BIS) located in Basel, also known as the "bank for central banks" which are all shareholders, the average daily volume traded in 2007 on the foreign exchange market amounted to 3500 billion dollars.

FOREX: The foreign exchange market where exchange ...

When in 1971, became floating exchange rates, banks have set up a global interbank market, to enable their customers to make exchange transactions. Today, Foreign Exchange, commonly known as Forex, is the largest market in the world. It allows you to buy or sell currency choice in order to achieve a foreign exchange transaction, but not only ... The establishment of a market for foreign exchange The exchange rate of a currency is its price relative to another. Also referred to as the "Parity of a currency." Until 1971, the exchange rate between currencies were fixed. Indeed, the system set up Bretton Woods was a system with the simple gold exchange standard based on the dollar. An ounce of gold was worth 35 dollars and other currencies were defined either directly against the dollar or via the price of gold in dollars. 

FxPro Financial Services Ltd FxPro iTrader GUIDE

FxPro Financial Services Ltd FxPro iTrader GUIDE TION USED May 2011
  
  FxPro iTrader Tion Utilis Guide Table of Contents How to find r s t ll the inst How to Open a Demo Account How to connect Navigation Favorites

Other Contacts Direct Tools News Trading functions Open Order Use of Graphics Modify an Open Position .............................................. ........................... 10 Open Order Change an Order Historical News Contacts Tools Forex Direct Settings
Clear your details Disconnect / Reconnect at Contact Us FxPro Financial Services Ltd | Guide Utilis tion FxPro iTrader 2
  
 
 
 
  FxPro iTrader Tion used to Guid How to find and install The FxPro iTrader st pplic tion available on the App Store. Follow these steps to find and: Open the App store. Enter the search box, enter the text "FxPro itr dr" and Press Search on the keyboard The pplic tion FxPro iTrader appear in the list of results. Press the pplic ccess r tion to the description page. FxPro Financial Services Ltd | FxPro iTrader Guide utilis tion 3
  
 

Questions and réponsees Forex Trading

02. September 2010 This document is designed solely for informational purposes only and is for the use of the recipient. Credit Suisse does not guarantee the accuracy or completeness of this document and can not be held liable for losses that may result from its use. This document must not be distributed United States or given to a person USD or any other jurisdiction except under circumstances expressly comply with laws that are enforced. © 2009 Credit Suisse Group AG and / or its affiliates. Forex Trading Answers to frequently asked questions on trading online currency. Possibility of using another bank? It is not possible to conduct foreign exchange transactions with another bank. For security reasons, it is possible to perform currency trading with Forex Trading if the debit account and account to be credited shall be kept in the same issue of the relationship. Divergence closing / interbank? 

The foreign exchange market is constantly changing

The foreign exchange market is constantly changing. Currently, only a maximum of 5% of transactions in this market are attributable to international trade. It is therefore natural that some macroeconomic models explain only a very small proportion of the variability of exchange rates. In addition, Meese and Rogoff (1983) have shown that over a period of twelve months, even the macroeconomic models that include variables of a financial nature, such as interest rates, or monetary, such as money, do not have an explanatory power higher than a random walk. It is therefore necessary to determine new models to explain the dynamics of exchange rates. The microstructure approach to exchange market allows to open new perspectives, so far ignored. This market has often been thought of differently than other financial markets, microstructure theory has more time to get involved. For example, it is only recently that the market presence of asymmetric information has been accepted. In fact, the microstructure theory restores the importance of the transaction process ignored by traditional macroeconomic models. Indeed, they provide no role in this process because the information publicly available, is incorporated immediately into prices without requiring the closing of transactions. The microstructure approach consists of two pillars interaction, namely information and institutions. Indeed, the market structure affects the way information is integrated into the price and the behavior of agents will also affect the organization of the market. By introducing new variables such as order flow, microstructure theory explores new horizons because the focus is on where prices are fixed and the behavior of agents who determines. In fact, this theory can be closer to the reality of the foreign exchange market on the way directly into the front office. This theory opens the "black box" where are the prices and trying to understand how it works. 

The financial trading accessible to all

The new trading platform eToro visual sensation in the world of online forex

    - The visual software pioneer eToro introduces a new approach to currency trading: an innovative visualization and adjustment of functions depending on the experience of each trader, thus allowing to address eToro traders of all experience levels .



     Occasionally, a product comes along that revolutionizes an entire industry. This was the case with the outstanding foreign currency trading platform eToro. Incredibly attractive, she has allowed to seduce eToro in just one year thousands of people of all ages worldwide. From Canada to China, from Spain to Australia, people who had never considered making the currency exchange have discovered the wonders of the Forex market with eToro.
eToro utilizes an innovative visual interface (which is the subject of a patent pending!) that simplifies and facilitates exchange of currency trading for traders of all levels. Arenas for the exchange of eToro use visualizations that enable traders to exchange currency in an intuitive way, for example an animated map of the world. By using visual representations of trade, eToro makes comprehensible the complex market of currencies, even for those who are trying for the first time.



    Furthermore, eToro has won countless experienced traders who have chosen to switch trading platform in order to benefit from the user-friendly interface and perfect execution of the exchange of eToro. The "Expert Mode" eToro allows seasoned traders to focus solely on trading, with all the functions needed by a professional trader collected on a single page comprehensive trading, also bringing them news of the foreign exchange market and a calendar.



    One of the unique features that make eToro is the emphasis on the community, with chat, forums and competitions. In addition, eToro's community can help the trader to take decisions with a tool called 'Top Traders' Insight', which allows traders to see the exchange of the 100 most frequent traders making as much profit on eToro. This tool provides traders with a fantastic chance to use the expertise of professionals instead of doing their own market analysis.

Forex Guide eTrading

Trader and start making money with Forex WinTrader and MetaTrader If you just get to know the Forex market through the Internet, you will not regret your discovery! This guide is intended to introduce you to basic knowledge, as well as tools and techniques necessary for any novice making his first steps into the fascinating world of Forex. Online Forex Trading Guide
Introduction: Why Forex? If you read this guide, you're probably already interested in the market "Forex" (Trading of international currencies). But what can really bring you this platform exchange? -Accessibility: no wonder that the Forex market has a daily trading volume of 3 trillions: all the requirements to be active is to have a computer and a connection internet. Operationality-permanent: the Forex market operates 24 hours 24, and you can be on the blow at any time if financial scoop. Needless to nail biting before the bell Opening rings. -Target Market: Unlike the stock market, smaller, but tens of thousands of values ​​to study the Forex market does not revolve only around about eight major currencies. This choice small leaves no room for confusion and, although the market is huge, it is easy to a clear picture of what is going on. -Cash: Foreign currency trading is the largest financial market in the world with sales Business Daily more than 3 trillion dollars! Beyond the impressive statistics, the magnitude of the Forex market is also one of its greatest advantages. The enormous volume of trade newspapers made him the most fluid market in the world. This effectively means that in normal market conditions you can buy and sell the amount of currency that suits you. You can never run out of money to buy one, or stuck with one another that you do can not get rid of. 

Exchange rates

Exchange rates 1. Monetary systems An international monetary system is, by definition, a set of inter-state arrangements and practices between different economic actors that enable and supervise international economic relations. Its existence is justified by the need to control global monetary exchange in order to stabilize the operation of international trade. Over time, it is first application of a type in the 1870s, when German power adopted a strict monetary system based on the gold standard, that is to say a model where we define the monetary unit at a fixed weight of gold and where the whole issue of money is in return and exchange guarantee gold. This system lasted until 1914. Following the First World War, we opt for the system of the gold exchange standard. It is based on the fact that some hard currency can play the role of gold as a standard. In 1922, only two currencies could play this role: the U.S. dollar and to a lesser extent the pound sterling. Now it was possible for countries to establish reserves in hard currency convertible into gold.