It is commonly believed today that the British, French and Italian delegates at the Paris Peace Conference in 1919 should have treated Germany as an equal partner in the re-establishment of peace: no revenge, no reparations, no redrawing of borders, no forced signing of a war guilt clause, no mischaracterizations. If this had happened, there might not have been an economic depression or as intense a depression in the 1930s, plus no revanchism in Germany and no renewed war in Europe from 1940 to 1945.