On the eve of the first world war, Eichengreen shows, the Dutch guilder, Belgian franc and Austrian schilling were all more important as reserve currencies than the dollar.

埃森格林指出，第一次世界大战爆发前夕，荷兰盾、比利时法郎和奥地利先令都是比美元更重要的储备货币。

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But one of the pieces that make up the franc is a Belgian piece, and the shopman refuses it.

但凑够一法郎的硬币中有一枚是比利时硬币，店主拒收。

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Without it, the stalemate might have triggered a run on the Belgian franc.

ECONOMIST: Charlemagne