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The Dawes Plan was formed in 1924 when an international committee funded by the [[United States of America]] and England tried to save [[Germany]]'s failing economy. The Dawes Plan, named after American financier [[Charles G. Dawes]], recomended that Germany begin paying 1,000,000,000 gold marks in the first year and increasing to 2,500,000,000 by 1928. It also called for a loan of 800,000,000 marks ($200 million) to Germany. The Dawes Plan ignored the original reparations set by the [[Treaty of Versailles]]. By 1929 the Dawes Plan was considered a big success and financial controls over Germany were relaxed. Germany factories were producing again at prewar levels and inflation was no longer a big problem.