In the era of the gold standard, having insufficient reserves simply would not do. Do not be fooled by the fact that the United Kingdom, France, and Austria were allies—should France's currency reform run into trouble, the first to fish in troubled waters would be the United Kingdom and Austria.
That was not to say other countries were friendly toward France; they simply lacked the strength to provoke it. In a world where truth lay within the range of cannon fire, having the bigger fist still brought many advantages.
Napoleon IV asked doubtfully, "Gold prices have remained high all this time. Wouldn't that affect the United Kingdom and Austria as well?"
Both the Pound Sterling and the Divine Shield were on the gold standard. As gold prices rose, the Pound Sterling and Divine Shield also appreciated. The increase in their currency values would likewise affect British and Austrian export trade.
Finance Minister Allen answered helplessly, "Your Majesty, the main international settlement currencies at present are the Pound Sterling and the Divine Shield. The impact of their appreciating currencies has been reduced to a minimum.
"Instead, we are the ones suffering more. Affected by changes in currency values, more and more capitalists are choosing to hold Pound Sterling and Divine Shields, while the Franc's market share continues to decline."
Such was the power of currency hegemony. Though the Divine Shield and the Pound Sterling were competitors, the two countries' interests aligned when it came to preserving the gold standard.
Beyond market share, the United Kingdom and Austria also held the overwhelming majority of the international import and export trade market. Countries had no choice but to hold large quantities of Pound Sterling and Divine Shields.
It was much like the currency hegemony of the United States in later generations. Everyone knew