Luther became Minister of Finance under Gustav Stresemann in 1923, and he successfully stabilized the inflated national currency. He continued as Minister of Finance in the next government, and he participated in negotiating the Dawes Plan in 1924.
Stresemann was nominated for being largely responsible for restoring the international status of Germany after World War I, and for his contribution to the Locarno Pact in 1925. Advocate of reconciliation and arbitration.
Keilhau suggested that the prize for 1926 was divided between Briand and Chamberlain, while the reserved prize for 1925 was divided between Luther and Stresemann.
The reserved prize for 1925 was divided between Charles Dawes and Chamberlain. The prize for 1926 was divided between Briand and Stresemann
The Locarno Pact sought to normalize relations between Germany and its former enemies. It intended to secure peace in western Europe by eliminating the possibility of border disputes involving Germany, whereby Germany, France, Belgium, Great Britain and Italy mutually guaranteed peace in western Europe.