the former Director of the US Bureau of the Budget Charles G. Dawes was formed, to consider "from a purely technical standpoint", how to balance the German budget, stabilize the economy and set an achievable level of reparations. In April 1924, the Dawes Plan was accepted and it replaced the London schedule of payment. While the "C" Bonds were omitted from the plan's framework, they were not formally rescinded. French troops were to withdraw from the Ruhr, and a bank independent of the German Government, with a ruling body at least , was to be established and the German currency was to be stabilized. The payment of reparations was also reorganized. In the first year following the implementation of the plan, Germany would have to pay marks. This figure would rise to marks per year by the fifth year of the plan. A Reparations Agency was established with Allied representatives to organize the payment of reparations. Furthermore, a loan of marks was to be raisedover 50 per cent coming from the United States, 25 per cent from Britain, and the balance from other European nationsto back the German currency and to aid in the payment of reparations. Young Plan The adoption of the plan was followed by the Locarno Treaties. The subsequent "spirit of Locarno" saw an apparent reconciliation between the European Powers. The implementation of the Dawes Plan also saw a positive economic impact in Europe, largely funded by American loans. Under the Dawes Plan, Germany always met her obligations. However, German long-term goals remained the same despite the apparent reconciliation: the revision of the Treaty of Versailles to end reparations. The Dawes Plan was seen only a temporary measure, with expected future revisions. In late 1927, the Agent-General for Reparations "called for a more permanent scheme" for payments and in 1928 the Germans followed suit. German Foreign Minister Gustav Stresemann called for a final reparation plan to be established alongside an early withdrawal of Allied troops from the Rhineland. The French, aware of their weakening political and financial position, acquiesced. On 16 September 1928, a joint Entente-German statement acknowledging the need for a new reparation plan was issued. In February 1929, a new committee was formed to re-examine reparations. It was chaired by the American banker Owen D. Young and presented its findings in June 1929. The "Young Plan" was accepted and was ratified by the German Government