Nevertheless, perhaps discouraged by the pessimistic and defeatist attitudes of both military and civilian members of the French government and traumatised by the bloodbath in World War I that he had personally witnessed, Daladier ultimately chose to pressure Czechoslovakia into concessions. The French economic situation was very worrying since the French franc had been devalued on 4 May 1938 for the third time since October 1936. Daladier wanted to stabilise the franc and so had fixed the exchange rate to 176 francs per pound sterling.