The Treaty of Versailles (French: Traité de Versailles) was the most important of the peace treaties that brought World War I to an end. The Treaty ended the state of war between Germany and the Allied Powers. It was signed on 28 June 1919 in Versailles, exactly five years after the assassination of Archduke Franz Ferdinand which directly led to World War I. The other Central Powers on the German side of World War I signed separate treaties. Although the armistice, signed on 11 November 1918, ended the actual fighting, it took six months of Allied negotiations at the Paris Peace Conference to conclude the peace treaty. The treaty was registered by the Secretariat of the League of Nations on 21 October 1919.
Of the many provisions in the treaty, one of the most important and controversial required "Germany accept the responsibility of Germany and her allies for causing all the loss and damage" during the war (the other members of the Central Powers signed treaties containing similar articles). This article, Article 231, later became known as the War Guilt clause. The treaty forced Germany to disarm, make substantial territorial concessions, and pay reparations to certain countries that had formed the Entente powers. In 1921 the total cost of these reparations was assessed at 132 billion marks (then $31.4 billion or £6.6 billion, roughly equivalent to US $442 billion or UK £284 billion in 2018). At the time economists, notably John Maynard Keynes (a British delegate to the Paris Peace Conference), predicted that the treaty was too harsh—a "Carthaginian peace"—and said the reparations figure was excessive and counter-productive, views that, since then, have been the subject of ongoing debate by historians and economists from several countries. On the other hand, prominent figures on the Allied side such as French Marshal Ferdinand Foch criticized the treaty for treating Germany too leniently.
The result of these competing and sometimes conflicting goals among the victors was a compromise that left no one content: Germany was neither pacified nor conciliated, nor was it permanently weakened. The problems that arose from the treaty would lead to the Locarno Treaties, which improved relations between Germany and the other European powers, and the re-negotiation of the reparation system resulting in the Dawes Plan, the Young Plan, and the indefinite postponement of reparations at the Lausanne Conference of 1932.
Although it is often referred to as the "Versailles Conference", only the actual signing of the treaty took place at the historic palace. Most of the negotiations were in Paris, with the "Big Four" meetings taking place generally at the Quai d'Orsay.