The moral is obvious: it is that great armaments lead inevitably to war. If there are armaments on one side there must be armaments on other sides. W… - Edward Grey, 1st Viscount Grey of Fallodon

It has become only too apparent that in the proposal of a conference which we made, which Russia, France, and Italy agreed to, and which Germany vetoed, lay the only hope of peace. And it was such a good hope! Serbia had accepted nearly all of the Austrian ultimatum, severe and violent as it was. The points outstanding could have been settled honourably and fairly in a conference in a week. Germany ought to have known, and must have known, that we should take the same straight and honourable part in it that she herself recognised we had taken in the Balkan Conference, working not for diplomatic victory of a group but for fair settlement, and ready to side against any attempt to exploit the Conference unfairly to the disadvantage of Germany or Austria. The refusal of a Conference by Germany, though it did not decide British participation in the war, did in fact decide the question of peace or war for Europe, and sign the death warrant of the many hundreds of thousands who have been killed in this war.

Now, a word as to our policy. It is not anti-German. But it must be independent of Germany. We wish to keep and strengthen the Entente with France... [T]he Entente with France means good and easy relations for both of us with Italy and Spain. This means that peace and quietness are assured among the four Western Powers of Europe. To complete this foundation, we wish to make an arrangement with Russia, that will remove the old traditions of enmity, and ensure that, if we are not close friends, at any rate we do not quarrel. If all this can be done, we shall take care that it is not used to provoke Germany, or to score off her, if she will only accept it, and not try to make mischief.

If France is beaten in a struggle of life and death, beaten to her knees, loses her position as a great power, becomes subordinate to the will and power of one greater than herself—consequences which I do not anticipate, because I am sure that France has the power to defend herself with all the energy and ability and patriotism which she has shown so often—still, if that were to happen and if Belgium fell under the same dominating influence, and then Holland, and then Denmark, then would not Mr. William Gladstone’s words come true, that just opposite to us there would be a common interest against the unmeasured aggrandizement of any power?