The Germans looked forward to the Algeciras Conference with supreme confidence. But just as Germany seemed to be soaring toward the height of power, things began to go wrong. As diplomats were convening at Algeciras, it became clear that Germany, not France, was going to be the country in trouble.
Russia, France, Britain, Italy, Austria-Hungary, Germany, even the United States sent representatives. Early in the convention, a test vote was taken on a minor issue. However minor, the test vote showed that all countries present sympathized with France--all countries except Germany and Austria-Hungary.
An international agreement was eventually signed in Algeciras by which France retained control over Moroccan political and financial affairs--though it ceded control of the Moroccan police. As a result of the agreement that followed, Moroccan independence was confirmed, but France was given control over the Moroccan financial system. Whoever control a country's purse strings controls the country. Hence, as a result of the Algeciras Conference, France became the ruling power in Morocco.