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The PM of the time, Neville Chamberlain, declared the Conference to have declared 'Peace in our time' when he returned from Munich in 1938.

The Munich Summit had been held following Nazi Germany's annexation of Austria (which, it has to be said, was wanted by most Austrians anyway as many were themselves ardent Nazis), and it's invasion and occupation of Czechoslovakia. Other European nations were terrified that they were going to be next on Hitler's list for takeover, and could in no way match the military might of Nazi Germany- with the possible exception of France, which could only hold out temporarily and not for long.

The conference was thus called to ensure that Hitler signed a Declaration agreeing not to expand German occupation to any further nations, or otherwise face war with Britain and France. He did so, and Chamberlain believed that a great political breakthrough had been achieved. But he was naive in imagining that Hitler could be trusted- the following year, Hitler broke his promise and invaded Poland at the beginning of September '39, forcing Chamberlain to declare war on 3rd September.

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