Italian and French completions reopen the treaty building holiday

Because the Caracciolo and Normandie hulls were laid down before World War I, one proposed reading would let their completion leave the French and Italian early replacement slots available. Both navies could then use those slots to replace older ships after investing in the yards and supporting industry needed for the initial completions. A competing concern is that such construction would change the treaty settlement itself, even if the completions initially fitted its terms. Britain would need enough strength for the eastern Mediterranean while France covered the west. Further responses by the larger naval powers could end the building holiday or replace it with construction limited by tonnage over each five-year period. These remain alternative treaty outcomes within the counterfactual, without a settled agreement on what would follow.