The Locarno Conference of 1925 was of the great importance in a series of international gatherings which took place between two World Wars. The article examines the development of the Locarno settlement as a first after Versailles attempt of finding a permanent solution of the problem of security in Europe. From the point of the French, German and British interests and participation in Guarantee Pact project the authors investigate the "Locarno process". It enables them to assess the Locarno agreement as mostly successful solution of the general problem of security and so not to blame the Locarno policy makers in the Second World War arising.