The Peace with Honour (German: Frieden mit Ehre) is the 1921 peace treaty between the Central Powers and the Entente that officially ended the Weltkrieg in Europe.
The Armistice Years
Although general hostilities in the Weltkrieg technically ended following the 1919 ceasefire, it continued through various proxy conflicts, such as the Irish Civil War. By 1921, the major players of both the Central Powers and the Entente found themselves unable or otherwise unwilling to resume warfare against their adversaries.
In the Middle East, the Ottoman Empire was in shambles and ill-equipped to respond to the revolting Arab population or cross the Suez Canal to strike the British forces entrenched there. In Europe, although France was no longer a concern, the German Empire was unable to mount any form of attack against Britain. The British were unable to quell the Irish rebellion and were in no condition to return to active warfare. The Weltkrieg had critically strained the economy and population of every country involved, and proved the internal weaknesses of both Austria-Hungary and the Ottoman Empire. The overall situation had remained a total stalemate.
Terms of Peace
In November of 1921, General Erich Ludendorff offered British Prime Minister David Lloyd George a formal white peace, enshrining the terms of the 1919 Ceasefire of Copenhagen. The treaty was formally signed on November 11th, 1921. The war was not over completely, however, as Japan refused to sign the treaty and remained legally at war with the Central Powers until the Tsingtao Accord the following year.