To interject into the thread again - with the question of France and Italy and capital ships, I can only really repeat what
I said earlier in the thread.
Both the
Normandie and
Caracciolo-class battleships are too flawed in terms of underwater and horizontal protection, and its doubtful either navy will complete any of them. The same flaws ring true in this world's WWI as they did in OTL's WWI. At best, you'll see a similar case of
Béarn converted into an experimental carrier, and in the case of the Italians, something similar with
Caracciolo's hull (again, I make reference to the conversion projects Pg. 579 through 582), which was considered at the same time as the proposals to complete the ship with improved deck armor (1919), inspired by British efforts with HMS
Argus. Due to the post-war financial difficulties, the effort largely failed, but if there funds are available this time around it stands a much stronger chance.
Spending for new battleships, likewise, is relatively low on the priority level for either navy post-WWI OTL, due to the severe lack of modern destroyers and cruisers in their fleets (which became the focus of their naval programmes of the 1920s and into the early 1930s). France, in particularly, had to spend considerable funds on attempting to modernize her existing dreadnoughts, which had very limited angles of elevation, seakeeping issues, outdated propulsion, etc, and needed lots of modifications to bring them up to the standards of foreign dreadnoughts.
In turn, outside of the general push for the continued develop of the naval air arm and some form of carrier (if not a carrier, the second, cheaper option floated was for a fast seaplane carrier, which ultimately lead to the not-so-fast
Giuseppe Miraglia), Italian naval developments largely tend to be reacting to French ones (resulting in the mirroring of fleets, since OTL both tended to plan to counter the other), as even totally independent of fascism the RM tended to see France as its major rival (especially now that the Austrian question was resolved, leaving the Adriatic secure - the Kingdom of Serbs & Croats doesn't have the infrastructure to operate any of the large Austrian ships, and will likely see a similar force development as the Yugoslava state OTL).
What will be interesting to see is what if there's a WNT analog in this timeline, and likewise who ends up in charge in the RM. Given the much better end to the war the fascists will have a much more difficult time gaining support, and without the rise of fascism, there's no suppression of men like Romeo Bernotti, which should lead to some interesting developments in the late 1920s and 1930s (especially if he becomes the navy's CSMM in the 1930s instead of Cavagnari), and will have a large hand in how the RM develops.