A more balanced peace or a greater stabbed in the back myth?
More a pause for round two, just this time everybody knows it.
While this war has been shorter and so much much cheaper in both blood and treasure for everybody it was also less...let's say resolutive as Germany will remain a strong nation in the middle of Europe and both France and Russia will be scared by her and so will mantain an higher military spending.
Relations between London and his wartime ally will be strained due to Petrograd and Paris getting a lot of 'mutilated victory' feeling due to the perceived weakness towards the huns.
Ironically, Italy will just get what has been promised with much much less problems of OTL due to both the absence of Wilson and the continued menace of Germany and the Entente internal troubles (meaning that as an ally Rome mantain a certain importance for Paris or London)
Germany will probably obtain some serious concession (like much less punitive reparation and keeping the occupied part of the Hapsburg Empire...plus Austria proper, in the end the Czech can get some kind of protectorate status) but the rest of the border will be like OTL (with the exception of Silesia that will probably remain totally Germany and Memeland...but in the last case at least it will be demilitarizated).
Russia has dodged the revolution for now, but the Baltic, Finland and Poland will be an hotbed of rebellion and some concession of autonomy need to be done if anybody want to the situation to explode. Political stable as OTL Italy after the war and at the first place to become a right wing dictatorship.
France will feel menaced and isolated, even with all the gains (A-L , as it's not political feasible not obtaining that from Germany and his share of the German and OttomanEmpire).
If reparations are not possible in the amount envisioned, at least somekind of demilitarizated zone will be demanded and any possible pressure will be applied to obtain it.
Much much less devastated and spent of OTL, some big political troubles are ahead but less than OTL due to the lack of russian revolution and the general better situation.
Probably try to get an alliance with Belgium and Italy both in military and economic terms.
Italy, well, no Caporetto, lot and lot less deaths and the probability of being humiliated as OTL at the peace conference are very slim. Still political violence is unavoidable but with a better economic situation Benny or the socialist possibility for a takeover of the nation are much much less than OTL.
Probably political very similar to OTL France (maybe slighty more stable due to the presence of the King).
The USA (or better Wilson) have lost their chance to get the top spot for now; while they have greatly profited by the war the great power of Europe are not spent like OTL and without the DoW Wilson political capital in the old continent is not comparable to OTL.
Probably will try to get support for his 14 points and the LoN and receive polite refusal.
East Europe will be the usual mess.
With the war ending at this stage a lot of the defying moment for many nation has been butterflyed away.
- No Russian Revolution
- No Caporetto for Italy
- Spanish Influenza deathtool probably lessen than OTL due to no massive influx of american troops and soldiers living in the trench.
- No conscription crisis in Ireland.
- No entry of the USA in the war and so no crackdown of the socialists or of German culture