As is understandable, some people look at a TL like this in terms of the OTL path to WW2.
I thought I'd offer something else.
Sarraut is able to convince Baldwin to support a French intervention against the attempted German re-militarisation on March 1st. Someone else can go into the details but let's assume a humiliating German withdrawal after perhaps a couple of sharp engagements against French troops.
The immediate political consequence is Sarraut is the unlikeliest of heroes - the French Army moves back into the Rhineland amidst sullen hostility from the locals and immediately deals with the Nazi organisation in the region which is fairly brutally dealt with.
The relatively cheap victory against Germany transforms French politics - Sarraut wins a big majority in the Legislative elections in the spring of 1936 and begins a new policy of re-armament. France has regained her self-confidence and with the fall of Hitler, becomes diplomatically very active in central and eastern Europe. Relations with Mussolini's Italy, strained after the latter's invasion of Abyssinia, begin to improve as both guarantee Austrian and Czechoslovak independence.
With Hitler gone, Mussolini feels isolated and with France and Britain in more assertive mood, agrees to a ceasefire in Abyssinia and the withdrawal of Italian troops in late 1936.
Stanley Baldwin has also done well out of the Rhineland Crisis - the backbencher Winston Churchill pays a warm tribute to Baldwin's "resolve" in the Commons and the mood in the Conservative Party shifts away from the "appeasers" as, with the threat of German aggression removed, the onus shifts back to containing the USSR.
France, Britain and Italy are uneasy allies but united in their opposition to Communism and will bolster the authoritarian nationalist regimes in Poland, Hungary and Romania as well as Czechoslovakia and Bulgaria in a single anti-Communist front.
The next big crisis is in Spain where Franco's Nationalists rise against Quiroga's Government on 17th July. Immediately, France and Britain declare their support for the Government and the French move to mass a considerable force at the Spanish border. Mussolini offers to negotiate a political settlement between Franco and the Madrid Government.
British and French naval vessels assembled off both the east coast of Spain and the Portuguese coast. Franco's Nationalists controlled a third of Spain but had failed to take Madrid or Barcelona. Faced with possible French intervention and a significant Anglo-French naval intervention, Franco agreed to the joint offer of Salazar and Mussolini for talks.
As is so often the way, jaw-jaw was infinitely better than war-war. After protracted negotiations through the rest of 1936 and into early 1937, a new constitution and voting system was agreed and at the General Election on 1st June 1937, while the centre-left Popular Front won a small majority, the Communist parties were excluded from Government.
Spain would however experience decades of political turmoil until events on the wider European scene intervened. Salazar and Mussolini ruled Portugal and Italy respectively until the 1960s but their successors soon abandoned much of the baggage and instigated reforms.
For France, conversely, the 1940s and 1950s saw a new resurgence of self confidence. She was once again the pre-eminent European land power and relations with Germany improved considerably with both keeping a wary eye on the Soviet Union. Successive centrist Governments slowly improved French economy and society.
On the other side of the world, however, peace was not so easy to buy. The long standing conflict between Japan and China erupted in 1937 but both Paris and London decided it was necessary to show Tokyo they would not be intimidated. A major build up of Anglo-French forces off Vietnam and at Singapore in 1939-40 convinced the Imperial Japanese not to show undue aggression. The Americans noted the European build up and matched it at Pearl Harbor.
Despite the experience of 1939, it would again be Soviet Russia which would be Japan's major target when war came in 1941. It is known to history as the Second Russo-Japanese War but that's where the similarity with the first conflict ends. After spectacular initial Japanese victories, including the capture of Vladivostok and Irkustsk, Stalin was deposed and the new triumvirate of Molotov, Zhdanov and Zhukov instigated reforms and encouraged initiative on the Siberian Front.
As we know, the Russians pushed back the Japanese in the north while the Chinese Kuomintang, supported by British, French and American air power and weapons and indeed some foot soldiers, were able to finally displace the Japanese from most of China and would eventually link up with the advancing Russian forces on the Yalu River forestalling a Russian advance and occupation of Korea by just a few hours.
Humiliated in Russia and China, a convulsion in the Imperial Japanese Government saw a "peace faction" come to power which sought American mediation. On September 1st 1945, the second Russo-Japanese War ended and the Treaty of San Diego confirmed the Russian conquest of Mongolia and Manchuria.
The history of the second half of the 20th Century doesn't need re-telling here but the struggles of the European colonial powers in the face of rising nationalism, tacitly encouraged in their own ways by both America and Russia, left Germany to re-emerge as the new European powerhouse under successive Social Democratic and Liberal Governments in the 1960s and 1970s.
The explosion of the first nuclear bomb in the South Pacific on the 19th June 1952 once again suggested a new period of French dominance but with the USA, USSR, China, Britain and Germany all acquiring nuclear technology in the next five years that pre-eminence was short lived.
