How did the Munich agreement impact England and France?

The 1938 Munich Agreement impacted England and France in a generally negative way. To be sure, immediately upon the signing of the agreement, there was some optimism in both countries concerning Germany's foreign policy. It soon became clear, however, that Germany was not to be appeased by the Munich Agreement: it wanted still more territory and more power. Thus, those English and French leaders who had arranged the Munich Agreement began to look more and more naive, and the Agreement itself looked less and less positive.