15 The Modern Federal Reserve In the System’s early years, the decentralized structure gave the Reserve Banks considerable scope to make independent decisions that applied to their own Districts, which made it difficult to effect policy.
Side 1 af 8  Second, all major advanced economies will have to adjust to lower potential growth. It's a fact, as headwind from slowing productivity growth and ageing kicks in. Europe is no exception. Third, free global competition is the main driver of innovation. Europe suffers from an R&D gap relative to global hotspots.