As a result, the Reserve Banks created a committee to coordinate these “open market operations.” But in these years, the Reserve Banks were not bound by that committee’s decisions and could derail any attempt at coordinated action. This decentralization was thought by some to have undermined the Federal Reserve’s response to the Great Depression.
We estimate that the economy will grow by 1–1½ per cent next year compared with this year. Exports have buoyed up growth in Denmark. The reason is that some of our largest export markets, such as Germany and Sweden, have not been so severely affected by the crisis until now.