Unable to agree on coordinated reflationary action, governments opted to move unilaterally. One after another, they abandoned the gold standard, depreciating their currencies.
1929年股市大崩盘后，欧洲又经历了严重的通缩冲击。产出剧减，失业率剧增。各国政府没能达成相互合作、一起采取通胀手段的协议，而是选择各自为政。结果，各国一个接着一个放弃了金本位，贬值了本国货币。通过这种方式的信贷宽松，它们一个接着一个从大萧条中实现了复苏。