Goerdeler argued that the only way out of the economic crisis, which gripped the German economy in 1936, was the devaluation of the "Reichsmark" and abandoning all of the restrictions on foreign exchange in Germany. Goerdeler argued that for devaluation of the "Reichsmark" to be successful would require co-ordination with other nations, especially the United States, the United Kingdom and France, which otherwise might be tempted to engage in competitive devaluations of the dollar, the pound and the franc respectively. To secure their co-operation, Goerdeler argued for rapprochement with the Western powers. In his memorandum for Göring, Goerdeler wrote of the "grandiose possibility" that a German reengagement with the world economy and the end of protectionism and autarchism would lead to a new age of economic co-operation among the world's largest economies.