Hawtrey and Cassel both recognised the dominant role of the United States in the world economy after World War I. They recommended that the Federal Reserve pursue aggressive monetary policies to counteract the deflationary pressures after 1929. When it became clear that the US was unwilling to pursue such policies, they both recommended that their respective countries (England and Sweden respectively) leave the gold standard. England left the gold standard in September 1931 and Sweden suspended it shortly afterwards, with Cassel playing an important role in the latter.