Since the late 1920s, politicians, bankers, and economic historians have debated the extent to which the internationalist nature of Strong’s monetary policies and other flaws in his policy views contributed to the onset and intensification of the Great Depression in the United States and Europe. During the 1920s, in close collaboration with Montagu Norman, governor of the Bank of England, Strong played a major part in the restoration of European currency stability. Fiercely pro-Ally in outlook during the First World War, Strong pushed successfully for monetary policies that effectively assisted the Allies to raise war finance in the United States. Strong perceived the System as one means whereby the United States could assume a far more substantial international role.
Benjamin Strong, first governor of the Federal Reserve Bank of New York (1914–1928), dominated the Federal Reserve System during its formative years.
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