These caveats brings me to the subject of spill-overs, an issue the G20 spends much of its time discussing, and requested of the IMF to produce spill-over reports for the five most systemically important economies. 4 These reports quantify, inform and educate about the spill-over effects of the policies of these five economies. 2  Brahima Coulibaly, International Finance Discussion Papers, Number 1042.
3  “Graduation from monetary policy procyclicality”, Vegh,c and Vuletin,G, 22 August 2012. 4  US, euro area, Japan, China, UK. 2  BIS central bankers’ speeches  The arrival of QE brought much scepticism and unease, with talk of currency wars gaining momentum owing to the spill-over effects of such easy monetary policy on emerging markets.