Furthermore, the longer the adjustment is delayed, the greater the risk that industrialized nations will take protectionist measures against emerging-market economies that are perceived as not playing by the rules. And this may be the greatest threat to the global economy - a rise in protectionism which could choke off the growth of international trade that has led to rising incomes around the world.
In practice, it would appear that such responsiveness has not increased over the last decade, while empirical evidence supporting a growing role of global measures of economic slack in the inflation process of the euro area and other advanced economies has been limited.