We are currently observing spillovers from large economy QE impacting capital flows and exchange rate pressures in small open economies. Continuing exchange rate pressure is problematic for a country like New Zealand. BIS central bankers’ speeches  5  Figure 5 Central bank asset holdings  Source: Bloomberg. In the face of plummeting demand, many countries hurriedly enlisted discretionary fiscal policy also.
Over the past year, we have had several occasions when the government raised the threat level to Orange (High). Responding responsibly to physical threat warnings is costly and can be confusing, but it cannot be avoided. The Department of Homeland Security has provided some general guidelines on how to adjust security measures to its threat-level warning system.