In either nominal or real terms, interest rates faced by borrowers were very low, as was shown by their eagerness to borrow. This expansionary stance of monetary policy was designed to combat a specific set of circumstances - weak world economy, expected domestic slowdown, and undershooting of the inflation target. When these circumstances changed, it was only reasonable that monetary policy would also change.
The answer is: for countries open to international capital flows, exchange rate systems in which the government is viewed as being committed to defending a particular value of the exchange rate, or a narrow range of exchange rates, but has not made the institutional commitments that both constrain and enable monetary policy to be devoted to the sole goal of defending the parity.