One example of discrepancy occurred in the 1990s between the United States, which began to tighten policy in a context of economic growth, and Germany, which started to do the opposite in the face of higher unemployment stemming from political unification.
Notwithstanding such particular cases, there does seem to exist a certain tendency in the medium term toward the international synchronization of economic cycles, especially among high-income countries. Additionally, in recent decades inflation rates have been persistently declining in advanced as well as non-advanced economies. Consequently, a propensity towards convergence among monetary policies has become evident, particularly among developed nations.