•  In many emerging economies, particularly in China, the pegging to the dollar implies importing US monetary policy even if internal conditions, especially domestic demand, are very different. On the one hand, this policy is fuelling liquidity and credit expansion, pushing domestic demand and pushing inflation rates in these economies towards double-digit values.
On the other hand, through the increasing pressure on commodity prices (oil and food) it puts pressure to inflation rates also in main industrialised economies.