And shallow liquidity in some markets could become an amplification channel in the event of further adverse shocks. 2/5  BIS - Central bankers' speeches  For some emerging economies, high interest rates in combination with weaker demand in advanced economies could increase capital outflow pressures, particularly commodity importers facing higher commodity prices and weaker exchange rates.
Financial integration and the single currency are in many ways two sides of the same coin. One fundamental reason for the single currency was to maximise the benefits of the single market for capital.