This was particularly noteworthy in the context of the energy shock, because the price of energy commodity imports is often denominated in US dollars. 20. Dieppe, A. and Brignone, D. (2022), “Synchronised interest rate hikes, spillovers and risks to global growth”, VoxEU, 14 November; Panetta, F. (2022), “Mind the step: calibrating monetary policy in a volatile environment”, op. cit.
•  Eighth, an additional challenge for the EMEs is that they are exposed to the volatile international capital flows necessitating suitable regulatory policies depending on the macro economic conditions for ensuring financial stability.