But what this global monetary accommodation ultimately means for global  BIS central bankers’ speeches  1  commodity prices and inflationary pressures, and as a result to global macro-economic stability, is something that will likely require close monitoring. Another dimension would be the tendency to focus on external demand to spur domestic growth. This is a natural reaction when domestic demand is fragile.
When the global economy as a whole is growing rapidly this would not be an issue, but when global growth is weak, this could mean taking away possible opportunities from other economies. If rapidly growing emerging economies were to succumb to the temptation to resist the appreciation of one’s currency, this could be counterproductive from a global perspective.