Other countries could also introduce more flexibility to the exchange rate of their currencies and allow relative prices to change. Fiscal policy in some emerging markets can also stimulate domestic demand away from exports and toward more consumption at home. This is all well known but I think it bears repetition.
Before I conclude, I would like to present a quotation from a book about the history of the Bank for International Settlements in Basle 10, when during one cold snowy December night in North Carolina, the author woke up on a power failure which, in his words, took him back to the 19th century and he realized that we take for granted so many things in life and I quote: “…the payments system is yet another example of a highly complex network technology.