For macroeconomic policy, it is a matter of ensuring that the economy adjusts to the change as smoothly as possible. That task is easier today than it once was.
The starting point should accept the benefits of capital flows and the power of markets in allocating resources, but should also recognise that in just about every domestic market there are (often extensive) “rules of the game” and market infrastructure: what is needed now is a similar set of rules of the game for international flows.