This kind of action could be related to the failure of policy coordination since each country attempts to avoid exchange-rate appreciation relative to competing countries in order to maintain competitiveness, and thus each waits until some other country takes the initiative.
The idea was first broached by the ATTIC Executive who thought that the establishment of an Ombudsman would be of tremendous assistance in strengthening confidence and credibility in the insurance industry. (I am told that the idea of an Ombudsman for the insurance industry has been floating around for the last ten years).