The slowdown of the Asian emerging economies, especially China, given the pandemic closures and the deepening of the housing crisis, explains part of it. The downward revision of growth in  4  Europe has also been influenced by the war in Ukraine.
In this Constituency we have a broad range of different monetary policy regimes as well as floating and fixed exchange rate regimes. Some countries have done well; others have been under considerable stress. For some, independent exchange rate has been unproblematic, for others it has been a source of vulnerability.