The lack of synchronisation between the business cycle and monetary policies in the US and the euro area may reduce the current impact of monetary policy decisions in advanced countries on emerging countries as the effects tend to offset each other. 16 The growth outlook in emerging economies may matter more than in the past.
This is particularly evident if we consider that they account for more than 50% of world output, 40% of world trade volumes and an increasing, albeit still small, share of global stock market capitalisation or international bond issuance. 17 China is increasingly becoming a global player, whose decisions have increasingly relevant repercussions at the global level.