The financial characteristics of this evolving cycle of globalisation as well as the challenges and benefits it poses to emerging market economies indeed deserve our attention, especially against the background of an environment in which the benefits of multilateralism are being questioned by some, when in fact the role of international institutions and regional financial cooperation should be intensified.
Page 1 of 8  2. The financial characteristics of a new global cycle  Policy rates in the United States (US) remained at around zero from late 2008 to late 2015, and even today they are 1.7 percentage points below their average of the past 25 years.