The  BIS Review 55/2003  1  monetary policy stance of one country affects the monetary policy of another and in this process part of our sovereignty in monetary policy-making is thus lost. Central bankers necessarily have to constantly watch their radar screens and determine for themselves how to steer their monetary policy in the best interest of their economies.
“The manner in which central bankers must operate can be compared to the decisions people make whenever they cross the street. If there is no traffic, there is little risk, and pedestrians don’t need to worry about the speed with which they cross the street.