Monetary policy in the United States Because the genesis of the financial crisis was in the United States and other advanced economies, the much weaker recovery in those economies compared with that in the emerging markets may not be entirely unexpected (although, given their traditional vulnerability to crises, the resilience of the emerging market economies over the past few years is both notable and encouraging).
What is clear is that the different cyclical positions of the advanced and emerging market economies call for different policy settings. Although the details of the outlook vary among jurisdictions, most advanced economies still need accommodative policies to continue to lay the groundwork for a strong, durable recovery.