Indeed, outside such episodes, the case for cooperation tends to fade, as its benefits become less evident and policymaking therefore has even stronger incentives to favor national over multilateral considerations. Moreover, the usefulness and feasibility of international policy cooperation is a subject of debate.
At one level, some argue that under floating exchange rates countries are effectively isolated from external shocks and policy choices, and thus free to set a monetary policy stance appropriate for their own economies, rendering international cooperation unnecessary.