For years people have worried about the so-called “global imbalances” leading to trouble because Asian investors might refuse to buy dollars. Others have feared some sort of repeat of the 1997style “sudden stop” crisis in the emerging world.
Obstacles to a faster transition to a monetary easing cycle could arise from new challenges for exchange rate sustainability and a steady drop in inflation resulting from the Russian invasion. Thank you for your attention! 3/3  BIS - Central bankers' speeches