[44]Bruno and Shin (2015) argue that looser US monetary policy encourages global banks to  leverage more in dollars (on the supply side) and emerging markets to borrow more in dollars (on the demand side). The latter reflects the fact that the ensuing dollar depreciation flatters 17 / 18  BIS central bankers' speeches  emerging markets’ balance sheets, hence appearing less risky.
Since the Brexit vote, the value of the euro has risen by almost 17 per cent against Sterling, and Sterling weakness has mapped into a substantial downward shift in the prices of consumer goods in Ireland. While Sterling depreciation also adversely affects the earnings of exporters to the UK, export volumes to the UK remain robust, including for the food sector.