This broad variety of national responses inevitably begs the question of whether and to what extent they are consistent with global financial stability. Greater cooperation, for instance through a (non-binding) framework or guidelines both at the national and the global level, might be a more effective way of safeguarding financial stability.
Moreover, it has to be further clarified whether an incorporation of Capital Flow Management into the surveillance mandate of the International Monetary Fund could contribute to better outcomes on the global level. As Jaques De Larosière recently highlighted: An international monetary system worthy of the name should ensure that national interests and measures lead to globally stable solutions.