It does not go unnoticed but it receives less attention. What I am referring to is the continuous rise of emerging economies. This development is to the crisis as plate tectonics is to a volcanic eruption: it is slower yet its implications might be larger. But before we talk about the implications of the big shift, let us take a look at the facts.
As oil prices rose over the 2002–12 period, so did the value of the dollar, increasing from around 63 cents to above parity. Now, the fall in oil prices has set in motion complex dynamics, including sectoral and regional adjustments, which will take time to work their way through the economy.