In all these cases, unanimity is required for all decisions, not only in the set-up of the scheme, but also in its modification and activation. This is a clear shortcoming. It would be as if the IMF had to gain the unanimous support of its Executive Board to decide on each and every country programme.
Similar results obtain for the correlation of U.S. yields with yields of other industrial countries, including Canada, the United Kingdom, and Japan. That interdependence suggests that monetary policy makers must pay attention to conditions abroad as well as at home.