Policymakers have to be able to react quickly in many circumstances, and it makes no sense to delay needed actions in order to achieve international consensus, particularly when the potential benefits from coordinated action are small relative to the potential costs of delay.28 Experience has shown that the best outcomes are achieved when each country's policy focuses on domestic stabilization.
Nevertheless, in our interconnected world, it is important for policymakers in different countries to maintain an ongoing conversation. This conversation involves the exchange of information about economic conditions and policy options as well as an opportunity to debate the merits of alternative policies that can lead to improved understanding of the practice of macroeconomic policy. International conversation promotes trust and understanding.