We need to build a clearer consensus on diagnosis, remedies and allocation of responsibilities. In some respects, the proposed shift in perspective parallels the evolution of economics thinking in the 20th century.
Between May 22 and June 20 (following the FOMC press conference on June 19, when the Fed chairman unveiled the plan for tapering off), exchange rates of emerging markets depreciated considerably. This currency depreciation was concomitant with large outflows of debt and equity capital. The trend continued even after June 20.