This was a natural and predictable reaction, but one that should be largely reversed unless fundamentals justify it. The first response that countries should make if the shocks persist, and are regarded as unhelpful, is to review the stance of their own fiscal and monetary policies to determine whether there is anything that requires adjustment.
If the external shocks seemed to pose financial stability risks, macroprudential measures might be introduced as a complement or backstop to existing regulations and oversight of domestic financial systems. However, they should be used judiciously by targeting financial vulnerability itself, and not as a pretext for more protectionist and, ultimately, welfare-eroding measures.