As Taylor himself has pointed out, these types of formulations are at best “guideposts” to help central banks, not inflexible rules that eliminate discretion. One reason is that their formulation depends on the values of certain key variables -- most crucially the equilibrium real federal funds rate and the production potential of the economy.
The Federal Reserve and the other U.S. banking agencies have, for many years, worked with their international counterparts to limit the difficulties and burdens that have arisen as foreign banks have entered U.S. markets and as U.S. banks have established operations in other jurisdictions.