4  BIS central bankers’ speeches  conventional and unconventional measures generally conclude that the effects on global financial markets are roughly similar. 15 Given the relatively fast recovery of many EMEs from the crisis, post-crisis monetary accommodation in the United States and other advanced economies created policy challenges for many EMEs.
16 If they resisted currency appreciation pressures by lowering their policy rates, they risked over stimulating domestic demand, exacerbating financial excesses, and overheating their economies. If, instead, they reduced their policy rates less than the US had done while intervening to resist currency appreciation, capital inflows could have increased further, thus partially offsetting their attempts to stabilize their economies.