In these respects, there is a latent possibility of the disinflationary effects of globalization we have experienced so far shifting into reverse in the future. Another aspect of globalization, the integration of domestic and foreign financial markets, has led to many difficulties in the practical conduct of monetary policy.
It is absolutely critical that surveillance take into account the growing interdependence of the global economy in order to maintain the stability of the international financial system. When policy errors in  BIS Review 26/2006  3  one country can lead to a financial crisis halfway around the world, we need to better understand the linkages between countries.