In addition, it is important to bear in mind that the zero bound problem is likely to emerge only under rare circumstances, while the inflation costs would be immediate. Furthermore, recent  11  See Dale, Spencer (2013), Op. Cit.
A need for change of the Bretton Woods institutions There is a widely held perception that the Bretton Wood Institutions have become instruments in the hands of the major economies to control smaller member countries and indeed sometimes even larger emerging market countries.