Compared with the North Atlantic countries, this monetary accommodation has been much more effective as a stimulus, again because of the better state of banks through which much of its effect is transmitted.
The issue more recently has been that accommodative conditions have started to look out of place given the robust growth in output, rising asset values and increasing goods and services price inflation. A number of countries, including key ones such as India and China, have been responding to this with tightening. Some of the Latin American countries have done likewise.