In some cases this may lead to a common understanding that a particular direction of policy is in the interest of all parties involved. I believe that the situation we are facing nowadays illustrates this case rather well. •  We are observing an emergence of strong inflationary pressures around the globe. Monetary policy at the world level appears to be quite expansionary.
Short-term real interest rates are negative in the US and are very low or negative in many regions, particularly in emerging economies (for the total of emerging economies’ real shortterm interest rates are close to zero, they are positive for those that have an inflation targeting framework, and significantly negative for the others.)