The third and final reason why implications for the international role of the US dollar and the euro are likely to be limited is that, as in the past, a move towards more exchange rate flexibility is unlikely to signal that emerging markets will implement the textbook rules of a domestic nominal anchor and an independent float, as is the case in the United States and the euro area.
6  BIS Review 49/2009  Emerging markets can be expected to move towards greater exchange rate flexibility if and when the monetary policy stance of advanced economies – for reasons that are either cyclical or structural in nature – becomes increasingly inconsistent with higher inflation rates in emerging countries.