It would be impossibly complex if we were additionally burdened with having to think about the effects of (unconventional) monetary policies on other countries. This widely-heard rationale is really an abandonment of responsibility. It amounts to asserting that the monetary authority only has a domestic mandate, which is Rationale 3 above. In an interconnected globalized world, “complexity” cannot be a defense.
Their endeavour should be to innovate solutions keeping in mind the  7  Mahalanobis Dictum 7 : “Statistics must have a clearly defined purpose, one aspect of which is scientific advance and the other, human welfare and national development.” 18. My best wishes for productive deliberations in today’s  conference. Thank you. 7  Rao, C. Radhakrishna (1993).