Perhaps this is simply because of the greater number of international meetings at which the Fund is asked for its view, but my sense is that international official bodies and their domestic counterparts are shifting their assessments unusually quickly as they attempt to grapple with the unfolding situation. Monetary policy is being eased aggressively around the world. So is fiscal policy.
And, as far as banking supervisors are concerned, too, there are strong arguments as to why greater regulatory proportionality is needed. Now that the financial crisis is over, we have stricter rules and a common European approach to supervision in the form of Basel III and the banking union.