Specifically, last week, on 10th of August, the FOMC stated that the pace of economic recovery had slowed in recent months, indicating that it would take a little longer for the US to return to the normal state. Similarly the euro-zone faces a situation in which the sovereign risk problems of certain Southern European countries have not yet been fundamentally resolved.
I believe that free capital mobility is the key factor underlying not only the appropriate choice of exchange rate regime, but also understanding the recent crises in emerging markets. There is a broad consensus today that the sudden reversal of capital flows played a central role in triggering recent crises.