In particular, at the recent G20 meetings in St. Andrews, the IMF defined seven principles for the exit strategy, the last one being about international policy spillovers and cross-border collaboration. It reads as follows: “Making exit policies credible and consistent, together with communication and consideration of spillovers, will improve outcomes for all countries.
Coordination does not necessarily imply synchronization, but lack of policy coordination could create adverse spillovers.” And moreover: “spillovers from differences in monetary policy conditions could pose significant challenges.