Global monetary policy has been too easy in recent years and that is why we have seen such a major run-up in a wide range of industrial commodity prices.
Any individual country might wish to treat those increases as exogenous, but they cannot be exogenous for the world as a whole if they are driven mainly by demand, which by and large they have been to date. So, as a number of commentators have been saying recently, global monetary conditions need to be tighter.