4  Obstfeld, Shambaugh and Taylor, 2009. BIS Review 120/2010  1  Furthermore, a number of emerging economies did not allow their currencies to float freely, and continued to defend their peg at an undervalued exchange rate. Those modes of behavior beg in the issue of how to deal with protectionist sentiments.
We have a light hearted question in our region which asks: why did God choose to send the prophets of all three religions to the Middle East? And the answer is: it was impossible to get them a Schengen visa. Divine wisdom aside, protectionism, in its broadest sense, continues to be a major challenge to global coordination.