BIS central bankers’ speeches  5  exiting would understand the dangers of leaving too early or too late, while those countries that would feel the effects should have no desire to see the process unfold any differently.
A major part of international lendings and borrowings is at fairly short term. And they quite often tend to follow a self-reinforcing herd instinct in periods both of euphoria and of scepticism. Both factors, any domestic weaknesses and the properties of the international financial markets, may cause a potential for a reversal in sentiment for a currency to build up.