Turning to inflation, I believe that transitory effects of the fall in oil prices and the rise in the dollar are the primary reason that inflation has fallen short of the FOMC’s 2 percent goal.
There are also historical examples of countries that resisted the internationalisation of their currency, particularly in view of increased uncertainties in the conduct of macroeconomic policies in general and monetary policy in particular. For its part, the ECB has adopted a neutral stance.