With any one-size-fits-all approach, the problem lies in establishing a level playing field across different national and regional regulatory frameworks.
The PBoC decided in mid-2015 to weaken the peg to the US dollar, triggering a yuan devaluation and market turbulence, but also opportunities for investors.
Over a longer horizon, a greater focus on domestic conditions means that the Fed may start raising rates from record lows well before European central banks.
Without a single U.S. interest rate increase thus far in 2016, earlier forecasts predicting steadily climbing rates now appear unlikely to materialize. What shape will the revised rate hike trajectory take?
The decision to scrap the €500 bill increases the risk of tensions between the ECB and Berlin and highlights both actors diverging policy interests.