As the storm gathered during 2008, the Fed aggressively eased monetary policy by using such open market operations (supplemented by discount rate reductions) to drive short-term interest rates to near-zero levels.

FORBES: Nothing to Fear from Fed's Monetary Ease

For starters, the lack of a decent recovery means that the Bank of England may have to loosen monetary policy even further this year, meaning that the market interest rate that foreigners can earn holding sterling will stay very low.

BBC: A pounding for sterling in 2013?

The Federal Reserve has maintained a super-easy monetary policy in the name of reducing the jobless rate and to reflate the housing market, but this has contributed to higher food and energy prices and thus reduced real income gains.

WSJ: Review & Outlook: The Vanishing Workers

The problem, however, is that policymakers may not want to make their domestic monetary policies subject to formal exchange-rate targets for the sake of global currency-market stability.

ECONOMIST: Why non-Europeans should care about EMU

More than a year ago Hanke explained that Brazil's Plano Real, which pegged its currency to the dollar, dangerously quashed free market forces by giving the central bank the power to set both the exchange rate and monetary policies.

FORBES: Follow Through

It is noteworthy that Pereira has made important, market-moving speeches before the key August 2011 meeting (when the bank surprised the market by cutting rates) and at the last monetary policy meeting (where the bank slowed the pace of rate cuts to 25 basis points).

FORBES: Regime Change Coming To Brazil's Finance Ministry

The official monetary policy rate, or federal funds rate remains at zero to 0.25 basis points and the Federal Open Market Committee has suggested rates will remain at that level through mid-2013.

FORBES: Fed Watch 2012: What Does Ben Have Up His Sleeve Now?

In the area of monetary policy, the Federal Open Market Committee (FOMC) has moved aggressively, cutting its target for the federal funds rate by a total of 225 basis points since September, including 125 basis points during January alone.

NPR: Economic Swoon to Continue, Bernanke Says