The paradox of monetary cooperation

We are thus left with a paradox: While crises increase demand for central-bank cooperation to deliver the global public good of financial stability, they also dramatically increase the costs of cooperation, especially the fiscal costs associated with stability-enhancing interventions. As a result, in the wake of a crisis, the world often becomes disenchanted with the role of central banks – and central-bank cooperation is, yet again, associated with disaster.
Read more at http://www.project-syndicate.org/commentary/the-rise-and-fall-of-monetary-policy-coordination-by-harold-james#b8J8sc1WT5Z0WZfi.99

The Fed was supposed to tighten through ending QE, the Great Tapering. However, the reaction in emerging markets was negative. EM are hooked on easy funding, yet if there is continued easier, there is the counter-argument that the Fed is following this policy to cause a dollar decline. Clearly, there is a need for cooperation and trust by central banks so the US can follow both a domestic policy and be a good international monetary partner. we are not seeing cooperation to achieve a joint goal.