With competitive 'easing' stoking fears of international currency wars, The Telegraph notes however that looser monetary policy is not the order of the day everywhere in the world, and herein lies potential danger for the world economy.

As The Telegraph reports,

Looser monetary policy is not the order of the day everywhere in the world (see map above), and herein lies potential danger for the world economy.

The expectation of a normalisation of monetary policy by the Federal Reserve has resulted a sustained rally in the US dollar. Such strength in the world's reserve currency has simultaneously applied pressure on economies pegged to the greenback.

 Meanwhile rate hikes from the Fed - which are expected to begin later this year - will naturally leader to tighter monetary conditions in economies everywhere from Mexico to Hong Kong.