The impact appears largely beneficial though, says Wolfgang Koester, chief executive and currency strategist at Fireapps, a software firm specializing in detecting foreign exchange exposure.

FORBES

Emerging economies were growing fast, she said, but low interest rates in advanced economies were prompting them to build up debt and foreign exchange exposure that could cause trouble.

CNN: Lagarde warns over three-speed world

Its net foreign-exchange exposure is nil, but Iceland was in a similar position, and its banks have not been able to liquidate foreign assets to cover their foreign debts.

ECONOMIST: Iceland