Both Benoît Cœuré and William Dudley are sceptical of the need to co-ordinate monetary policy across countries, instead making the case for central banks to focus on doing a better job domestically in remarks in Zurich on May 12.

Federal Reserve Bank of New York president Dudley reiterated his view that explicit co-ordination looks "neither feasible nor desirable" but the Fed could still be a "better global steward".

This means acting more effectively on its own turf. Dudley singled out efforts