But the degree of autonomy is influenced by size. For example, if the US and Eurozone decide to increase their interest rates this causes capital to fly from s

But the degree of autonomy is influenced by size. For example, if the US and Eurozone decide to increase their interest rates this causes capital to fly from smaller countries with an independent currency, which causes their currency to devalue, which (generally) causes inflation, which forces them to increase their interest rate. Yeah it should not have an effect on locally produced goods, but unless you're both an industrial and an energy power house you are going to import a lot of stuff so you still get inflation.