What condemns expansionary monetary policies to inefficiency? In contemporary economies, exchange rate depreciation weakens activity

We have seen, for example, in 2014 in Japan, from 2016 in the United Kingdom and from 2013 to early 2016 in emerging countries, that the dominant effect of exchange rate depreciation in contemporary economies has been to weaken domestic demand because of the rise in import prices. This condemns expansionary monetary policies to inefficien cy : they lead to a depreciation of the exchange rate and this weakens demand, which counteracts the effect of the fall in interest rates.