  We study Bayesian coordination games where agents receive noisy private
information over the game's payoffs, and over each others' actions. If private
information over actions is of low quality, equilibrium uniqueness obtains in a
manner similar to a global games setting. On the contrary, if private
information over actions (and thus over the game's payoff coefficient) is
precise, agents can coordinate on multiple equilibria. We argue that our
results apply to phenomena such as bank-runs, currency crises, recessions, or
riots and revolutions, where agents monitor each other closely.
