In one embodiment, a processor includes a plurality of intellectual property (IP) circuits, each to execute instructions and including a local control circuit to enable the IP circuit to operate at a level above a local current budget for the IP circuit, unless the processor is undergoing a global violation. The processor may further include a power controller coupled to the plurality of IP circuits. The power controller may include a control circuit to receive request information from the plurality of IP circuits and, based at least in part on the request information, determine that the processor is undergoing the global violation when a global current budget is exceeded. Other embodiments are described and claimed.