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The
fact that that path might be bumpy was no reason for delay,
though each central bank should choose the right moment to start
the process for itself, BIS head Jaime Caruana told German daily
Boersen-Zeitung.
The U.S. Federal Reserve is winding down its stimulus, having
increased interest rates and looking on track to hike them at
least twice more this year.
The picture in the euro zone is less clear, with the European
Central Bank holding its main policy rate at zero percent.
In the face of mounting calls from Germany to scale back its
stimulus as inflation picks up, it is also set to continue
pumping billions of euros into the economy every month until the
end of the year.
Three of the bank's top policymakers said on Thursday it would
stick to that plan for some time as it was not yet convinced the
euro zone economy had turned the corner.
Caruana, a former head of the Bank of Spain, said that, while
the need for very expansive monetary policy had receded, central
banks were moving through uncharted territory.
"It is therefore right to proceed gradually and cautiously...
(But) it is important that now that monetary policy
normalization has begun, this process should continue," he was
quoted as saying.
(Reporting by Andreas Framke; editing by John Stonestreet)
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