ECB's Nowotny: Must normalize policy not too soon but not too late
|Ewald Nowotny, the governor of Austria's central bank and a member of the Governing Council of the European Central Bank (ECB), during a scheduled speech in London talked about the central bank’s plans to end its 2.5 billion euro stimulus program this year and said:
• We are at an important turning point in monetary policy
• We have very strong economic expansion, but an unequal one
• Inflation still below target is one of the main issues ECB has to discuss
• Inflation is at the core of normalizing policy
• Tightening of monetary policy is even more complex due to huge scale of recent stimulus
• There is a risk of stifling recovery if ECB tightens too soon
• There is a risk of a boom in assets if ECB tightens too late
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