|
|
“The Federal Reserve has already begun this process and even the ECB has made some communications that you could feel that, in a medium-term time, they will continue to think about -- in this direction,” Schaeuble said in English at the Bloomberg Germany G-20 Day conference in Berlin. “It’s not easy for the ECB, with all due respect.”
The minister said unconventional monetary policy had engendered “undue risk-taking, policy complacency, capital misallocation and asset-price bubbles -- and will continue to do so if it is not reversed in time.”
“We need to exit current monetary policy in a timely manner and return to a more normal curve,” Schaeuble said.
Still, it remains harder for the ECB to react, Schaeuble said. He cited challenges arising from “a very difficult construction of the monetary union.”