The situation in Japan teaches us one important lesson: it is crucial that we do not miss the right moment for exit. This is a challenge of which we at the Bundesbank are well aware.
Upcoming decisions on phasing out non-standard measures Another question of timing concerns the upcoming decisions by the ECB Governing Council on how non-standard monetary policy measures will be phased out. At the national central banks, such as the Bundesbank, we implement these decisions made by the Governing Council.