Needless to say, the extent of the impacts of the 2  BIS central bankers’ speeches  normalization process on the world economy will depend upon whether advanced central banks have the capacities to manage market expectations appropriately so that the markets can refrain from overreacting. The importance of communication with the markets thus becomes emphasized still further.
Although the pace of economic recovery is understood as a key to determining the timing of a change in monetary policy stance, the fact that the cost of sustaining quantitative easing may become ever larger over time, relative to its benefits, is also working as a factor moving forward the times of changes in policy stances.