“Reflections on a Year of Crisis,” speech delivered at “Financial Stability and Macroeconomic Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 20–22. Bernanke, Ben S. (2012). “Recent Developments in the Labor Market,” speech delivered at the National Association for Business Economics Annual Conference, Washington, March 26.
My personal view is that there is no need for the ECB to rush to reduce the size of its balance sheet, as one needs to take into account the uncertainty created among market participants and to avoid any potential market disruptions.