Hence, it is time to take a decision now on scaling back our bond purchases at the beginning of next year. And this point leads to a second challenge. We need to think about how to bring our unconventional measures to an end. We need to look ahead and discuss what the exit might look like.
I am aware that this requires us to communicate very carefully. On the one hand, we must help markets to get an idea of what the exit will look like. On the other hand, we mustn’t confuse them with vague or ambiguous ideas. 1/2  BIS central bankers' speeches  It’s a delicate balance we have to strike.