Unfortunately, for a number of reasons, formulating an adequate exit strategy is not such an easy task. Why? Let me mention two choices that need to be made: first, devising the right sequence for the phasing out of the conventional and unconventional monetary policy accommodation; second, deciding on the speed at which the unconventional accommodation is removed.
Let me first clarify what it means, in practice, to unwind unconventional monetary policy operations. In the case of quantitative easing and credit easing policies, it normally implies selling assets outright, and in significant amounts.