12  BIS central bankers’ speeches  From the above, I hope that I have made the case that the initiation of the unwinding of the UMP in the United States, certainly without being the sole contributor, has induced a noticeable increase in volatility in financial markets, in particular in EMEs.
In a way this could be surprising, since the fact that the Fed is in a position to contemplate the full normalization of its monetary policy stance signals that the economic recovery has almost been consolidated in the context of price stability. This constitutes really good news for the United States, EMEs and the world as a whole.