Central banks don't need to rush ultra-easy money exit-IMF
JACKSON HOLE, Wyo.
JACKSON HOLE, Wyo. Aug 23 (Reuters) - Central banks in Europe, the United States and Japan have no need to rush to the exits from the ultra-easy monetary policies that have been put into place in an effort to spur growth, IMF Managing Director Christine Lagarde said on Friday.
But in prepared remarks at the annual Jackson Hole policy symposium, she also said that central banks must work with each other to minimize spillover from any withdrawal of policy accommodation that could stifle world growth.
"Policies and policy coordination are not yet where they need to be. Failing to act at the global level, with each country playing its part, could put the global recovery at risk," she said.
Central bankers from around the world are attending the annual conference hosted by the U.S. Federal Reserve in the mountainous splendor of Wyoming's Grand Teton National Park.
Lagarde, speaking during lunch on the first day of the two-day gathering, noted that concerns about tapering quantitative easing by the Fed had knocked emerging markets in recent days, but argued that the exit would proceed slower than "feared."
"I do not suggest a rush to the exit. UMP (unconventional monetary policy) is still needed in all places it is being used, albeit longer for some than for others. In Europe, for example, there is a good deal more mileage to be gained from UMP. In Japan too, exit is very likely some way off."