The fact that inflationary pressure is still low is not a reason to postpone planning an exit from ultra-loose policy; on the contrary, the time for such discussions is when inflation is low and markets are calm. Twenty years ago, markets panicked and bond rates soared as central banks hiked interest rates in the face of rising inflation.
显然，应该采取协调动作限制汇率变化。如果所有国家都想让货币贬值，则全球范围得的货币扩张就会规模过度。通胀压力仍然很低这一事实并不构成中止退出极度宽松政策计划的理由；相反，通胀低、市场稳的时候正是展开讨论的良机。二十年前，央行因为通胀的上升而提高利率，导致市场恐慌、债券利率飙升。如今，央行应该不会重蹈覆辙，坐等通胀压力——受石油和商品价格上涨以及经济复苏推动——回归了。