ECB's Bini Smaghi on monetary tightening

In the speech 'Three questions on monetary tightening' given on 26 October Lorenzo Bini Smaghi of the ECB said central banks face a difficult task in deciding when to stop tightening monetary policy.

"Deciding the end of the tightening cycle is as difficult as the start, if not more," he said in the speech at a Nomura conference in Tokyo.

"In addition to the uncertainty on the timing of the cyclical peak and the sustainability of the recovery, there is an even greater one on whether the

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