Would shrink balance sheet before raising rates in future.
Financial system mustn’t become reliant on these extraordinary levels of central bank reserves.
Massive programme of asset purchases has been right thing to do.
Central bank independence should not be called into question by COVID-19.
Current scale of central bank reserves mustn’t become a permanent feature.
As economies recover, it’s likely that some of the exceptional monetary stimulus will need to be withdrawn, including by reducing reserves.
Elevated balance sheets could limit the room for manoeuvre in future emergencies.
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