BUCHAREST The world's major central banks must phase out their unconventional monetary policies carefully, the head of the International Monetary Fund said on Tuesday.
"Unconventional monetary policies that were decided by the Federal Reserve and the Bank of England, the European Central Bank and ... the Bank of Japan has had ... consequences on capital flows," IMF Managing Director Christine Lagarde told a conference.
"The unwinding of these policies ... needs to be phased out carefully," the IMF head told the conference in Bucharest on Eastern Europe and Romania.
She said that the initial effects of unconventional monetary policies had been "massively positive," and that the degree and volume of spillover from unwinding them "very much remains to be seen and studied."
"It's a much more subtle game, how to continue and phase them out," she added.
(Reporting by Luiza Ilie; Editing by Radu Marinas and Hugh Lawson)