A tapering of U.S. monetary policy is both predictable and unavoidable, Angel Gurría, secretary-general at the Organisation for Economic Co-operation and Development said on Friday.
“We have been saying that tapering was predictable and unavoidable and a good thing as it means normality is creeping back into proceedings,” Gurría told CNBC on the side lines of a conference in Sydney ahead of this weekend’s G20 meeting of world finance ministers and central bankers.
Markets in major developing countries such as Argentina, Brazil, Turkey and India have been hit by brutal selling – first in May and June last year and again at the start of the year – amid jitters about the impact of an unwinding of the U.S. Federal Reserve’s asset-purchase program.