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The IMF managing director said central banks were travelling in "uncharted territories" and would be more comfortable if they could return monetary policy to more normal settings.
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And that is when the bank is likely to start restoring more normal monetary settings, by raising the base rate from its all-time low of 0.5%.
"History suggests that waiting too long to acknowledge the economy's progress and prepare markets for more normal policy settings carries no less risk than tightening too soon," Ms. George was to say in the speech in Santa Fe, N.M.
The big fall in sterling will help exporters but what is really needed is a quick, strong upturn in Britain's main foreign market, the euro area, which does not seem likely.Even if a sustained recovery does get under way, it will be tempered for several years by fiscal retrenchment and the reversion to more normal monetary settings.
"This is great news for motorists, but it presents a headache for policymakers, with the Fed keen to get their policy settings back to something more normal, and Europe keen to avoid a deflationary spiral," ANZ analysts said in a note.
It may take a few minutes or more for the smartphone to return to its normal settings.
Set your camera exposure settings to its normal settings.
The bass is badly overboosted even at normal settings.
Or more normal?
Even more normal.
Fortunately, Normal mode seems, well, more normal.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com