With trade issues at the forefront of last week's meeting of the Group of 20 finance leaders, another topic seemed to get less play but deserves equal attention: monetary policy normalization.

The consensus among the attending finance ministers and central bank governors was that the wind-down of stimulus measures amassed after the 2008 financial crisis could hurt global economic growth if hastily done. Japan agreed, but was in an awkward position as the only major economy with its foot still on the easing pedal.

At a post-meeting news conference, Federico Sturzenegger, president of Argentina's central bank, said that the current upswing in economic activity makes it the right time to pull back the crisis-era measures.