The end of ultra-loose monetary policy and the divergence between central banks in the United States and Europe are contributing to recent volatility in financial markets, top bankers at the World Economic Forum in Davos said. Raghuram Rajan, the governor of India’s central bank, acknowledged that we may now be experiencing the darker side of the massive monetary stimulus of past years. “With many central banks with their foots firmly pressed on the accelerator, the variety of new aggressive monetary policies, it’s not clear that we’ve really benefited tremendously,” Rajan said.