每日新闻更新 — 欧洲中央银行的“资产经营项目” The Daily Update – ECB’s Asset Management Programme

今天早上,就在欧洲央行首席经济学家彼得·普雷特(Peter Praet)做一个典型的演讲的同时,欧元和整个欧洲范围内的主权收益率一起涨到了10天以来的新高;他在柏林的这次演讲中向“精算师大会”概括了“在低利率环境下的货币政策”的旅程和挑战 (我本来知道这件事的,我们怎么忘了把这个事情写进日记本里了?)像往常一样,他的正规的言语是枯燥无味的,但很好地综述了指导中央银行当前政策立场的因素和思想:突出了“创新和更为大胆的措施”,特别是他们的“资产购置计划(APP);而该项目正是他们反击和扭转危机战略的关键组成部分。”


但除了欧洲央行对市场警告说下周四的会议将对量化紧缩(简写为 QT)进行现场讨论所产生的这些明显的含义之外,在此背后,欧洲中央银行是不是正在发生更多的事情?

上个月,‘非政治性’机构欧洲央行缩减了购买意大利债券的份额(尽管从绝对的意义上将购买的数量比平时多);这让新一届‘民粹主义’政府感到沮丧,他们要求知道,这是否是针对在意大利政坛被踢来踢去的反欧盟言论的某种权力的操作。事实上,取代到期的德国政府债券有可能是欧洲央行购买较小份额的意大利债券的原因(尽管法国政府债券和意大利政府债券之间的差价从大约100个基点到多于200个基点进行了翻倍引起了人们的怀疑)。在此之后,一些人看到今天的宣布隐藏了类似的意图 — 加倍惩罚意大利民粹主义的活动,而实际上它有可能是相反意图的显示。


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