每日新闻更新 — 从次级抵押贷款到再刺激措施:10年之后欧洲央行再次降息并更新量化宽松政策 The Daily Update – From the Subprime to the Re-Stimulus: Over 10 Years on and the ECB Cut Rates and Renew QE

昨天马里奥·德拉吉(Mario Draghi)告诉市场,“管理委员会重申,我们需要在很长一段时间内采取高度宽松的货币政策立场,并一如既往地随时准备调整所有工具......”他强调,最新数据显示“突出的下行风险和缓和的通胀压力目前依然存在”。因此,昨日德拉吉宣布欧洲央行将存款利率从-0.4%下调至-0.5%,并实施每月200亿欧元的开放式量化宽松政策。重要的是,欧洲央行还将推出一个二级储备报酬制度,该制度将缓解欧洲主要银行在盈利能力受到打击时的程度,因为进一步的负利率将会对它们产生影响。

即将卸任的欧洲央行行长有一个“不惜一切代价”的美名,他似乎要把一个有些分裂但却至关重要的欧洲央行留给将于11月开始接任的克里斯蒂娜·拉拉德(Christine Lararde)。德拉吉还强调了财政政策的必要性,以支持他的货币直觉主导的经济刺激措施,并吹嘘说,“在短短的时间内我们就创造了1100万个工作岗位,(有关领域得以)恢复,经济连续几个季度都在持续增长”,“所有这些最终都受惠于我们的货币政策。除此之外基本上没有别的因素......”他接着说,“所以,我认为我们早就应该让财政政策来发挥作用”,“我们一致认为,财政政策应成为主要工具”。他还说道,不管以何种形式为人提供资金都是一项财政政策方面的任务,而不是一项货币政策方面的任务。”这明确地暗示,任何形式的“普通百姓的量化宽松”到最终都必须通过政治家来落实。

欧洲央行行长也强调,第三季度到目前为止经济有一个温和的增长,理由是“强劲的就业增长和工资增长继续支撑着欧元区经济的弹力”。就像平时那样,德拉吉表示出充分的信心:这种“实质性的货币刺激措施”将足以“支持欧元区的扩张”并保持良好的金融状况。然而,就在他发言之后,从欧洲央行内部以及法国、德国和荷兰的行长那里传来了好多不同意见的声音。此外,有不少人警告说,这些货币工具的影响力正在减弱,其中,法国兴业银行的吉特·朱克斯(Kit Juckes)将德拉吉和欧洲央行描述为“一名不再年轻的拳击手,他虽有意再挥出昔日的重拳,但已经力不从心了......而且这把接力棒显而易见需要尽快地转给财政政策了。”

提醒大家一下,目前继续实施或重返宽松政策的国家名单包括:美国、欧盟、英国、俄罗斯、土耳其、墨西哥、巴西、南非、日本、中国、香港、印度、韩国、印度尼西亚、菲律宾、泰国、澳大利亚和新西兰。

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