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歐洲擴大QE 央行掀底牌

2016-03-21  TWM

歐洲央行總裁德拉吉在三月十日會議上,意外宣布多種政策工具,強行加大寬鬆;不僅擴大資產購買計畫的規模,也下調歐元區主導利率至零,歐元區隔夜貸款利率和隔夜存款利率也分別降至0.25%和負0.4%。過去幾年,央行政策都是市場強心劑,但經濟久未起色,市場難免認為央行已經「沒招了」,德拉吉坦率地說,歐洲央行今天的決策就是對這種質疑,最完美的回應了。

It allows me to address the other two sources of pessimism as far as central banks are concerned. One is, “Central banks have no ammunition left. Central banks have no policy instruments.” But I think the best answer to this is being given by our decisions today. The third source of pessimism is, “Yes, you are willing to act; yes, you have ammunition. But no matter what, it's going to be ineffective.” We have plenty of data, from growth, to easing financing conditions, to what happened to the credit flows in the euro area since we started taking these measures. So all this was transmitted into a growth recovery.

這讓我想提及另外兩種擔憂央行能力的悲觀想法。一種是,「央行沒有子彈,央行沒有其他政策工具了。」但我想歐洲央行今天的決定,已經給了這個疑慮最好的回答。

另一種悲觀的來源是,「是,你願意行動;是,你有子彈。

但無論如何,這些終會失效。」從開始實施這些手段以來,我們有很多數據,從經濟成長到寬鬆融資環境,甚至到歐元區的信貸流動(都有改善)。

所以,這些都轉變為經濟復甦的動力。

看懂關鍵字

ammunition /amjˋnɪʃn/(a.)

彈藥、軍火

例句:

A good supply of ammunition is important at war.

戰爭時充足的軍火供應很重要。

transmit /transˋmɪt/(v.)

傳送

例句:

There must be a better way of transmitting energy.

一定有更好的傳送能量方法。

撰文 / 蔡曜蓮

 
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