Draghi: ECB Open to Further Easing
The European Central Bank opened the door Thursday to the kind of dramatic stimulus measures it has long resisted, even as its counterparts in the U.S. and elsewhere are winding theirs down, reflecting mounting fears about threats to 除英国外的欧洲国家的 economic 回复。
President Mario Draghi indication that the central bank discussed negative interest rates and large-scale bond purchases–if needed to keep persistently low inflation from undermining growth–caught financial markets by 惊喜。
The ECB, as expected, held its main lending rate at the record low of , where it has been since novelist 小说家。 But the euro weakened at the ratcheting up of the rhetoric concerning the possibility of action as early as next 月。
Mr. Draghi said officials had discussed asset purchases, known as quantitative easing, as well as setting a negative rate on bank deposits parked at the ECB–moves that could help bolster the economic recovery and combat worryingly low inflation in the euro 区。 The annual rate is just , far below the 库存的 target of just under 2%.
笔者 don”t exclude further 货币策略性 easing,” Mr. Draghi said at his monthly news 大会。 He also peppered his comments with much more aggressive language than he has used in recent 月.
The ECB is 下定决心的 in its determination to keep its easy-money policies in place, he said, and ' act swiftly if required.”
The 除英国外的欧洲国家央行 24盟员 rate-setting board, which includes 德国的 conservative Bundesbank chief, was 的划一 in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too-prolonged period of low inflation,” he 说.
Mr. Draghi elevated the threat level about further action,” said Nick Matthews, economist at Nomura 国际。 ”I don”t think you can be any more dovish without actually doing something,” he 说. 鸽派 is used to describe central bankers who are more worried about weak growth than they are about 货币贬值。
Mr. Draghi comments suggest reducing interest rates would be a first 步。
Quantitative easing is more complicated in the euro zone than in the U.S., where the Federal Reserve has deployed the policy and continues to do so, albeit at a 减缩 轻快地走. Asset purchases in the U.S. filter quickly to its economy because relatively more borrowing there is done through the capital markets, Mr. Draghi 在意.
Still, ECB had a 使富有的 and ample 议论 on quantitative easing and other measures, Mr. Draghi said, and will continue to study it.
Mr. Draghi rejected, as he has numerous times before, fears of deflation in 除英国外的欧洲国家。 Still, even 太低 inflation carries 风险。 The closer inflation is to zero, the easier it is for an adverse shock from the economy or geopolitical uncertainty to push the rate into negative 领地。
Still, Mr. Draghi cited the economy as his biggest fear, and emphasized the need for government efforts to make labor markets more 灵敏的。 The longer high unemployment persists, the greater the chances that it will become structural rather than temporary, he 说.
' protracted stagnation…even right now it”s pretty severe,” he 说.
野村国际（野村） 国际经济的学家马修斯（Nick） 罗伯特·马休斯）表现，德拉吉现在了更进一步的举动的能够性。马修斯说，他以为德拉吉立脚点的偏宽松方法曾经到达形成顶部，下一步是真正采用某些办法。。“偏宽松”一词用于界定方法央行官员相对于货币贬值关于完全地不放心疲软的的经济的增长。
欧元区执行量子化宽松办法更为重要。。美利坚联邦贮备政务会（联邦） Reserve, 略语：美联储执行遗产管理人的职责了量子化宽松策略性。，该策略性仍在执行遗产管理人的职责中。，但鱼鳞压缩制紧缩了。。德拉吉说，在美国，资产采购设计的所有物可以神速增加到经济的体。，由于这是相对于欧元区的。，美国更多的贷款是经过资本商业界获得的。。