欧洲央行:对政策进一步放松持开放态度_华尔街日报中英文版

By sayhello 2017年10月30日

Draghi: ECB Open to Further Easing
除英国外的欧洲国家央行:对策略性更进一步的变得随和持开放态度

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.

周四,除英国外的欧洲国家央行变得随和了大鱼鳞的能够性。。美国和另一边国家正减缩其使愤怒设计。,这反映出人民越来越不放心除英国外的欧洲国家的回生恐吓。。

除英国外的欧洲国家腰部库存行长德拉吉(马里奥) Draghi)示意,垄断持续低夸张,伤害经济的增长,央行议论执行遗产管理人的职责负利息率的能够性。这使伦巴底街检测出使惊奇。。

不下于商业界预言的那么,除英国外的欧洲国家央行固执己见首要借给利息率静止。,自novelist 小说家以后,利息率一向固执己见在创新纪录的低位。。但央行能够从前采用举动的能够性。,因而欧元下跌。

德拉吉说,官员们议论了资产采购成绩。,能够执行遗产管理人的职责负利息率对库存存款的存款。负利息率有助于回复经济的回生。、欧元区参加不放心的低夸张。瞄准,除英国外的欧洲国家央行的年度夸张率是唯一的的。,很在昏迷中央行的旨在略在昏迷中2%。

德拉吉在每月一次的新闻发布会上说:笔者不除掉更进一步的变得随和货币策略性的能够性。。他此次所运用的出言比起近专有的月都要根基得多。

他说,除英国外的欧洲国家央行坚决地变成固执己见宽松的货币策略性。,如使负债务,将神速举动。

德拉吉还说,,腰部库存货币策略性政务会的24位盟员准许E。,办法将在其资格方法,包罗unconv,其旨在是与低夸张风险作年深月久防止。。政务会的盟员包罗了bundesban保守派总统。

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。

德拉吉的议论表白,降息将是第一步。

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。。

但德拉吉说,,除英国外的欧洲国家央行仍在量子化宽松和另一边办法上清楚的。、全部的议论,它将持续被探测。。

和先前相等地多,德拉吉否定通缩风险在欧元区。不外,过低的货币贬值伴同风险。。货币贬值率越近,货币贬值就越少。,经济的或特定区域的政理的无把握、不确定的事物形成的负面所有物更大。。

德拉吉仍表现他最不放心的是经济的,它还注重了内阁的必要性,采用办法高处。无益率持续的工夫越长,无益率持续的工夫越长。,结构性无益代表暂时性无益的能够性。

他说,眼前,年深月久停顿的成绩相当重大。。

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