中央银行和利润

慕尼黑—放眼世界,中央银行的资产负债表正在日益成为严重问题——特别是对货币决策者本身而言。上个月,瑞士国民银行(SNB)放弃了盯住汇率政策,导致瑞郎大幅升值20%,这似乎表明SNB担心如果继续买入欧元和其他外国货币将导致资产负债表损失。

类似地,对在欧元区采取量化宽松的决定的批评者担心欧洲央行将危险地暴露于欧元区南部成员国政府债券的损失中。这促使欧洲央行执委会将80%的债券购买留在了国家央行的资产负债表上,由国家政府负责。

与此同时,在美国,“审计美联储”运动卷土重来。共和党担心美联储资产和负债增加,正在国会两院引入立法要求美联储披露更多关于其货币和金融操作的信息。

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