铭记Duisenberg的遗策

去年12月欧洲中央银行的利率提升中最让人意外也最具争议的一点就是:该行把利率从两年半以来的超低水平上,提高了仅25个基点,并没有承诺会进一步升息。欧洲央行所承受的政治压力可能是造成这一怯懦举动的原因。

欧洲央行的现任行长Jean-Claude Trichet与其前任Wim Duisenberg所处的环境达不相同。这位前任曾说出“我听到政客们的言论,但却并不听从”这句名言。而欧洲央行现在所承受的压力要比在Duisenberg的时代大得多。政治环境也更为严酷。有些压力可能对欧洲央行的政策决策产生潜移默化的影响。

这是一种极为负面的情况—也是欧洲央行2006年的最大挑战。政客们的影响不仅可能造成货币过剩,而这对于一家以价格稳定为第一要务的中央银行而言是非常严重的。这种过剩还会严重阻碍结构性改革。而这一改革对于欧洲在充满竞争的全球经济中的繁荣至关重要。

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