Daniel Roland/AFP/Getty Images

不负责任的欧洲央行

法兰克福—道琼斯工业平均指数最近“闪崩”,暴跌近1,600点,正说明金融市场和经济行为人是多么依赖扩张性货币政策。长期低利率和量化宽松给投资者造成了不恰当地给风险定价的激励。这些政策保持时间越长,对全球金融稳定的威胁也越大。

事实上,极端宽松的货币政策早就不再合适了。全球经济——特别是发达世界——复苏之势越来越强。据国际货币基金组织(IMF)的最新《市场经济展望》,经济增长将在未来几个季度中保持势头,特别是美国和欧元区。

但包括IMF在内的国际机构担心通胀和利率预期的变化会自然造成突发市场回调,同时坚持货币政策必须逐步收紧。因此央行依然搁置货币政策正常化,结果是资产价格上涨,市场剧烈扭曲,大幅回调不可避免。

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