欧洲央行尽职了吗?

发自法兰克福——二战后德国首任总理康拉德·阿登纳(Konrad Adenauer)曾说过一句名言:“为什么我要为昨天说过的话负责?”意思是事情发展的速度往往会超出我们的理解能力。因此随着2014年即将落下帷幕,也值得让我们去扪心自问,以事后检讨的方式来反思:“在面对众多威胁之时,我们这些欧洲中央银行的管理者们是否能像我们所被授予的任命那样,采取了足够迅速的行动去维持价格稳定?”而答案在我看来,是肯定的。

我们注意到我们的货币政策对对私人借贷的影响已经不再像过去那样有效。很显然银行系统内部的各条贷款渠道已经变得紊乱;过度严苛的贷款条件正在压抑需求。对此欧洲央行做出了跟其他任何央行一样的回应:我们重新梳理了自身货币政策和借贷成本之间的关系,务求将家庭和企业所承担的平均贷款利率压下来。

在六月的时候,我们采取了一系列定向长期再融资操作(简称TLTROs),为各银行提供最长达4年的固定利率超低息融资。这是为了让银行可以随之纾缓贷款者所承担的压力。而另一个收购有资产担保股票/债券的项目则是为了进一步促进更低利率融资从银行到消费者的转移而专门设计。

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