DANIEL ROLAND/AFP/Getty Images

是时候为欧洲央行松绑了

发自苏黎世——欧洲央行最近宣布将在今年12月结束资产购买,这显示出它对自身实现价格稳定的能力充满信心。但那些认为价格稳定应该成为欧洲央行单一且压倒一切的政策目标的人或许会搬了石头砸自己的脚,尤其是在否定政策制定者所急需的灵活性的情况下。

欧洲央行将价格稳定定义为通胀“在中期内低于但接近2%。”这甚至比德国央行在引入欧元之前那段光辉历史中所取得的通胀率还低一点,又实际上比全部其他央行所追求的目标更为严苛。对于一些鱼与熊掌都想兼得的人来说,这显然是件美事。

无可否认,在全球金融危机和采用量化宽松政策期间——当时通胀率远低于2%——欧洲央行的这一价格稳定定义毫无问题。对那些认为货币政策过度从紧的人来说,欧洲央行采取的任何可能将通胀推向目标区间的做法都是正确的。

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