欧洲央行和它的批评者

巴黎—在北欧,特别是德国,欧洲央行决定采取量化宽松引起了舆论大哗。许多指责毫无根据甚至是无稽之谈。一些人则弄混了情况。也有人过于重视猜测的危险而忽视了实际危险。几乎没有人谈论实际问题,也忽视了潜在解决方案。

从批评看,你也许会认为零通胀是一种幸福。但若果真如此的话,全世界的央行早就将零利率作为它们的目标了。相反,所有央行都将物价稳定定义为较低、稳定但为正的通胀。

这是因为零通胀存在三个巨大的消极作用。首先,它破坏标准货币政策的效果(因为如果利率远低于零,存款人就会将现金从银行中抽出放入保险箱)。其次,它让相对工资(比如制造业相对服务业的工资)更加刚性,因为工资合同常常根据欧元确定。第三,它增加了过去的债务的负担,让解决公私债务危机的过程变得更加痛苦。

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