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谁会是欧洲的亚历山大·汉密尔顿?

蒂尔堡—不久前,欧洲央行的行动还屡屡赢得人们的欢呼。但最近,欧洲央行不但遭到了银行家和经济学家的批评,公民和政客也对它颇有微词。

随着固定收益投资回报的下降,投资者被迫进军股市,拜金融和经济稳定的不确定性日益增加,股市变得越来越危险、越来越昂贵。这一不确定性反映了一个事实:欧洲央行的极低利率导致欧元区重赤字和债务国急需的结构性改革没有落实。

现在的大问题是欧洲央行当前的货币政策利弊孰大。欧洲央行的官方目标是实现接近2%的通货膨胀。但尽管注入了大量流动性,欧元区通货膨胀仍然有所下降,这表明实体经济需求不足。事实上,需求之所以停滞,是因为许多公司必须先减少债务,然后才能进行投资。

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