European central bank Thomas Lohnes | Stringer via getty images

日渐膨胀的欧洲泡沫

慕尼黑——欧洲央行的最新政策举动令许多观察家大跌眼镜。虽然目标——防通缩促增长——相当明确,但这些政策本却成为了严重不稳定态势的根源。

有问题的政策包括将欧洲央行主要再融资操作的利率设置为零;将每月的资产购买总额从200亿欧元(折合223亿美元)提高到800亿欧元;把银行在欧洲央行的存款利率进一步推入负值区域(-0.40%)。此外,欧洲央行还推出了四个一连串的新定向长期再融资操作,同时也包含了负利率。银行只有贷款给私人企业的时候才能从欧洲央行处拿到不到0.4%的利息。

欧洲央行一直都尝试收拾南欧地区在推行欧元的最初一段时期形成的大量泡沫崩溃的残局,而这些政策只是这一系列尝试中的最新一项。这一切都始于1995年马德里欧洲峰会上宣布引入欧元从而导致利率暴跌的公告。

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