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欧洲所需的政策辩论

萨斯卡通—当前,欧元区陷入了困境。尽管欧洲央行(ECB)采取了一系列货币刺激措施,但通胀率仍滞于目标水平之下。当利率处于或趋近于零时,传统的货币政策、甚至是量化宽松政策,显然效力有限。

此外,对货币政策持怀疑态度的人士担心,进一步降低利率将损害欧洲的银行。他们警告称,如果购进已获批的每月200亿欧元(220亿美元)的额外资产,将损害金融市场的流动性。欧洲央行如果推高资产价格,那么高企资产价格跌落将可能震荡金融体系。

经济衰退显然将促成这一跌落。当这种低迷成为现实时,欧洲央行的抵消行动空间将非常有限,这也是因为利率已经很低了。

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