Euro coin and United States dollar bill. Onny Carr/Flickr

政策大分歧

华盛顿—未来几周,美联储和欧洲央行可能会采取极其不同的政策。美联储即将提高利率,这是近十年来的第一次。与此同时,欧洲央行预计将采取更多非常规手段让利率朝反方向运动,即使这意味着给某些已经处于负名义收益率的政府债券造成进一步下跌压力。

实施这些政策的两家央行都是在执政立法机关的授权下追求国内目标。问题在于几乎没有可以用来管理这一日益严重的分歧所造成的国际影响的有序机制。

美联储是在响应美国坚挺的就业创造指标和其他经济正在复苏的信号(尽管复苏势头不强)。美联储也认识到,如果利率保持在人为的低水平,将给金融稳定造成风险,因此预计它将在12月15—16日的美联储公开市场委员会政策制定会议上提高利率。决定提高利率不仅意味着美联储不再踩下金融刺激油门,也意味着它向着为期多年的总体政策立场正常化过程迈出了第一步。

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