In a rapidly digitalizing world, central banks are staring down a future in which they may lack the tools necessary to manage crises, and in which they may no longer be able to protect their monetary sovereignty. They should recognize that digital currency is a source of institutional salvation.
thinks governments must embrace central bank digital currencies or risk a fundamental loss of control.
布鲁塞尔—中央银行面临一个问题:世界上大部分国家增长都在加速,但通胀并没有起飞。当然,对大部分人来说,没有通胀的增长简直是理想组合。但央行,比如欧洲央行,制定的目标是实现“低于但接近2%”的通货膨胀率。此时此刻,很难说如何达到这一目标。
中央银行从来假装它们可以直接引导通胀。但自2008年全球金融危机以来,它们一直将利率保持在极低水平,并创造了非常慷慨的流动性环境。它们认为这样可以推高投资和消费。2009年,当金融市场陷入动荡、经济发生自由落体式崩溃后,美联储更进一步,启动了大规模资产购买计划,即所谓的量化宽松(QE)。欧洲央行在2014—2015年也采取了这一政策,当时,通缩眼看着(时候来看,这是错的)就要威胁到欧元区的存亡。
美联储的行动显然帮助金融市场恢复了稳定。欧洲央行也宣布,其在金融市场已经正常化后采取的债券购买政策带来了经济增长、支持了就业。但影响到此为止。
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