经受考验的德拉吉对策

发自剑桥——在2012年夏季,欧洲中央银行行长马里奥·德拉吉发誓要“使用一切手段”去拯救欧元,包括购买“无上限”数量的受灾国政府债券。这个人们称之为“德拉吉对策”的举动几乎立刻降低了西班牙和意大利的融资成本,也得到了广泛宣扬,被认为是将欧元区从灾难的边缘拉了回来——而无需动用所谓的“<>直接货币交易”(Outright Monetary Transactions)手段。

这听上去像是取得了一场彻底的胜利:仅仅宣布“直接货币交易”方略就足以令货币联盟的存在性危机得到终结。但<>德国宪法法庭判决该政策违反了欧洲联盟条约——虽然欧盟法院正在对此判决进行复核。而欧盟法院的判决将对欧元区的未来产生重大的影响,因为这将明确定义欧洲央行拥有哪种授权(如果有的话)去介入一场债务危机。

但从根本上说,目前对于直接货币交易手段的讨论其实不得要领。与其质询欧洲央行所获得的授权是否允许其介入债务危机,欧洲领导人们更应该质询央行是否应该介入。

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