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牛津——
如今，央行的目标不仅包括通胀，也包括流动性。过去十年的信贷繁荣清楚地表明仅仅关注价格水平是不够的，货币当局（不管是某国的央行，还是如同欧元区那样的欧洲央行）还需要密切监控金融部门。宏观审慎监管已成为央行所要掌握的新技能，以补充已经成型的通胀目标机制。
这一政策焦点的转变将彻底改变货币政策，但会变好还是变坏？英格兰银行正在迈出转变的步伐，但欧洲央行和美联储董事会也在采取更多的金融管制手段。事实上，欧洲央行的欧洲系统风险委员会和英国的新金融政策委员会（FPC）具有相同的职能。
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