欧洲央行的成长

伯克利—8月2日是欧洲央行“直接货币交易”(OMT)计划满一年的日子,根据该计划,欧洲央行随时准备着在二级市场上买入政府债券。欧洲央行宣布OMT是为了对付让欧元区有崩溃之虞的南欧主权债务的恐慌性抛售。

从某种程度上说,这是个愉快的一周年纪念。曾经因为担忧欧元区崩溃而升高到不可持续水平的西班牙和意大利债券收益率在欧洲央行宣布OMT后大幅下降,并在此后持续走低,尽管欧洲经济并未出现可见的改善。也许最令人高兴的事,欧洲央行从未被迫激活这一计划。事实上,它并没有按计划买入任何债券。其行动承诺已足以安抚市场。

但OMT计划也受到了抨击,认为它扩大了欧洲央行的权限。批评者认为这是一条不光彩的诡计,绕过了欧洲央行不能直接购买欧元区政府债券的禁令。因此,这会带来道恩风险,因为它将缓解挥霍无度的政客平衡预算、推进改革的压力。此外,批评者还认为它使欧洲央行大股东——特别是德国——有可能因为持有南欧债券而受损。

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