欧洲央行加快步伐

美国经济的强劲增长迄今为欧洲央行以缓慢但却稳定的步伐将其利率从极低的水平慢慢提升提供了必需的全球背景,使他们在完成目标的同时又减少了与欧元区政治领导人的摩擦。

但是情况将开始发生变化。来自美国轶事般的证据表明,它的经济将急转直下,这将在未来的几个月内得到体现。除非欧洲央行加快其提升利率的步伐,否则,利率中立的目标也许在政治上不大可能,进而危及其实现物价稳定的目标。

欧洲央行需要表现得更迅捷不是因为经济增长的前景增加而是出于相反的原因,那就是担心欧洲经济增速将放缓,由此限制将来利率上涨的可能性。事实上,甚至在美国经济急转直下之前,欧洲央行管理委员会里就有越来越多的成员得出结论说,如果想要实现其货币中立的目标,那么就必须加快其利率上升的步伐。

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