欧洲央行不央行

伯克利——欧洲央行宣布了其购买政府债券的计划,但同时也让金融市场知道了它其实非常讨厌这个主意,并未作出完全的承诺,且时刻准备着将这一政策收回。事实上,欧洲央行是在表达这样的信念:由买入计划带来的政府债券价格企稳只是暂时的。

很难想象还有比债券购买计划更能弄巧成拙的事情。欧洲央行一开始就明确宣告,它自己并不相信自己的政策,因此该政策的失败已是板上钉钉。既然欧洲央行对正在买入的债券如此缺乏信心,你还能指望投资者有不同的感觉吗?

欧洲央行仍然认为,金融稳定性并非其核心职责。正如其去职行长特里谢所指出的,欧洲央行“的罗盘上只有一个指针,那就是通货膨胀。”由于欧洲央行拒绝充当最后贷款人,人们不得不成立了一个替代机构,即欧洲金融稳定基金(EFSF)。但金融市场深知,EFSF没有足够的弹药来完成任务,且其治理结构也不足以让其胜任。

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