欧洲央行的两个支柱,一个成功的范例

1998年10月,就在欧洲货币联盟启动前,欧洲中央银行管理委员会(ECB)采纳了面向稳定的货币政策战略。这一战略由三个要素组成。第一个也是最重要的是它包含了欧洲央行首要目标的明确责任,即保护价格的稳定。 价格稳定就是 在一个中期阶段内每年的价格水平增长不超过2%。

其他两个要素很快因为其“两个支柱”的名头而闻名。它们是 评估影响价格稳定目标的风险 的一种手段。货币分析支柱由来自各种各样的货币和信贷合计信息所组成,用来指出 中期和长期阶段内 影响价格稳定的风险因素。经济分析支柱基于来自基础和财政部门的一组广泛的国内和国际经济指数(工资、进口价格、利率和汇率等)。它为对于 短期到中期阶段内的 价格发展的评估提供基础。

这两种支柱方法组成了对于来自短期经济分析与那些来自长期货币分析的指数进行反复核对的框架,以便得出对于影响价格稳定的风险因素的一个坚实的观点。

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