民粹主义兵临欧洲城下

伦敦—欧洲的危机结束了吗?投资者、政策分析师甚至官员都开始静悄悄地暗示可能确实如此。自7月26日欧洲央行行长德拉吉宣布将“竭尽全力”捍卫欧元以来,欧元对美元汇率已经上升了近10%。

类似地,常用的欧元波动性期望值指标欧元 VIX大幅下降。对冲欧元/美元汇率波动风险的工具的价格在上个月跌到了五年来的最低水平。西班牙和意大利政府的借贷成本也出现了类似的大幅下降。

市场条件的这些变化背后的驱动力是相同的。欧洲领导人推出了支持意大利和西班牙的机制。10月,欧洲大陆有了操作性的欧洲稳定性机制(ESM),用于在投资者拒绝购买时收购意大利和西班牙政府债券。

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