论当前西方治理经济停滞的货币政策

■n Monetary Policies of Western Countries to Cure Economic Stagnation

近年西方国家力图通过宽松的货币政策与财政政策以治理持续达3年之久的经济停滞。然而,这些政策措施与效果却受到各自国家累积多年的经济症结的掣肘与束缚,其结果将使年内的经济增长回升乏力,个别国家的停滞可能还将持续下去。欧洲一些国家为治理停滞,暂时放弃本币汇价的稳定,而另一些国家则否,这就造成今日的欧洲货币体系分崩离析。但是近年各国在推行松的货币的政策的同时,随时着意于以不致引发通胀为限的政策思想,很值得我国借鉴。

In recent Years, the Western countries are trying to cure their 3-year-long economic stagnation with loose monetary and financial policies. However,yoked and bound by accu- mulated economic dislocations, the results of these policies are small in economic growth this year and the stagnation in individual country seems to go ahead. For the purpose of curing stagnation some European countries discard temporarily the stability of their money ex- change rates and some did not do so,therefore,split and collapse of European monetary sys- tem occur. Nevertheless,They intentionally take the limit not to trigger inflation while taking loose monetary policy;this is worthwhile for our country to learn from.