欧洲主权债务危机与欧洲中央银行制度上的缺陷

Euro Countries Sovereign Debt Crisis and Defects of ECB Institutional Design

中央银行最后贷款人职能是现代中央银行的一个重要职能,尤其在经济下降并发生市场恐慌时期,中央银行发挥这一职能是维持金融体系安全稳定的重要保障。由于欧洲中央银行缺乏这一职能,欧元区主权债务危机很难在短期内被彻底平息。欧盟只有进行改革,赋予欧洲中央银行这一职能,才能让其在解救欧元区高负债国家的债务危机中发挥更大的作用。同时,现代中央银行履行最后贷款人职能时,还必须遵循应有的原则以及处理好与中央银行货币政策目标的关系。

This paper analyses the missing function of Lender of Last Resort （LLRS） in European Central Bank （ECB） and argues that LLRS is one of the most important functions of modern central bank, especially when the economy is in distress and financial market has panics. LLRS function provided by central bank will greatly insure the safety and stability of financial system. Owing to the missing of this function of ECB, Euro Zone countries sovereign debt crisis seems difficult to fade away in a short period of time. The paper suggests that the EU give the mandate of LLRS to ECB and let ECB play an important role in rescue heavily indebted countries that are in crisis. The paper also discusses the principle of implementing LLRS by central bank and its relations with other monetary policy objectives of central bank.