关注欧洲日益扩大的负利率

A review over the widespread negative interest rates in Europe

随着欧债危机持续发酵，主要经济体开始酝酿或实施更宽松的货币政策，欧洲货币市场资金不断从高风险工具撤出并涌入低风险工具，导致边缘国家国债收益率持续攀升，核心国家与部分非欧元区国家市场利率不断下降。文章从市场行为角度解释了欧洲出现大面积负利率的原因，指出这一现象反映出欧洲货币市场的结构性问题，欧元区货币政策传导机制出现失灵值得关注。

The major economies are planning to implement a more expansionary monetary policy in light of the worsening European debt crisis. European money market funds keep transferring from high-risk instruments to low-risk instruments, which results in soaring treasury bond yields in the peripheral countries, the interest rates in core countries and some non-euro countries keep declining. The article explains the widespread negative interest rates in Europe from the perspective of market behaviors, which reflects the structural problem in the European money market. The malfunctioning of the monetary policy transmission mechanism in the Euro zone is worth our attention.