当前美欧货币政策的新动向

The Current New Trend of Monetary Policies in USA and Europe

当前美欧货币政策出现了令人担忧的五大新动向:一是货币政策工具由"常规"向"非常规"转变;二是货币政策操作领域由"金融市场"向"实体经济"转变;三是货币政策内容由"有限"向"无限"转变;四是货币政策职能由"支持经济"向"为财政服务"转变;五是货币政策效果由"降低风险"向"放大风险"转变。这些转变对美欧短期内会产生一定的积极效果,但在中长期内的负面效应将远远超过正面效应。美欧货币政策新动向对我国造成的冲击尤为严重,为应对新动向的冲击,我国应实施跟美欧同步的货币政策。

At present, monetary policies in USA and Europe have the following five worrying new trends： first, from ＂conventional＂ to ＂unconventional＂ in monetary policy tools; second, from ＂financial market＂ to ＂real economy＂ in monetary policy operation fields; third, from ＂limit＂ to ＂infinity＂ in monetary policy contents; forth, from ＂support economy＂ to ＂support finance＂ in monetary policy functions; fifth, from ＂dissolve risk＂ to ＂amplify risk＂ in monetary policy effects. These changes may have some positive effects on the United States and Europe in the short-term, but in the medium and long term, their negative effects will be far more than their positive effects. The new trend of monetary policies in USA and Europe brings a serious impact on China. In order to cope with the impact, China should carry out a synchronous monetary policy with USA and Europe.