欧元体系央行内部信用评级的作用与经验借鉴

Functions and experience from Eurosystem in-house credit assessment system

欧债危机爆发以来，随着银行贷款充当欧元区合格担保品数量的上升，央行内部信用评级（1CAS）在欧元体系信用评估框架（ECAF）中的地位得到逐步提升。文章评述了近年来ICAS在欧元体系担保框架中地位和作用的变化，并以德央行内部信用评级体系为例，重点介绍了其在维护金融稳定方面发挥的重要作用及自身运作特点，最后结合国际经验就建立健全我国央行内部信用评级系统需深入研究的问题展开思考。

Since the outbreak of the European debt crisis, the in-house credit assessment system （ICAS） in the Eurosystem credit assessment framework （ECAF） has gradually elevated its status following an increase in the quantity of eligible collateral in the euro zone backed up by bank loans. The article reviews the changes of ICAS status and functions in the Eurosystem guarantee framework in recent years, and takes the example of the in-house credit assessment system of German central bank to highlight its important functions and operating characteristics in safeguarding financial stability. Together with the international experience, consideration is given to the issues that require thorough studies for establishing and improving China＇s ICAS.