中东欧经济体外汇贷款系统性风险

Lending in foreign currencies as a systemic risk

金融危机凸显了中东欧经济体外汇贷款或外汇指数化贷款的风险，欧洲系统性风险理事会认为，其对宏观审慎政策至少有三方面意义：一是其反映了个体理性的贷款活动有时会引致集体破坏性风险，即由市场失灵带来系统性风险，需考虑采取公共政策应对；二是应拓展解决系统性风险的现有政策工具箱，以便依据风险特点和国别差异选择最优政策组合；三是监管的国际合作及互惠安排对确保监管行动的作用和效率非常重要。

The financial crisis reveals the risks of loans extended in, or indexed to, foreign currencies in central and eastern European economies. European Systemic Risk Board points out its importance in terms of macro-prudential policy for at least three reasons： First, foreign currency loans represent an example of a situation where the sum of individually rational actions creates a collectively damaging risk - a market failure creating systemic risk and consequently the need for using public policy, Second, the policy toolkit available for addressing systemic risks should be broad, so that the best policy tools can be selected according to the specific characteristics of the risk and the particular circumstances of different countries. Third, international cooperation and reciprocal arrangement are crucial elements in ensuring the effectiveness and efficiency of supervisory actions