欧元区宏观经济需求管理政策评析——兼议宏观审慎政策的介入

Evaluation and Analysis on Macroeconomic Demand Management Policies in Eurozone——And the Role of Macroprudential Policy

为了预防欧债危机再次发酵,欧元区各国主要通过宽松的货币政策和紧缩的财政政策搭配来刺激经济以及改善财政状况。但从长期来看,宽松的货币政策使通货膨胀的风险一再加大,而紧缩的财政政策则让萎靡不振的欧元区经济雪上加霜,两者的叠加很可能导致欧元区在未来陷入滞胀。因此,要想从根本上摆脱危机,欧元区亟须对当前的宏观经济需求管理政策进行反思。另外,在货币和财政政策效果不佳的情况下引入宏观审慎监管政策,则能够在一定程度上弥补传统凯恩斯宏观经济需求管理的缺陷,使货币政策、财政政策和宏观审慎政策互为补充。

In order to prevent European Debt Crisis fermenting once again, the countries in Eurozone stimulate the economy and improve the financial situation mainly through the loose monetary policy and tight fiscal policy at present. But in the long run, the loose monetary policy tends to increase the risk of inflation over and over again, while the tight fiscal policy is likely to make the flagging economy in Eurozone worse. Their overlay is likely to lead to the stagnation in euro area in the future. Therefore, aiming to get rid of the crisis, the euro area has to rethink the present c demand management policies. In addition, under the of weak monetary and fiscal policies, introducing macroprudential supervision policy could, to a certain extent, compensate for the defects of traditional Keynesian macroeconomic demand management, and make monetary policy, fiscal policy and macroprudential policy complementary each other.