欧洲中央银行非常规货币政策的退出策略

The Exit Strategy of ECB's Unconventional Monetary Policies

由于欧洲经济的特殊性,欧洲危机先后经历了金融危机、债务危机和银行危机三个阶段。欧元区的非常规政策调整时机也表现出与其他发达经济体不同的特点。非常规货币政策的退出从来不只是欧洲中央银行的责任,在非常规货币政策完全退出之前,各国政府应该通过财政巩固措施限制其债务比例,加强合作协调,为欧洲中央银行非常规货币政策的完全退出做好充分的准备工作。同时,为了应对外溢效应的负面影响,欧洲中央银行也应该积极参与国际的政策合作。

Given the peculiarity of the European economy, the Euro zone has experienced three phases ofa crisis, namely, a financial crisis, a sovereign debt crisis and a bank crisis. Theunconventional monetary policy adjustments in the zone are also different from otherdeveloped economies. We argue that exit of the unconventional monetary policy is never thesole task of ECB, and before the exit starts, all member states must constrain their debt ratiothrough fiscal consolidation and well coordinate with each other, thus making full preparationfor its complete exit. ECB must actively participate in international cooperation to mitigate thenegative consequences of the'spillover effect'of the exit. This article provides a possible pathfor the exit of the unconventional monetary policy euro zone and anticipates the monetarypolicy framework will be normalized after the crisis.