评析欧元区统一的货币政策

A Study on the Monetary Policy of European Central Bank

本文对欧洲中央银行在欧元区实行统一的货币政策进行了评析 ,通过研究提出了影响统一货币政策实施和效果的潜在矛盾 ,认为统一货币政策所面临的问题不是技术问题而是利益问题 ,欧元区成员国对待不对称冲击的政策反应呈现为一种动态博弈过程 ,并据此提出只有通过加强成员国的利益趋同、经济周期同步、财政政策的协调配合 ,甚至统一经济政策的实施才能进一步促使统一货币政策的有效运作。

The current study first analyzes the unified monetary policy carried out by European Central Bank(ECB)in the Euro zone. By pointing out the potential dilemmas of affecting the implementation of unified monetary policy and its effects, the paper holds that the problems confronted by the unified monetary policy is more a interest problem than a technical one. The policy reaction of the member states of the Euro zone to asymmetric shocks is shown as the process of a dynamic game. Upon that, the paper puts forward that the effective operation of the unified monetary policy can only be spurred further by strengthening the same interests of member states, the same pace of economic cycle, harmonious coordination of fiscal policy and even the implementation of unified economic policy