别学欧洲央行的坏毛病

Do Not Follow the ECB

干呼万唤始出来，欧洲央行终于推出了欧洲版的量化宽松。其特点有些类似于美联储的QE3，都采取了半开放的操作方式。

The European Central Bank has finally released its quantitative easing plan after years of struggle in tackling the impact of the financial woes.Compared to the rapid actions of the Fed and the Bank of Japan,the ECB is tottering.It brought out QE six years later than the Fed and even two years later than the Abe government.The Europe's economic recovery after the financial crisis is far inferior to that of the United Sstates.Some experts believe that Europe is following Japan's footsteps,which has been struggling in 'the lost ten years'.The lag of Europe's QE highlights its inertia in policy-making.Europe is also paying a heavy price for that.The same medicine may have different effects for it is taken at different time.The best treatment often appears at the very beginning of the illness.The similar set of quantitative easing policies worked best in the United States,fairly good in Japan,and maybe worst in Europe,for the ECB has already delayed the illness.Besides,the collocation of monetary policy and fiscal policy is important.The fiscal policy of the United States is better than that of the EU and Japan.In Europe,it's hard to realize the collocation of the fiscal policy and monetary policy for its disunity in the fiscal system.