欧洲中央银行非常规货币政策及启示

The Unconventional MonetaryPolicies of the European Central Bank and their Implications to China

欧债危机爆发以来,欧洲央行通过直接融资和间接融资两类非常规货币政策进行了大规模的干预。前者主要包括强化信贷支持(ECS)、担保债券购买计划(CBPP)和长期再融资操作(LTRO);后者主要包括证券市场计划(SMP)和货币直接交易(OMT)。分别阐述了欧洲央行非常规货币政策的实施背景、基本内容、主要特征和援助效果,可为我国的危机管理和货币政策制定提供有益借鉴。

Since the European Sovereign Debt Crisis, the European Central Bank （ECB） has employed the unconventional monetary policies to intervene the indirect and direct financial market. The former includes En- hanced Credit Support （ECS）, Collateralized Bond Purchase Plan （CBPP）, Long Term Refinancing Operation （LTRO）, and the latter includes Securities Markets Program （SMP） and Outright Monetary Transactions （OMT） . This paper analyzes the implementation background, content, characteristics and intervention effect of the unconventional monetary policies of ECB, to provide some lessons for the crisis management and monetary policy in China.