欧洲结构性货币政策利弊分析及对中国的启示

Analysis of the Pros and Cons of European Monetary Policy and Structural Chinese Enlightenment

2014年6月5日,欧洲央行管委会决定实施为期两年的一系列定向长期再融资操作,包括实施一项新的债券购买计划(CBPP3),购买在欧元区注册的小微企业发行的以欧元标价的债券等措施,旨在增加对私人部门的融资。英格兰银行在2012年7月推出了3750亿英镑的贷款融资计划,包括将非银行信贷机构纳入到该计划的参与主体中等措施。我们在编译其主要内容的基础上,分析欧洲结构性货币政策利弊,并提出借鉴欧洲经验教训,结合中国经济金融发展实际,完善新三板市场,积极拓展中小企业股权债权融资途径、加快培育经济新引擎,带动实体经济有效需求增加、加强对定向降准等政策工具实施效果跟踪调查来增强结构性货币政策和实体经济联系程度。

5 June 2014, the ECB CMC decision implementation for a period of two years a series of directional longterm refinancing operations, including the implementation of a new bond purchase plan（CBPP3） and purchase Euro denominated bonds issued by small and micro enterprises registered in the euro area and other measures to increase the financing of the private sector. The Bank of England in July 2012 launched a 375 billion pounds of loan financing plan, including the non bank credit institutions into the program in the main secondary measures. We compile the main contents based on. Analysis European monetary policy, structural advantages and disadvantages, and puts forward from European experience, combined with China＇s actual economic and financial development and improvement of the new board market, actively expand small and medium-sized enterprise equity debt financing way, to accelerate the development of new economic engine, driven by increased entity economy effective demand, strengthen of RRR and other policy tools to track the implementation effect investigation to enhance structural monetary policy and the real economy degree of contact.