关于货币政策的思考：欧洲视角

Thoughts on monetary policy： A European perspective

文章指出，量化宽松货币政策不一定适合欧洲。在分析了价格稳定、通胀和极度货币宽松的理由，及长期宽松货币政策的缺点的基础上，文章认为，使得美国量化宽松政策相对成功的条件在欧洲并不存在，而造成欧洲经济增长疲软的结构性因素无法通过流动性创造来纠正，且当前的市场波动显然与量化宽松政策有关。

The article points out that quantitative easing （QE） policies may not be suited for Europe. By analyzing price stability and inflation in the eurozone, factors that might have contributed to an excessive easing of monetary policy, and drawbacks of too accommodative a monetary policy for too long, the article comes to the conclusions that the conditions that explain the success of unconventional monetary policies in the United States are not necessarily transferable to Europe, the （mostly structural） causes that explain the subdued growth in Europe cannot be corrected by systematic liquidity creation, and the present market volatility in Europe is related to QE policies.