欧元区本外币外债管理的经验和启示

The Experience of European Union Foreign Debt Management

欧元区外债管理主要包括欧央行外债统计分析、欧洲系统风险委员会宏观审慎管理以及欧盟政府部门公共债务管理三个部分。由于多数欧盟成员国早已实行了资本项目可兑换,企业外债的管制较少,而政府外债也受欧盟条约的约束,因而债务风险管理主要集中于宏观审慎政策框架之中。欧洲宏观审慎政策框架遵循本外币有别的原则,对于外币债务有更为严格的监管政策。鉴于次贷危机和欧债危机以来外币资金供应的显著变化,欧洲系统风险委员会及成员国监管当局还通过调整宏观审慎政策积极引导本币债务对外币债务的替代,以降低外币债务中的货币错配风险、外币资金流动性风险和汇率风险。

Euro area external debt management includes the statistical analysis of Euro central bank, the macroprudential management and the public debt management. Since most member countries have opened their capital account and the public debt has been restricted by the European Union Treaty, the debt risk management concentrates on the framework of macro-prudential management. The foreign debt management denominated in local currencies and foreign currencies owned different characteristics.