欧央行能否破解欧债困局

Can the ECB Solve the European Debt Crisis?

相较美联储在次贷危机期间所扮演的积极角色,欧央行在应对欧债危机时过于保守的表现一直备受金融市场诟病,直至欧央行推出直接货币交易计划(OMT),欧央行才逐步承担起欧元区最终贷款人的角色。本文致力于剖析欧央行对欧债危机的应对措施选择及其实际效果。

Compared to the Fed’s active role during the subprime crisis, the European Central Bank (ECB) has been accused by many participants in the financial markets of being too conservative in dealing with the European debt crisis. The announcement of the Outright Monetary Transactions (OMT) would effectively make the ECB the lender of last resort for nations that requested aid. This article attempts to analyze the ECB’s countermeasures to deal with the debt crisis and its actual effects.