欧洲央行货币政策新阶段

A New Phase of the ECB's Monetary Policy

欧洲央行管理委员会近期宣布的非常规措施标志着新阶段的开始。通过这些新措施,央行希望积极地扩大资产负债表规模,以便在政策利率已经触及下界的情况下保持进一步宽松的货币政策。金融市场最初的反应也表明这些新措施的实质已经得到认可,央行有信心这些新措施将有助于推动欧洲经济的可持续复苏。

The recent unconventional measures announced by the management council of the European Central Bank signals the beginning of a new phase of monetary policy. The ECB hopes to aggressively enlarge its asset balance sheet so that it can expand monetary easing at a time when its main policy lending rate is already close to zero and some bank deposit rates are in negative territory. The initial reaction of financial markets indicates that markets grasp the essence of its policies. The ECB is confident that these measures will promote a sustainable recovery of Europe's economies.