欧洲央行货币政策二十年

Twenty Years of the European Central Bank’s Monetary Policy

二十年前,基于汇率反复不稳定的现实和维护单一市场不受竞争性贬值影响的需要,欧洲引入了欧元,而欧洲央行则成了欧洲货币联盟的基石。本文回顾并总结了欧洲央行过去二十年的货币政策历史与得失,同时就货币政策目前面临的挑战提出应对思路。

Twenty years ago,based on the reality of exchange rate instability and the need to maintain a single market without competitive devaluations,Europe introduced the euro,and the European Central Bank became the cornerstone of the European Monetary Union.This paper reviews the successes and shortfalls of the European Central Bank’s monetary policy over the past two decades,and proposes measures to address the challenges to current monetary policy.