那提西银行-欧洲-经济理论-欧洲央行优先次序的层级是正确?
6页1、Flash Economics 22 February 2018 - 212 Patrick Artus Tel. (33 1) 58 55 15 00 PatrickArtus Is the hierarchy of ECB priorities the right one? The hierarchy of ECB priorities is now clearly: 1- Meeting the inflation target; 2- Stimulating growth; 3- Ensuring financial stability. In an economic environment where equilibrium inflation spontaneously is lower than the inflation target, and where there are risks of financial instability (abnormal squeezing of risk premia, high volatility in financial m
2、arkets), would it not be more reasonable for financial stability to become the ECBs prime objective? Macroprudential policies (regulation of financial intermediaries) seem incapable of preventing the very expansionary monetary policy from generating financial instability. Distribution of this report in the United States. See important disclosures at the end of this report. Flash Economics 2 The present hierarchy of ECB priorities The ECB currently maintains a very expansionary monetary policy (C
3、harts 1A and B), with the stated objective of bringing euro-zone inflation back to the 2% target (Chart 2). -1012345-101234502 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18Chart 1A Euro zone: Euro repo rate and interest rate on banks deposits at the ECB (as %)Euro repo rateInterest rate on banks deposits at the ECBSources: Datastream, ECB, Natixis -150-100-5005010015020025004008001,2001,6002,0002,4002,8003,20002 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18Chart 1B Euro zone: Monetary base (
4、in EUR bn)In absolute terms (LHS)Month-on-month change (RHS)Sources: Datastream, ECB, Natixis-1012345-101234502 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18Chart 2 Euro zone: Core* CPI and CPICPI (Y/Y as %)Core* CPI (Y/Y as %)Sources: Datastream, Eurostat, Natixis(*) Excl. energy and foodThis expansionary ECB monetary policy has resulted in abnormally low interest rates (Chart 3), thereby stimulating domestic demand and growth in the euro zone (Chart 4). -6-4-202468-6-4-20246802 03 04 05 06 0
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