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Central banks should not be tempted by the good old days
央行的“正常化”之路该怎么走?


桑德布:“正常化”到底要回归怎样的“常态”?抱着金融危机前的旧常态不放并不可取,而应瞄准颠覆旧有规范的新常态。

In central banking circles, the talk of normalisation has been under way for some time. The Federal Reserve and the Bank of England have both moved interest rates off the lowest levels they hit after the great recession. At the European Central Bank, Mario Draghi has now begun to talk about the path for interest rate increases in the eurozone in order to shape expectations for a moderate tightening process.

在央行圈里,有关正常化的讨论已经进行了一段时间。美联储(Fed)和英国央行(Bank of England)都将利率从manbetx20客户端下载 大衰退之后的最低水平上调。现在欧洲央行(ECB)行长马里奥•德拉吉(Mario Draghi)已经开始讨论欧元区的加息之路,以形成未来适度紧缩进程的预期。

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