观点欧洲央行

ECB should ignore latest central bank inflation fad
欧洲央行不应该赶时髦

There are more pressing real economy issues than tweaking its price targeting regime
明肖:欧洲央行官员需要保持专注。如果他们把时间浪费在讨论价格水平目标制上,那将是危险的分心;因为他们有更紧迫的事情要应对。

As dedicated followers of fashion, European central bankers have also been following the intellectual trends set by others. When inflation targeting was in vogue in the 1990s, the European Central Bank adopted the new regime and became a paid-up subscriber to the economic theory that lay behind it. Inflation targeting turned out to be a stunning success, for about a decade. That ended at about the time a series of crises descended on Europe. The last time the core rate of inflation in the eurozone was above 2 per cent was in 2008.

作为热心追逐时尚的人,欧洲央行(ECB)官员们还紧紧追随其他央行设定的理念潮流。当1990年代流行通胀目标制(inflation targeting)时,欧洲央行采取了这种新制度,并成为其背后manbetx20客户端下载 理论的坚定追随者。此后约10年期间,通胀目标制取得了惊人的成功。当一系列危机降临欧洲时,这一成功结束了。上一次欧元区的核心通胀率高于2%还是在2008年。

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