Central banks originally emerged from European wars. The credibility these institutions provided allowed sovereigns to fund themselves more cheaply than their rivals, giving them an advantage in funding warfare. That legacy does not make the dilemma facing central banks over how to respond to Russia’s invasion of Ukraine any easier. The European Central Bank, which met last week, and the Federal Reserve and the Bank of England, which will both make monetary policy decisions this week, must decide how to cope with high inflation, the risks of a recession and the spillover effects from the war on the financial system.
中央银行最初起源于欧洲的战争。这些机构提供的公信力，让主权国家能够以比竞争对手更低的成本为自己融资，从而在为战事提供资金方面获得优势。这一历史并没有让各国央行在如何应对俄罗斯入侵乌克兰的问题上面临的困境变得更容易。上周召开会议的欧洲央行(ECB)，以及本周将作出货币政策决定的美联储(Fed)和英国央行(Bank of England)，必须决定如何应对高通胀、衰退风险以及俄乌战争对金融体系的溢出效应。