《货币银行学》课程教学资源（文献资料）2欧洲央行拟效仿美联储加大“救市”力度

欧洲央行拟效仿美联储加大“救市”力度英国《金融时报》克里斯·贾尔斯（ChrisGiles)伦敦、克里什纳·古哈(KrishnaGuha）华盛顿报道2007年8月20日星期一欧洲各央行本周已做好准European central banks arestanding备，将采取措施抑制货币和Ireadythisweektostemtheturmoilin信贷市场的动荡局势。上周money and credit markets after the五，美联储(Fed)采取行动，USFederalReservemovedonFriday以优惠条件直接向银行提to make direct loans availableto供贷款，并暗示可能降息。banksonfavourabletermsandhintedat an interest rate cut.在美联储改变策略后，金融Financial markets rallied after the市场大幅反弹。如果美联储Fed's change of course and, if the此举本周能够平定美国投movecalmsUsnerves thisweek,资者的情绪，那么，欧洲各European centralbankersarelikelyto央行可能也会仿效该做法，followtoensureanxietiesaresoothed确保减轻欧洲投资者的担there as well.忧。上周末时，欧元区银行间货At the end of last week, overnight币市场隔夜拆息（代表银行interbankmoney marketinterest rates同业之间拆借隔夜贷款的intheeurozone-thecosttobanks of成本）已回归正常，仅略高borrowingovernightfromtheir于欧洲央行4%的政策利counterparts - had retumed to normal率水平。但3个月期利率at justabove the European Central仍高于正常水平，为Bank's 4 per cent policy rate.But4.65%。three-monthratesstayedhigherthannormal at 4.65 per cent.伦敦银行间隔夜拆息为Londoninterbankrateswere6.3per6.3%，3个月期利率为cent overnight and 6.7 per cent at a6.7%，远高于英国央行three-month maturity,well above the(bankofEngland)设定的bank of England's 5.75 per cent main5.75%的主导利率。rate ofinterest.在金融市场迄今远未恢复Withnormalityfarfrombeingrestoreo正常的情况下，各国央行行yet, central bankers insist that they长表示，如果情况需要，他takefurtheractionifcan们将采取进一步措施。circumstancesmerit

欧洲央行拟效仿美联储加大“救市”力度 英国《金融时报》克里斯•贾尔斯(Chris Giles)伦敦、克里什纳•古哈 (Krishna Guha)华盛顿报道 2007 年 8 月 20 日 星期一 欧洲各央行本周已做好准 备，将采取措施抑制货币和 信贷市场的动荡局势。上周 五，美联储(Fed)采取行动， 以优惠条件直接向银行提 供贷款，并暗示可能降息。 European central banks are standing ready this week to stem the turmoil in money and credit markets after the US Federal Reserve moved on Friday to make direct loans available to banks on favourable terms and hinted at an interest rate cut. 在美联储改变策略后，金融 市场大幅反弹。如果美联储 此举本周能够平定美国投 资者的情绪，那么，欧洲各 央行可能也会仿效该做法， 确保减轻欧洲投资者的担 忧。 Financial markets rallied after the Fed’s change of course and, if the move calms US nerves this week, European central bankers are likely to follow to ensure anxieties are soothed there as well. 上周末时，欧元区银行间货 币市场隔夜拆息（代表银行 同业之间拆借隔夜贷款的 成本）已回归正常，仅略高 于欧洲央行 4%的政策利 率水平。但 3 个月期利率 仍高于正常水平，为 4.65%。 At the end of last week, overnight interbank money market interest rates in the eurozone – the cost to banks of borrowing overnight from their counterparts – had returned to normal at just above the European Central Bank’s 4 per cent policy rate. But three-month rates stayed higher than normal at 4.65 per cent. 伦 敦 银 行间 隔 夜 拆息 为 6.3%，3 个月 期利率为 6.7%， 远高 于英 国央行 (bank of England)设定的 5.75%的主导利率。 London interbank rates were 6.3 per cent overnight and 6.7 per cent at a three-month maturity, well above the bank of England’s 5.75 per cent main rate of interest. 在金融市场迄今远未恢复 正常的情况下，各国央行行 长表示，如果情况需要，他 们将采取进一步措施。 With normality far from being restored yet, central bankers insist that they can take further action if circumstances merit

除了调整利率以外，欧洲央Shortofchangingrates,the行（ECB)还可向银行发放European Central Bank can lend at期限较长的贷款，以减少银longermaturities,reducingtheneed行向市场借入较昂贵资金foritsbankstoaccessmore的需求。expensivefunds inthemarkets尽管英国央行一直努力避Although the Bank of England is免成为银行的第一贷款人，trying to avoid being the first port of但如果市场利率继续处于callforbanks,if unusual marketrates不正常水平，它将采取行persist, it would act to secure its动，确保达到“银行间隔夜objectivefor"overnightmarket拆息与官方利率相符”的目interestrates to bein line with the标。Bank'sofficialrate".3周前，由于心怀恐惧的投Central banks' willingness to act资者拒绝贷款，全球很多国followsthree weeksofturmoil in家的金融体系失灵，导致金which much of the financial system融市场陷入动荡。has become gummed up as fearfulinvestors have refusedtolend.美联储将密切关注市场迹The Fed will look for signs that its象，看看其举措是否阻止了moveshavestoppedthecontagion危机蔓延。官员们不指望信Officialsare not expectingany quick贷市场状况或广大投资者recovery in credit market conditions,的信心会迅速复苏。or inbroad market confidence各国央行还担心他们化解Central bankersarealsonervousthat这场信心危机的能力有限，their powers to stem this crisis of因为即便是高质量的信贷confidence are limited,since even也找不到愿意购买的买主。good quality credit cannot find ready有人指出，一位市场观察人purchasers.Onenoted the veracityof士说了一句大实话：在这种a market observer who said that in情况下，央行采取的任何举these circumstances, any action措都解决不了实质问题。bankwastaken by a centralimmaterial

除了调整利率以外，欧洲央 行(ECB)还可向银行发放 期限较长的贷款，以减少银 行向市场借入较昂贵资金 的需求。 Short of changing rates, the European Central Bank can lend at longer maturities, reducing the need for its banks to access more expensive funds in the markets. 尽管英国央行一直努力避 免成为银行的第一贷款人， 但如果市场利率继续处于 不正常水平，它将采取行 动，确保达到“银行间隔夜 拆息与官方利率相符”的目 标。 Although the Bank of England is trying to avoid being the first port of call for banks, if unusual market rates persist, it would act to secure its objective for “overnight market interest rates to be in line with the Bank’s official rate”. 3 周前，由于心怀恐惧的投 资者拒绝贷款，全球很多国 家的金融体系失灵，导致金 融市场陷入动荡。 Central banks’ willingness to act follows three weeks of turmoil in which much of the financial system has become gummed up as fearful investors have refused to lend. 美联储将密切关注市场迹 象，看看其举措是否阻止了 危机蔓延。官员们不指望信 贷市场状况或广大投资者 的信心会迅速复苏。 The Fed will look for signs that its moves have stopped the contagion. Officials are not expecting any quick recovery in credit market conditions, or in broad market confidence. 各国央行还担心他们化解 这场信心危机的能力有限， 因为即便是高质量的信贷 也找不到愿意购买的买主。 有人指出，一位市场观察人 士说了一句大实话：在这种 情况下，央行采取的任何举 措都解决不了实质问题。 Central bankers are also nervous that their powers to stem this crisis of confidence are limited, since even good quality credit cannot find ready purchasers. One noted the veracity of a market observer who said that in these circumstances, any action taken by a central bank was immaterial