These are exciting times in European central banking. Last Thursday the Swiss National Bank suddenly terminated its successful peg to the euro. This week the European Central Bank is expected to announce its programme of quantitative easing. The SNB has embraced the risk of deflation from which the ECB wishes to escape.
歐洲的中央銀行業迎來了激動人心的時刻。上週四瑞士央行(Swiss National Bank)突然取消了瑞士法郎兌歐元匯率上限這一成功的政策。本週歐洲央行(ECB)預計將宣佈量化寬鬆計劃。瑞士央行已經接受了歐洲央行希望逃脫的通縮風險。
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