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Central banks should not be tempted by the good old days
央行的「正常化」之路該怎麼走?


桑德布:「正常化」到底要回歸怎樣的「常態」?抱著金融危機前的舊常態不放並不可取,而應瞄準顛覆舊有規範的新常態。

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.

在央行圈裏,有關正常化的討論已經進行了一段時間。美聯準(Fed)和英國央行(Bank of England)都將利率從經濟大衰退之後的最低水準上調。現在歐洲央行(ECB)行長馬里奧•德拉吉(Mario Draghi)已經開始討論歐元區的加息之路,以形成未來適度緊縮進程的預期。

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