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.
中央銀行最初起源於歐洲的戰爭。這些機構提供的公信力，讓主權國家能夠以比競爭對手更低的成本爲自己融資，從而在爲戰事提供資金方面獲得優勢。這一歷史並沒有讓各國央行在如何應對俄羅斯入侵烏克蘭的問題上面臨的困境變得更容易。上週召開會議的歐洲央行(ECB)，以及本週將作出貨幣政策決定的美聯準(Fed)和英國央行(Bank of England)，必須決定如何應對高通膨、衰退風險以及俄烏戰爭對金融體系的溢位效應。