Policy brief

欧元体系的抵押品政策:调整是否适当?

Publishing date
17 November 2014

Disclaimer: This is a Chinese translation produced by the Shanghai Academy of Social Sciences based on the paper "Eurosystem collateral policy and framework: Was it unduly changed?".

要点

包括重要的公开市场操作在内的所有欧元体系信贷业务,都是以充足的抵押品为基础的。按抵押品市场价格并适用扣减率后向银行提供流动性。在危机期间,欧元体系调整了它的抵押品框架,以接受低评级资产作为抵押品。适用更高的扣减率是为了防范流动性风险,防范低评级资产的更大的价格波动。

为了能向欧元区银行,特别是欧元区外围国家的银行提供充足的流动性,对抵押品框架进行调整是必要的。对陷于危机的国家,还提供了特别紧急流动性援助。80%以上的欧洲央行提供的流动性(重大再融资操作和长期再融资操作)都提供给了五个国家(希腊,爱尔兰,意大利,葡萄牙和西班牙)的银行。当时针对抵押品框架所作的变动,是欧洲央行履行其条约职权的必要条件,即向有偿付能力的银行提供流动性和维护金融稳定。欧洲央行并没有因此而引入过多的风险。

About the authors

  • Guntram B. Wolff

    Guntram Wolff is a Senior fellow at Bruegel. He is also a Professor of Public Policy and Economics at the Willy Brandt School of Public Policy. From 2022-2024, he was the Director and CEO of the German Council on Foreign Relations (DGAP) and from 2013-22 the director of Bruegel. Over his career, he has contributed to research on European political economy, climate policy, geoeconomics, macroeconomics and foreign affairs. His work was published in academic journals such as Nature, Science, Research Policy, Energy Policy, Climate Policy, Journal of European Public Policy, Journal of Banking and Finance. His co-authored book “The macroeconomics of decarbonization” is published in Cambridge University Press.

    An experienced public adviser, he has been testifying twice a year since 2013 to the informal European finance ministers’ and central bank governors’ ECOFIN Council meeting on a large variety of topics. He also regularly testifies to the European Parliament, the Bundestag and speaks to corporate boards. In 2020, Business Insider ranked him one of the 28 most influential “power players” in Europe. From 2012-16, he was a member of the French prime minister’s Conseil d’Analyse Economique. In 2018, then IMF managing director Christine Lagarde appointed him to the external advisory group on surveillance to review the Fund’s priorities. In 2021, he was appointed member and co-director to the G20 High level independent panel on pandemic prevention, preparedness and response under the co-chairs Tharman Shanmugaratnam, Lawrence H. Summers and Ngozi Okonjo-Iweala. From 2013-22, he was an advisor to the Mastercard Centre for Inclusive Growth. He is a member of the Bulgarian Council of Economic Analysis, the European Council on Foreign Affairs and  advisory board of Elcano.

    Guntram joined Bruegel from the European Commission, where he worked on the macroeconomics of the euro area and the reform of euro area governance. Prior to joining the Commission, he worked in the research department at the Bundesbank, which he joined after completing his PhD in economics at the University of Bonn. He also worked as an external adviser to the International Monetary Fund. He is fluent in German, English, and French. His work is regularly published and cited in leading media. 

Related content

Opinion piece

市场与公投承诺不可兼得

未来几个月市场的动荡还将持续,直到英国与欧盟关系的条款最终敲定。英国与欧盟保持密切关联的政治可能性越高,市场反应将会越积极。相反,如果英国采取孤立主义,以及欧洲大陆的惩罚性情绪越高,那么英国和欧盟的股市下跌将会越严重。

Guntram B. Wolff
Opinion piece

欧元区如何避免重蹈日本覆辙

与其呼吁欧洲央行采用另一套政策,不如要求成员国政府做出努力,关键是要把货币政策、财政政策以及结构性政策有机地结合起来

Guntram B. Wolff
Opinion piece

结构改革重中之重

结构性改革的讨论不应只停留在各国各不相同的改革事项,而应聚焦于全球性的收入分配问题和增强金融系统的韧性和多样性上

Guntram B. Wolff
Opinion piece

丢了“欧盟护照”伦敦金融城伤不起

 作为全球金融中心,伦敦一部分的吸引力来自于其窗口作用——在伦敦扎根可以直接打入泛欧洲经济区(EEA)的内部市场。这么说来,金融企业有一个英国经营牌照就如同有一本“欧盟护照”,境外机构可以在整个欧洲经济区提供金融服务,畅通无阻。

Dirk Schoenmaker