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ECBの利下げをCESifo総裁が批判

9月4日にECBが10日からの利下げを発表しました。

f:id:prof_nemuro:20140907225710g:plain

ドラギ総裁は質疑応答で、量的緩和QE)についても議論されたことや、一部の理事がQEに積極的なことを明らかにしています。


ECB: Introductory statement to the press conference (with Q&A)

QE was discussed. Some of our Governing Council members were in favour of doing more than I have just presented, and some were in favour of doing less. So our proposal strikes the middle of the road, but to answer your question, yes it was discussed. A broad asset purchase programme was discussed, and some Governors made clear that they would like to do more.

Draghi: On the first thing, the definition of QE is not really related to its size, but rather to its modalities. So QE is an outright purchase of assets. To give an example: rather than accepting these assets as collateral for lending, the ECB would outright purchase these assets. That’s QE. It would inject money into the system. Now, QE can be private sector asset-based, or also sovereign-sector, public sector asset-based, or both. The components of today’s measures are predominantly oriented to credit easing. However, it’s quite clear that we would buy outright ABS, the senior tranches, and the mezzanine tranches only if there is a guarantee. In other words, very much like what the Fed did a few years ago. So there is also this component.

一方、ドイツのCESifoのSinn総裁は、流動性の罠に陥った現状での債券購入は、金融政策ではなく財政政策となっており、ECBの権限を逸脱していると非難しています。

 

CESifo Group Munich - Ifo President Sinn sees no effect in rate cut and criticizes bond purchases by ECB

… the purchase of bonds by the ECB. In so doing, it would take on the investment risk of investors, which the ECB is not authorised to do as this is a fiscal and not a monetary policy measure.

Sinn総裁の見方によると、資産を買い切るQEは論外になるはずです。

さて、国債を231兆円(8月末)も保有する日本銀行と、それを支持する政府はどう評価できるでしょうか。

 


ECBがマイナス金利を導入 - Think outside the box


ECBのマイナス金利解説 - Think outside the box