德拉吉 QE可能引發金融不穩定

Mario Draghi has warned central banks to beware of the risk that aggressive Monetary easing, including mass bond buying, could lead to financial instability and worsen income inequality.

馬里奧•德拉吉(Mario Draghi)警告歐洲各國央行，大規模債券購買等激進貨幣寬鬆措施可能引發金融不穩定，加劇收入不平等。

The European Central Bank president said the apparent success of policies such as the ECB’s landmark 1.1tn quantitative easing package should not “blind” policy makers to the potential consequences of their actions on risk-taking in financial markets and in exacerbating wealth disparities.

歐洲央行(ECB)行長表示，歐洲央行具有里程碑意義的1.1萬億歐元一攬子量化寬鬆計劃等政策取得的明顯成效，不應使政策制定者變得“盲目”，無視其行動對金融市場冒險行爲和加劇貧富差距的潛在後果。

“Because the use of these new instruments can have different consequences than conventional monetary policy, in particular with respect to the distribution of wealth and the allocation of resources, it has become more important that those consequences are identified, weighed and where necessary mitigated,” Mr Draghi said at the International Monetary Fund in Washington.

“由於使用這些新手段可能帶來與常規貨幣政策不同的後果，尤其是在財富分配和資源配置方面，確定、權衡並在必要時緩解這些後果變得更爲重要，”德拉吉在位於華盛頓的國際貨幣基金組織(IMF)表示。

Central banks have faced criticism that their response to the financial crisis is stoking asset-price bubbles and increasing inequality. But this was the first time Mr Draghi has spoken in depth of concerns about aggressive action by central banks. He defended the decision to launch QE and other easing measures unleashed over the past year and claimed there was little to suggest imbalances in the financial system had already emerged. He also noted that all monetary policies had effects on wealth distribution and inaction by the ECB would have penalised young people.

外界批評各國央行對金融危機的迴應加劇了資產價格泡沫和不平等。但德拉吉深入表達對央行激進措施的擔憂尚屬首次。他爲啓動量化寬鬆的決定和過去一年推行的其他寬鬆措施辯護，稱當初沒有什麼證據表明金融體系出現失衡。他還指出，所有貨幣政策都會影響財富分配，而歐洲央行如果不作爲，只會使年輕人遭受損失。

Mr Draghi argued that while the impact of QE on asset prices and economic confidence had been substantial, what ultimately mattered was what happened to investment, consumption and inflation in the eurozone.

德拉吉主張，儘管量化寬鬆對資產價格和經濟信心影響較大，但最終重要的是歐元區的投資、消費和通脹走勢如何。

In an attempt to play down talk that the ECB could slow the pace of its 60bn per month asset purchase plan before the planned cut-off point of September 2016, he said: “We will implement in full our purchase programme as announced and, in any case, until we see a sustained adjustment in the path of inflation.”

有傳言稱，歐洲央行將在2016年9月的預定結束時間之前放慢每月投入600億歐元進行資產購買的步調。德拉吉淡化了這種可能性，稱：“我們將像之前宣佈的那樣全盤執行購買計劃，再說無論如何我們都得先看到通脹走勢出現持續的調整。”