In Rare Makeover, ECB Tries to Get Banks Lending to One Another Again


欧洲央行的新操作框架是朝着恢复金融危机前的正常状态迈出的一步，但一些分析人士认为力度还不够。


欧洲央行的计划可能会改变银行与欧洲央行以及银行同业间的互动方式。

欧洲央行公布了一项罕见的货币政策内部运作改革计划，变革虽然是技术层面的，但对欧元区经济和投资者具有重要意义。 6park.com
The European Central Bank unveiled a rare makeover to the inner workings of monetary policy, in a change that is technical but consequential for the economy and investors. 6park.com
    
这项酝酿了一年多的计划备受期待，其目的是逐步缩小欧洲央行在欧元区金融体系中的影响范围，部分措施是改变银行与欧洲央行以及银行同业间的互动方式。 6park.com
The keenly awaited plan, over a year in the making, aims to gradually reduce the size of the ECB’s footprint in the region’s financial system, in part by transforming how banks interact with the central bank—and with each other.  6park.com
   
欧洲央行在近些年的一系列危机中为重建信任和恢复稳定而屡屡出手介入，已在欧元区经济中发挥着举足轻重的作用，扭曲了金融机构的行为方式。这场新变革旨在抑制欧洲央行的这种影响力。 6park.com
As it stepped in to restore trust and stability during recent crises, the ECB became a huge presence in the economy, warping how financial institutions behave. The new changes aim to tame this gravitational pull.  6park.com
   
变革的目标之一是恢复银行与其他金融机构之间的短期借贷。在全球金融危机期间，由于机构间的信任崩溃，此类短期借贷交易枯竭，之后再也没有完全恢复，而在欧洲央行改革后，这样的交易将恢复正常。 6park.com
One of the goals is to revive short-term lending between banks and other financial institutions. This would restore normality after such transactions dried up—never to fully recover—when trust between institutions collapsed during the global financial crisis. 6park.com
    
这些变革举措并不意味着欧洲央行将退居幕后。该央行将继续持有相当规模的债券，在金融市场上的影响力仍将比大约15年前全球金融危机爆发前更大。 6park.com
The changes don’t mean the ECB will recede into the background. It will maintain sizable bondholdings, and its presence in financial markets will still loom bigger than it did before the financial crisis broke out some 15 years ago. 6park.com
   
欧洲央行的做法与美联储如出一辙，美联储主席鲍威尔(Jerome Powell)去年12月曾表示，美联储计划“在准备金余额略高于据判断为符合充裕准备金的水平时，放缓然后停止缩减资产负债表规模”。 6park.com
That approach mirrors the Federal Reserve, whose Chair Jerome Powell said in December that the U.S. central bank planned to “slow and then stop the decline in the size of the balance sheet when reserve balances are somewhat above the level judged to be consistent with ample reserves.” 


欧洲央行行长拉加德。

一些分析人士表示，欧洲央行的计划力度还不够。 6park.com
Some analysts said the ECB’s plans didn’t go far enough. 6park.com
    
“欧洲央行基本上还在维护高过剩流动性的体系，并将继续长期持有许多证券，”德国商业银行(Commerzbank)首席经济学家Jorg Kramer说，“在全球金融危机结束15年后，欧洲央行本可大胆实施更多正常化操作。” 6park.com
“The ECB is basically sticking to the system of high excess liquidity and will hold many securities in the long term,” said Jörg Krämer, chief economist at Commerzbank. “Fifteen years after the end of the financial crisis, the ECB could have dared to achieve more normality.” 6park.com
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随着各国央行从经济中抽走现金，原本充裕的资金变得越来越少，欧洲央行新的操作框架旨在继续向欧元区银行提供现金，但要付出一定代价，这会激励银行业人士在欧洲央行之外寻找借贷机会。 6park.com
With once abundant money growing scarcer as central banks drain cash from the economy, the ECB’s new operational framework aims to keep providing cash to eurozone banks but at a price, creating an incentive for bankers to look beyond the central bank for opportunities to borrow.  6park.com
   
欧洲央行表示，将继续通过存款机制利率来引导借贷成本。目前的存款机制利率设定在4%。但在新的框架下，这一重点将转向该央行的定期现金拍卖，银行可以以某一固定利率竞拍现金。 6park.com
The ECB said that it would continue to steer borrowing costs through the deposit rate, which is currently set at 4%. But under the new framework, this focus will shift toward the bank’s regular money auctions, where banks bid for cash at a fixed rate.  6park.com
    
从今年9月份开始，该利率将比存款机制利率高出0.15个百分点，低于目前0.5个百分点的差距。 6park.com
That rate will be set 0.15 percentage points above the bank’s deposit rate, starting in September, down from a 0.5 percentage point gap at present. 6park.com
   
该框架还将创建一个新的债券购买计划，独立于现有的债券投资组合，旨在平滑资金供应。 6park.com
The framework also creates a new bond-buying program separate from existing bond portfolios and aimed at smoothing the supply of money. 6park.com
    
这项变革与欧洲央行的利率决定无关，而是关系到该央行如何将这些决定传递给企业和家庭。例如，新计划不会以促进支出和增长为目标，而该央行较早前的债券购买计划正是以此为目标的。 6park.com
The makeover has no bearing on the ECB’s interest-rate decisions. Rather, it concerns how the bank transmits those decisions to businesses and households. The new bondholdings won’t look to boost spending and growth, for example, which was the goal of the bank’s earlier bond-buying programs. 6park.com
    
央行在吸收近期危机期间为支持经济而发放的流动资金时，都希望避免利率剧烈波动。短期融资市场利率的突然飙升，会使最需要资金的企业更难获得资金、融资成本也更高。 6park.com
Central bankers want to avoid sharp movements in interest rates as they mop up the money created to support economies during recent crises. Sudden spikes in short-term financing markets can make it harder and more costly for businesses that need the money the most to access it. 6park.com
    
这项目的要保持欧元区资金总体充裕的决定反映出，银行对安全和流动资产的需求较高，部分归因于旨在促进金融稳定的监管要求。 6park.com
The decision to keep money in the eurozone generally abundant reflects banks’ higher demand for safe and liquid assets, partly due to regulatory requirements designed to promote financial stability. 6park.com
   
美联储和欧洲央行都有各种引导利率的工具。欧洲央行的工具更多通过银行系统运作，因为银行贷款在欧元区更为重要，而美联储则更多通过金融市场运作。 6park.com
Both the Fed and ECB have various tools to steer interest rates. The ECB’s tools operate more via the banking system because bank lending is more important in the region, while the Fed operates more through financial markets. 6park.com
   
在2008年全球金融危机之前，欧洲央行一直保持资金稀缺，并要求银行在拍卖会上竞拍其认为需要的现金数额，然后相互拆借，以此来引导利率。如今，银行之间的拆借比以前少多了。 6park.com
Until the 2008 global financial crisis, the ECB kept money scarce and steered interest rates by asking banks to bid for an amount of cash that it thought they needed at auction, and then borrow from one another. Today though, banks borrow much less from one another than before. 6park.com
   
随着多国央行为缓解市场压力开始对银行的借款要求有求必应，资金变得充裕起来。然后，这些央行开始购买数万亿美元的政府和企业债务，向金融体系注入更多资金。 6park.com
Money became abundant as central banks started lending banks as much as they requested to smooth market stress. Then the central banks started buying trillions of dollars of government and corporate debt, injecting even more money into the financial system. 6park.com
    
随着流动性变充裕，欧洲央行的存款机制利率（而不是其主要的再融资利率）成为引导市场利率的首选工具，因为该利率提供了一个下限，低于该水平银行将不再愿意借出资金。这是因为银行把资金安全地存放在欧洲央行可以获得同样的回报。 6park.com
As liquidity became abundant, the ECB’s deposit rate, rather than its main refinancing rate, became the tool of choice to steer market rates because it provided a floor below which banks were unwilling to lend. That is because banks could get the same return from safely parking the money at the central bank.  6park.com
   
如今，欧洲央行的定期拍卖鲜有动静，但新的操作框架应会改变这种状况。 6park.com
Today, the ECB’s regular auctions see little action, but the new operational framework should change that.   6park.com
   
欧洲央行表示不会调整准备金要求，这是一些分析人士意料之中的。欧洲央行本可以通过免除更多银行准备金的利息支出来节省资金，而这项支出是造成多家主要央行巨额亏损的部分原因。分析人士说，调整准备金要求对银行来说可能代价高昂，尤其可能对准备金较少的南欧贷款机构造成伤害。 6park.com
The ECB said it wouldn’t alter its reserve requirements, which some analysts had expected. The ECB could have saved money by exempting more bank reserves from interest payments, which are contributing to large losses at major central banks. Such a move would have been costly for banks and might especially hurt lenders in southern Europe with fewer reserves, analysts said.