欧央行推出终极QE详解 新增火力近万亿
关键词：欧央行QE
北京时间1月22日晚消息，欧央行[微博]行长德拉吉在发布会上明确宣布，将每个月资产采购的额度增加到600亿欧元，同时将范围扩大到公共证券领域。这意味着欧央行正式启动QE(量化宽松)，每个月新增的采购额为500亿欧元。依据3月1日启动持续到2016年9月底计，欧央行新增的QE火力为9500亿欧元，总额达1.14万亿欧元。
欧央行明确表示，从2015年3月开始，欧元系统(包括各成员国央行)将开始在二级市场采购欧元计价的由欧元区各国政府和机构，以及欧洲机构发行的投资级证券。对欧元区政府和机构发行证券的采购将根据各国央行在欧央行基础资本中所占的份额来确定。适用欧盟/IMF[微博](国际货币基金组织[微博])专门项目的欧元区国家可能增加一些合格的采购额度。
此外，欧央行理事会决定改变现有的六个较长期定向再融资操作(TLTRO)的定价，初始两个TLTRO较主要再融资操作(MRO)利率高出的10个基点利差将被取消。
在增加的资产采购方面，欧元系统将采用分散方式进行。欧央行理事会将控制项目全部框架的整体设计，同时协调各央行的采购，保证欧元系统货币政策的单一性。在资产采购的潜在亏损将如何分担方面，欧央行理事会决定，对欧洲机构证券的采购(其额度为新增采购额的12%，由各国央行进行采购)将由各国分担，而剩下的各国央行采购的资产将不适用于损失分担。欧央行将持有新增资产采购额的8%。这意味着新增资产采购额的20%将由欧元区成员国共担风险。
欧央行指出，今天之所以宣布推出更大规模的资产采购计划主要基于两个不利的变化：1. 通胀的发展趋势继续低于欧央行预期，欧元区经济的疲软度依然很高，货币和信贷趋势继续受到抑制。2. 去年6月和9月所公布并随后采取的政策措施已促进金融市场价格改善，但当前的货币宽松度仍不足以充分化解低通胀持续太长时间的高风险。因此，今天采取的进一步扩大欧央行资产负债表措施对达成欧央行的价格稳定使命具有必要性
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本文来源： 大田环球贵金属
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