Channel-hopping
摇摆不定
As long as Europes banks are not strong enough to lend, its economy will struggle to grow.MrDraghi and his fellow policymakers should concentrate on three cures.
只要欧洲银行没能力向外贷款,欧洲的经济就会上升得很艰难。德拉吉及其他ECB决策人应该全力于以下三个解决方法。
The first is to unclog the lending channels. There are mechanisms for the ECB to try tolowerbank-lending rates in the periphery. But it could also usefully weaken the dependenceof smalland medium-sized enterprises on banks by helping prise open the capitalmarketsby,for instance, buying up securities backed by SME loans. That would meanhelping some countriesmore than others, something that makes the ECB uneasy. But thishorse has bolted: the centralbanks policies are already having an uneven effect across theeuro zone. The EuropeanInvestment Bank could also ease credit by taking a first-lossposition in SME-backedsecurities. There has been a lot of talk about this sort of thing, but toolittle action.
一,清除借贷中的障碍。ECB中存在相关机制,可以试着降低边缘国家的银行贷款利率。但是,这样做同时也会有效减少中小型企业对银行的依赖性,他们有助于打开资本市场,比如,收购中小型企业贷款支撑的证券。如此一来,部分国家得到的帮助会多一些,如果出现这种情况,ECB会十分担忧。但是ECB却像头受惊的小马驹,他们已经出台了会导致欧元区国家享受不同待遇的政策。同时,在中小型企业支撑的证券中,欧洲投资银行也可以有损失时首当其冲,从而放松信贷。不过,大家都是语言的巨人,行动的矮子。
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