央行独立时代即将结束_时事_双语阅读-查字典英语网

央行独立时代即将结束

Whether they like it or not, central bankers are being dragged into the political fray. It is not so much an issue of whether independence is good or bad. Rather, monetary policy itself is no longer a job for technocrats.

不管主观上是否喜欢，各国央行行长目前已经被动卷入了政治纷争。央行政策独立性本身是好还是坏，这个问题已不是那么重要了。如今的问题已变成，制定货币政策本身不再是技术官僚的工作了。

Pre-crisis, it was assumed the achievement of price stability would keep everybody happy. Yes, central bankers would have to nudge interest rates in one direction or the other, making some of us better off and others worse off. Across an economic cycle, however, these effects would even out. In that sense, monetary policy could be regarded as politically neutral.

金融危机爆发前，各国央行的想法是，实现价格稳定就能保证各方满意。诚然，各国央行行长们必须有时调高利率，有时调低利率，每次的利率调整都将使一部分人受益，使另一部分人利益受损。然而，从整个经济周期的跨度内来看，这些调整所产生的影响将互相抵消。从这个意义上来说，货币政策在政治上可以视为是中性的。

No longer. Since the recession, developed world economies have stagnated and central bankers have had little choice but to keep rates close to zero and to pursue increasingly unconventional monetary policies in the hope that they will trigger a robust recovery.