日期:2014-07-09 13:34


Pressure is mounting on the European Central Bank to take action against a persistently strong euro with a leading industrialist calling on Frankfurt to tackle the “crazy” strength of the currency.
Fabrice Brégier, chief executive of Airbus’s passenger jet business, said the ECB should intervene to push the value of the euro against the dollar down by 10 per cent from an “excessive” $1.35 to $1.20-$1.25.
空客(Airbus)客机业务首席执行官法布里斯•布雷吉耶(Fabrice Brégier)表示,欧洲央行应出手干预,将“过高”的1欧元兑1.35美元的比价推低10%,至1欧元兑1.20至1.25美元。
“[Europe] cannot be the only economic zone of the world that doesn’t consider its currency as a weapon . . . as a key asset to promote its economy,” he said in an interview with the FT.
Mr Brégier’s comments coincide with calls from the International Monetary Fund and some eurozone politicians for the bank to consider a programme of quantitative easing to tackle low inflation, sluggish economic growth and the strong euro.
Benoit Coeuré, a member of the ECB’s executive board, acknowledged in an interview the stronger the euro became, the more the bank would come under pressure to act. “A lot of the low level of inflation . . . is due to the strength of the euro so the stronger the euro the more we have to do monetary accommodation.”
欧洲央行执行董事会成员伯努瓦•克雷(Benoit Coeuré)在一次采访中承认,欧元越是走强,欧洲央行就越是受到采取行动的压力。“低通胀在很大程度上……是欧元的强势地位所致,因此欧元越是走强,我们就越需要推出宽松货币政策。”
He rejected calls to target the exchange rate explicitly. “Exchange rates are set on global markets, so it wouldn’t be wise or possible for us to have it as a policy target.” He also insisted there was no pressing need for the ECB to embark on a round of QE. “I see the odds as being low,” he said. “I am very convinced that what we decided already will work and will prop up inflation.”
Last month, the ECB unveiled a range of exceptional measures, including cutting a key interest rate below zero, to tackle the threat of deflation. Despite the strength of the measures, the euro has barely weakened, and was worth $1.36 yesterday. Some economists believe that the euro is unlikely to depreciate against the dollar considerably unless the ECB engages in QE.
Mr Coeuré expressed doubts about the effectiveness of QE, which has been used by the US Federal Reserve and the Bank of England. “Something that has worked in the US or in the UK may not work in the eurozone because we are financed by banks not by financial markets. The level of government bond yields is very low. Why would we need QE?”
Any explicit attempt to weaken the euro and is likely to be opposed in Germany. “We need a stable currency and we have one. The euro at $1.35 gives us a stable framework for competitiveness,” said one senior German official. “We do not need to talk the euro up or down. Currency manipulation is not a route to competitiveness, it is a soft alternative to hard explanations to the electorate.”

  • depreciatev. 贬值,降价,轻视
  • exchangen. 交换,兑换,交易所 v. 交换,兑换,交易
  • frameworkn. 结构,框架,参照标准,体系
  • rangen. 范围,行列,射程,山脉,一系列 v. 排列,归类于
  • promotevt. 促进,提升,升迁; 发起; 促销
  • exceptionaladj. 例外的,异常的,特别的,杰出的
  • executiveadj. 行政的,决策的,经营的,[计算机]执行指令 n
  • explicitlyadv. 明白地,明确地
  • excessiveadj. 过多的,过分的
  • monetaryadj. 货币的,金融的