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[³°Éô¥ê¥ó¥¯] Account of the monetary policy meeting
of the Governing Council of the European Central Bank,
held in Frankfurt am Main on Tuesday and Wednesday, 14-15 April 2015

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[³°Éô¥ê¥ó¥¯] The ECB¡Çs recent monetary policy measures: Effectiveness and challenges
Camdessus lecture by Mario Draghi, President of the ECB,
IMF, Washington, DC, 14 May 2015

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¡Ø3. Collateral consequences of monetary policy¡Ù¤È¤¤¤¦¤Î¤¬¥Í¥¿¤Ë¤·¤Ê¤«¤Ã¤¿Â³¤­¤À¤¬¤³¤ì¤âÃæ¡¹¡£

¡ØA prolonged period of accommodative monetary policy can, however, come with side effects. And the fact that our policy has so far proven effective should not blind us to them.¡Ù

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¡ØThis is not a question of trade-offs. We cannot shy away from implementing a policy that ensures price stability on account of potential collateral effects. Nor can we extend the medium-term to horizons that compromise our objective. Yet at the same time we need to understand and manage those collateral effects - and in pursuing our mandate we should attempt, to the extent possible, to minimise them.¡Ù

¡ØWhere this is not possible, we have a duty to raise awareness so that mitigating or corrective action can be taken by other relevant authorities.¡Ù

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¡ØSo in this context, I would like to address specifically two concerns that have arisen about the possible collateral effects of our actions. These are the consequences for allocation and distribution.¡Ù

¡Öallocation¡×¤È¡Ödistribution¡×¤ÎÅÀ¤«¤é¤ÎÉûºîÍѤȤ¤¤¦ÏäǤ¹¤¬¡¢¸åȾ¤Î¡Ödistribution¡×¤ÎÊý¤Ï¤É¤Á¤é¤«¤È¤¤¤¦¤È°ìÈÌŪ¤ÊÈãȽ¤ËÂбþ¤ß¤¿¤¤¤Ê´¶¤¸¤Ç¡¢Á°È¾¤Î»ØÅ¦¤¬¤Û¤¦¤Û¤¦¤È¤¤¤¦´¶¤¸¤Ç¤¹¡£

¡ØIn terms of allocation, a key concern at the present time is that very loose financing conditions could result in a misallocation of resources, which would ultimately undermine financial stability.¡Ù

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¡ØIn particular, it has been suggested that a prolonged low rate environment can lead to excessive financial risk-taking, delayed balance sheet repair and, ultimately, a form of financial dominance as the pressure on the central bank to delay a normalisation of monetary policy increases.¡Ù

¥Ð¥Ö¥ë·üǰ¤è¤ê¤â¤³¤Ã¤Á¤ÎÊý¤¬¤Û¤Û¤¦¤Ê¤Î¤Ç¤¹¤¬¡¢²áÂç¤Ê¥ê¥¹¥¯¥Æ¥¤¥¯¤Ë¤è¤Ã¤Æ¥Ð¥é¥ó¥¹¥·¡¼¥È¤Î½¤Éü¤¬ÃÙ¤ì¤ëÏä˲䨤ƶâÍ»Àµ¾ï²½¤¬ÃÙ¤ì¤ì¤ÐÃÙ¤ì¤ë¤Û¤ÉºâÀ¯½¾Â°(financial dominance)¤ÎÌäÂ꤬À¸¤¸¤ë¤Î¤Çµ¹¤·¤¯¤Ê¤¤¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤·¤Æ¡¢¤É¤³¤¾¤ÎÃæ±û¶ä¹Ô¤ËÄÞ¤Î(°Ê²¼Æ±Ê¸)¡£

¡ØI can of course see the logic to these arguments: a long period of very low interest rates is potentially conducive to imbalances. But it is important to underline two points.¡Ù

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¡ØFirst, one has to analyse carefully the balance of effects between monetary policy and financial stability. For example, in a debt overhang environment it is not clear that accommodative monetary policy is inimical to balance sheet repair. In many countries low interest rates have in fact helped stabilise debt dynamics via reduced interest rate burdens, and thereby facilitated balance sheet adjustment.¡Ù

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¡ØThe interest spending-to-GDP ratio of euro area governments has declined on average by 0.4 p.p. of GDP between 2012 and 2014. Similarly, the debt burden of households and firms has fallen and reduced bank funding costs have contributed positively to retained earnings, which accelerates the deleveraging of bank balance sheets. All this makes it easier for monetary policy to normalise over the medium-term.¡Ù

Íø»ÒÉéô¤¬·Ú¤¯¤Ê¤ë¤³¤È¤Ë¤è¤Ã¤Æ¥Ð¥é¥ó¥¹¥·¡¼¥È¤Î²þÁ±¤¬²Ã®¤¹¤ì¤ÐÃæ´üŪ¤Ë¤Ï¶âÍ»À¯ºö¤ÎÀµ¾ï²½¤òÁá¤á¤ë¤³¤È¤¬¤Ç¤­¤Þ¤¹¤è¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ëÌõ¤Ç¤·¤Æ¡¢¤³¤Î¹Ö±é¤Ã¤Æ¡ÖQE¤ò´°¿ë¤¹¤ë¡×¤È¤¤¤¦Éôʬ¤Ð¤«¤ê¤ä¤¿¤é¥¯¥í¡¼¥º¥¢¥Ã¥×¤µ¤ì¤ÆÊ󯻤µ¤ì¤¿¤«¤é¡Ö¶âÍ»´ËϤò¤¸¤ã¤ó¤¸¤ã¤ó¤ä¤ë¥¹¥¿¥ó¥¹¥Ò¥ã¥Ã¥Ï¡¼¡×¤Ã¤Æ¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤±¤É¡¢¤³¤¦¤¤¤¦Ïä⤷¤Æ¤¤¤Þ¤·¤Æ¡¢ËÜÍèŪ¤Ë¤ÏÀµ¾ï²½¤ò¤·¤¿¤¤Ìõ¤Ç¡¢Àµ¾ï²½¤Ø¤ÎÆ»¤òÁá¤á¤¿¤¤¤«¤é¤È¤Ë¤«¤¯´ËϤò¿§¡¹¤È´èÄ¥¤Ã¤Æ¤¤¤Þ¤¹¡¢¤È¤¤¤¦Ï䬺¬Äì¤Ë¤¢¤ëÌõ¤Ç¤·¤Æ¡¢Àµ¾ï²½¤Ë¸þ¤±¤¿°Õ¼±¤Î·çÊҤ⸫¤»¤Æ¤¯¤ì¤Ê¤¤¤É¤³¤¾¤ÎÃæ±û¶ä¹Ô¤Ë(°Ê²¼Æ±Ê¸)¡£

¡ØSecond, our monetary policy decisions have not been taken in a vacuum - they have been taken in the context of a broader policy framework that helps mitigate some financial stability concerns.¡Ù

¿¿¶õ¤Ç¤ª¤³¤Ê¤ì¤¿Ìõ¤Ç¤Ï¤Ê¤¤¤È¤«¤Ê¤ó¤Î¤³¤Ã¤Á¤ã¤È»×¤¤¤Þ¤·¤¿¤¬¡¢Íפ϶âÍ»°ÂÄê²½¤Ë´Ø¤·¤Æ¤Ï¥×¥ë¡¼¥Ç¥ó¥¹À¯ºö¤ò¤«¤Ä¤Æ¤è¤ê¤â¸·¤·¤¯¼Â»Ü¤·¤Æ¤¤¤ë¤È¤¤¤¦ÅÀ¤ò¼çÄ¥¤·¤Æ¤¤¤Þ¤·¤Æ¡¢¤½¤¦¤¤¤¦°ÕÌ£¤«¤é¤¹¤ë¤ÈÉûºîÍÑÏÀ¤ÎÏäϳΤ«¤Ë¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢°ìÊý¤Ç¶âÍ»ÉÔ°ÂÄê²½¤Ë´Ø¤·¤Æ¤Ïµ¬À©´ÆÆÄ¤ÎÊý¤ÇÂбþ¤¹¤ë¤Î¤¬´ðËܤǤ¹¤È¤¤¤¦Ê¸Ì®¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ç¡¢Ê̤˥Хê¥Ð¥ê¤ÎBIS¥Ó¥å¡¼¤ò»ý¤Á½Ð¤·¤Æ¤¤¤ëÌõ¤Ç¤Ï¤Ê¤¤¤«¤é¡¢¥¹¥¿¥¤¥ó¸µÍý»öŪ¤Ê¥¿¥«Ê¸Ì®¤Ë¤Ï¤Ê¤ê¤è¤¦¤¬¤Ê¤¤¡¢¤È¤¤¤¦¤Î¤â¤³¤ì¤Þ¤¿»ö¼Â¤À¤È»×¤¤¤Þ¤¹¤Î¤Ç¡¢¤Þ¡¼¤³¤ÎÊդϥХé¥ó¥¹¤òÎɤ¯¼è¤Ã¤Æ¤¤¤ë¤ó¤¸¤ã¤Ê¤¤¤Î¤Ç¤·¤ç¤¦¤«¤È»×¤¦¤Î¤Ç¤¹¤±¤É¤Í¡£

¡ØFor instance, our recent measures were launched against the backdrop of the Comprehensive Assessment of bank balance sheets, which included an asset quality review of unprecedented depth and breadth. Our monetary policy has therefore been associated with both de-risking and de-leveraging of bank balance sheets, not the opposite. [3] Moreover, we are now operating in a new regulatory and supervisory environment, including the creation of a European banking supervisor in the SSM, which has been specifically designed to reduce capture and temper pro-cyclicality. And remember it is banks that historically have been at the centre of the most serious financial crises.¡Ù

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¡ØWhile we are monitoring developments closely, at the moment there is little indication that generalised financial imbalances are emerging. As a matter of fact, the two most important indicators of growing financial imbalances - real estate prices and credit growth - show only tentative signs of turning upwards.¡Ù

¤Ç¡¢¤³¤³¤Ç¥­¥¿¥³¥ì¤Ç¤Ï¤¢¤ê¤Þ¤¹¤¬¡¢º£¤Î½êÆÃÃʤÎÃû¸õ¤Ï¤Ê¤¤(at the moment there is little indication)¤â¤Î¤Î¡¢¶âÍ»ÉԶѹդ¬½Ð¤Æ¤¯¤ë½ê¤È¤·¤Æ¡ÖÉÔÆ°»º¡×¤È¡Ö¥¯¥ì¥¸¥Ã¥È»Ô¾ì¡×¤òµó¤²¤Æ¤¤¤Þ¤·¤Æ¡¢Æü¶ä¤Î¶âÍ»¥·¥¹¥Æ¥à¥ì¥Ý¡¼¥È¤Ç¤â¤½¤¦¤Ç¤¹¤±¤ì¤É¤â¡¢ÉÔÆ°»º¤Ë´Ø¤·¤Æ¤ÏÁ´À¤³¦Åª¤ËÃíÌÜÅÙ¥¢¥Ã¥×Ãæ(¥Ð¥Ö¥ë·üǰ¤Ê°ÕÌ£¤Ç)¤È¤¤¤¦¤Î¤¬¥È¥ì¥ó¥É¤È¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤Ê¡£¤¿¤À¤·¥É¥é¥®¤Î¤ª¤Ã¤Á¤ã¤ó¤Îǧ¼±¤Ç¤Ï¡¢ÉÔÆ°»º¤â¥¯¥ì¥¸¥Ã¥È»Ô¾ì¤âº£¤Î½ê¤Ï¡Öonly tentative signs of turning upwards¡×¤Ç¤¢¤ë¤È¤¤¤¦ÏäǤϤ¢¤ê¤Þ¤¹¤±¤É¤Í¡£

¡ØWhat this underlines is that following a major financial crisis accommodative monetary policy does not necessarily blur a prudent assessment of risk. On the contrary, it can help produce a more regular pricing of risk, which may have become too high and adverse to productive risk-taking.¡Ù

¡ØIn sum, while a period of low interest rates will inevitably result in some local misallocation of resources, it does not follow that it has to threaten overall financial stability. This hinges crucially on monetary policy being embedded in a complementary set of supervisory and regulatory policies that create incentives for balance sheet adjustment and responsible financial behaviour.¡Ù

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¡ØAnother concern, which has accompanied the fall of interest rates to their effective lower bound and the introduction of unconventional measures, is the distributional consequences of monetary policy. In particular, there have been concerns that very low rates for a prolonged period might penalise savers to the benefit of debtors; or that rising asset prices as a consequence of our purchases might benefit the wealthy disproportionately and thereby increase inequality.¡Ù

¤È¤¤¤¦¤³¤È¤Ç¡¢¸åȾ¤Ïdistributional¤ÊÉûºîÍѤȤ¤¤¦ÏäʤΤǤ¹¤¬¡¢¤³¤Á¤é¤Ë´Ø¤·¤Æ¤Ï¾åµ­¤Ë¸«¤é¤ì¤Þ¤¹¤è¤¦¤Ë¡¢¡ÖÄã¶âÍø¤Çǯ¶âÀ¸³è¼Ô¤Î¼ýÆþ¥¬¡¼¡×Ū¤ÊÏäËÂФ¹¤ë¤ªÅú¤¨¤Ê¤Î¤Ç¤Þ¤¢°ìÈÌŪ¤ÊÏä˽ª»Ï¤·¤Æ¤¤¤Þ¤¹¡£¤½¤ÎÃæ¤Ç¤Á¤ç¤Ã¤È¤À¤±ÌÌÇò¤«¤Ã¤¿¤Î¤ÏºÇ¸å¤Î½ê¤Ç¡¢

¡ØThat being said, we have to be mindful that too prolonged a period of very low real rates can have undesirable consequences in the context of ageing societies, where many households save not just to smooth consumption over the cycle, but to smooth consumption over their lifetime. For pensioners, and for those saving ahead of retirement, low interest rates may not be an inducement to bring consumption forward. They may on the contrary become an inducement to save more, to compensate for a slower rate of accumulation of pension assets.¡Ù

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2015/05/20 02:01 JST

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[³°Éô¥ê¥ó¥¯] Weekly financial statements
Publication dates 2015
The weekly financial statements of the Eurosystem are published on a Tuesday, and they relate to the preceding Friday.

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[³°Éô¥ê¥ó¥¯] Consolidated financial statement of the Eurosystem as at 15 May 2015

Covered bond purchase programme 3¡¡¡¡¡¡¡¡¡¡¡¡ EUR 80.8 billion +EUR 2.8 billion
Asset-backed securities purchase programme¡¡ EUR 6.1 billion +EUR 0.3 billion
Public sector purchase programme ¡¡¡¡¡¡¡¡¡¡¡¡EUR 122.5 billion +EUR 13.7 billion

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[³°Éô¥ê¥ó¥¯] How binding is the zero lower bound?

Speech by Benoit Coure, Member of the Executive Board of the ECB, at the conference ¡ÈRemoving the zero lower bound on interest rates¡É, organised by Imperial College Business School / Brevan Howard Centre for Financial Analysis, CEPR and the Swiss National Bank,

London, 18 May 2015

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¡ØAgainst this background, we are also aware of seasonal patterns in fixed-income market activity with the traditional holiday period from mid-July to August characterised by notably lower market liquidity. The Eurosystem is taking this into account in the implementation of its expanded asset purchase programme by moderately frontloading its purchase activity in May and June, which will allow us to maintain our monthly average of ¥æ¡¼¥í60 billion, while having to buy less in the holiday period.¡Ù

¤È¤¤¤¦Éôʬ¤¬±Ñʸ¥Ë¥å¡¼¥¹¤À¤È°úÍѤµ¤ì¤Æ¤¤¤Æ¡¢¤½¤³¤Ç¥Ò¥ã¥Ã¥Ï¡¼¤ÈÈ¿±þ¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤ì¤Ïñ¤Ë7-8·î¤Ë»Ô¾ì¤ÎÈĤ¬Çö¤¯¤Ê¤ë¤«¤éƱ¤¸ÇãÆþ¥Ú¡¼¥¹¤Ç¤ä¤Ã¤Æ¤¤¤ë¤ÈÈĤÎÇö¤¤Ãæ¤ÇºÄ·ô»Ô¾ì¤òÂ礭¤¯Æ°¤«¤¹¤³¤È¤Ë¤Ê¤ë¤Î¤òÈò¤±¤ë¤¿¤á¤ËÁ°Åݤ·¤ÇÇã¤Ã¤Æ¡¢ÈĤÎÇö¤¤»þ´ü¤ÏÇãÆþ¥Ú¡¼¥¹¤òÃÙ¤¯¤¹¤ë¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤Î¤Ë²á¤®¤Ê¤¤¤È»×¤¦Ìõ¤Ç¡¢¤É¤¦¸«¤Æ¤âÄ«»°Êë»Í¤Î¸Î»ö¤½¤Î¤Þ¤ó¤Þ¤Ç¤ªÁ°¤é¥¨¥Æ¸ø¤Î½¸¤Þ¤ê¤«¤È¾®°ì»þ´ÖÌ䤤µÍ¤á¤¿¤¤¤È¤³¤í¤Ç¤¹¤¬º£Æü¤ÎÎØÈ֤ϤɤΥ¾¡¼¥ó¤È¸À¤Ã¤Æ¤¢¤¢¤À¤³¤¦¤À¤ä¤Ã¤Æ¤¤¤ë±ßºÄÌîϺ¤Ë¸À¤ï¤ì¤¿¤¯¤Ï¤Ê¤¤¤Ç¤¹¤«¤½¤¦¤Ç¤¹¤«¡£

¡ØIf need be, the frontloading may be complemented by some backloading in September when market liquidity is expected to improve again.¡Ù

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¡ØThe slightly higher purchase volume that market analysts may observe in the coming weeks is therefore unrelated to the recent episode of market volatility.¡Ù

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¡¦Â­¸µ¤Þ¤Ç¤Î²¤½£¹ñºÄ¶âÍø¤Îȿž¾å¾º¤Ï¡Ö»Ô¾ì¤ÎÈá´ÑŪ¤Ê·ÐºÑʪ²Á¾ðÀª¤Î¸«Êý¤¬½¤Àµ¤µ¤ì¤¿¤«¤é¡×¤ÈÀâÌÀ¤·¤Æ¤Þ¤¹¤¬

¤Ç¤Ç¤¹¤Í¡¢¹¹¤Ë¤³¤ÎÉôʬ¤Î¤Ò¤È¤ÄÁ°¤Î¥Ñ¥é¥°¥é¥Õ¤òÆÉ¤ß¤Þ¤¹¤È¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦

¡ØAs you know, this combination of measures has created strong price effects in certain asset markets, going beyond what many observers initially anticipated. German yields, for example, were briefly negative out to around the 8-year maturity point and were below the deposit rate until almost the 4-year maturity.¡Ù

¤³¤ìÁ°¤ÎÏäòÆÉ¤Þ¤Ê¤¤¤È¾¯¡¹¥¢¥ì¤Ç¤Ï¤¢¤ê¤Þ¤¹¤¬¡¢¡Öthis combination of measures¡×¤È¤¤¤¦¤Î¤Ï¥Þ¥¤¥Ê¥¹Í¶â¶âÍø¤È»ñ»ºÇãÆþ¤È¤¤¤¦ºÇ¶á¼Â»Ü¤·¤Æ¤¤¤ëECB¤ÎÀ¯ºö¤Î¤ªÏäǤ·¤Æ¡¢¤½¤Î¸ú²Ì¤¬¤³¤Î¤è¤¦¤Ë½Ð¤Þ¤·¤¿¥¦¥§¡¼¥Ã¥Ï¥Ã¥Ï¥Ã¥Ï¤È¤¤¤¦Ïá£

¡ØWe have always stressed, however, that the objective of our programme is to influence prices but not to impair price discovery.¡Ù

¤·¤«¤·²æ¡¹¤Ï¡Ö²Á³Ê¤Ë±Æ¶Á¤òÍ¿¤¨¤ë¡×¤³¤È¤Ï¤³¤Î¥×¥í¥°¥é¥à¤ÎÌÜŪ¤Ç¤Ï¤¢¤ë¤¬¡Ö²Á³Êȯ¸«µ¡Ç½¤ò»¤Ê¤¦¡×¤³¤È¤ÏÌÜŪ¤È¤·¤Æ¤¤¤Ê¤¤¡¢¤È¤¤¤¦ÀâÌÀ¤ò¤·¤Æ¤ª¤ê¤Þ¤¹¡£ÏäϤÁ¤ç¤Ã¤ÈæÀþ¤¹¤ë¤±¤É¤³¤ÎÅÀ¤Ï¤ä¤Ï¤êÃæ±û¶ä¹Ô¤À¤Ê¤¢¤È»×¤¦½ê¤Ç¤·¤Æ¡¢¤É¤¦¸«¤Æ¤â²ðÆþ¾åÅù¤È¤¤¤¦¥¹¥¿¥ó¥¹¤Î¹õÅĤµ¤ó¤È¤Ï°ã¤¤¤Þ¤¹¤Ê¤¢¤È»×¤¤¤Þ¤¹¡£

¡ØFor this reason I do not see the recent reversal in the price of Bunds and other sovereign bonds as a cause for concern, insofar as it reflects a market correction, recreates two-way risk in the market and reflects the fact that, as our programme takes effect, some of the more pessimistic assumptions of future growth and inflation trends are being revised. It is the rapidity of the reversal that worries me more. After several similar episodes, it is yet another incident of extreme volatility in global capital markets showing signs of reduced liquidity. [6]¡Ù

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¼¡¤Î¾®¸«½Ð¤·¤¬¡ØOther options for dealing with the lower bound¡Ù¤Ç¤¢¤ë¡£

¡ØThe fact that non-standard measures can help to overcome the lower bound constraint does not mean that there might not be other, even more effective ways to deal with it. ¡Ù

¡ØIn this context two types of policy have been put forward: those that take the existence of the effective lower bound as a given and seek to improve the traction of monetary policy in that environment; and those which aim to remove the lower bound constraint altogether.¡Ù

¥¼¥í¶âÍøÀ©Ìó¤Î²¼¤Ë¤ª¤±¤ë¶âÍ»´ËÏÂ¥ª¥×¥·¥ç¥ó¤È¤Ï¡¢¤È¤¤¤¦ÏäǡÖremove the lower bound constraint¡×¤ò¤¹¤ë¤¿¤á¤Î¥ª¥×¥·¥ç¥ó¤È¤¤¤¦Ïá£

¡ØAs regards the first type, several options have been proposed in the literature, but most are unfortunately not very appealing to policy-makers. For instance, Blanchard and Ball, among others, suggest increasing the inflation objective, for example from 2% to 4%. [7] This option, however, would impose permanent costs on the economy in terms of the inefficient allocation of resources associated with a higher inflation rate.¡Ù

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¡ØAnother important casualty would be the credibility of the ECB, given that economic agents would entertain the possibility of further changes in the objective in response to future shocks. All in all, raising the inflation target is ¡Ètoo blunt an instrument¡É for achieving the desired objective of stabilising the economy in a low interest rate environment.¡Ù

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¡ØAdditional proposals are even more far-reaching. They involve the use of ¡Èactive¡É fiscal policy to create inflation, or to increase policy interest rates to coordinate expectations on the desired equilibrium of inflation of below but close to 2%. [8] But neither proposal is practical given our context in the euro area.
Our forward guidance is based on the notion that we do not intend to raise rates for an extended period of time. And explicit monetary-fiscal policy coordination is neither possible within our institutional framework of 19 different national fiscal policies, nor is it desirable given our independence from fiscal authorities.¡Ù

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¡ØMoreover, the aggregate stance is broadly neutral today, and if its allocation across countries can be questioned, it would not be desirable for it to become much more active given the high legacy debt and the requirements of our fiscal rules.¡Ù

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¡ØAs regards the second type of policy - those aimed at removing the effective lower bound on short-term rates - perhaps the most prominent proposal is to either to tax currency holding a la Gesell or abolish it altogether, and hence to remove the arbitrage between bonds and cash. [9]¡Ù

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¡ØOne can indeed imagine several advantages associated with such a policy, on top of pushing the lower bound further into negative territory. For example, tax on cash can act like a tax on illegal activities and would foster greater transparency. In addition, we could economise on the costs of storage and use of currency, which are not insignificant. ¡Ù

¡ØThere are important reasons, however, why it is difficult for policy-makers to give this option serious consideration. They have mainly to do with psychological and operational factors.¡Ù

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¡ØThe use of cash with a zero guaranteed nominal rate of return and a non-negative nominal interest rate on deposits is deeply ingrained in the psyche of economic agents. Savers already perceive a negative nominal interest rate on deposits as an unfair wealth tax and extending it to cash would deepen this perception and affect even more vulnerable members of our society. Beyond looking for a different bank which might offer slightly better conditions, depositors would have no other option than to keep hold of their savings, unless there were to be rapid shift in attitudes towards saving in more risky types of assets such as equities. In addition, this would raise serious financial inclusion issues as not all people today can use computers or operate smartphones.¡Ù

¤¦¡¼¤ó¤³¤Î¤È¤¤¤¦¤«¤½¤¦¤¤¤¦Ïäˤʤë¤Î¤«¤Í¤È¤Ï»×¤¦¤¬¡¢¸½¶â²ÝÀǤ¹¤ë¤È¥ê¥¹¥¯»ñ»º¤Ø¤Î²áÅÙ¤ÊÅê»ñ¤¬¿Ê¤à¤Î¤âÌäÂê¤À¤±¤É¤½¤¦¤¤¤¦»ñ»º¹ØÆþ¤Ç¤­¤Ê¤¤¿Í¤Ï̾ÌÜ»ñ»º¤¬¸º¤ë¤Î¤ò»Ø¤¯¤ï¤¨¤ÆÄ¯¤á¤Æ¤¤¤Ê¤¤¤È¤¤¤±¤Ê¤¤¤·¡¢ÅŻҵ¡´ï»È¤Ã¤Æ¥Û¥¤¥Û¥¤¤È»ñ¶â¤Î°Üư¤È¤«¤¹¤ë¥¹¥­¥ë¤¬Ìµ¤«¤Ã¤¿¤êPC»È¤Ã¤Æ¤Ê¤«¤Ã¤¿¤ê¤¹¤ë¿Í¤â¤¤¤Þ¤¹¤·¤È¤«¡¢¤Þ¤¢¤½¤ó¤ÊÏäò¤·¤Æ¤¤¤ë¤è¤¦¤Ç¡¢¸½¶â²ÝÀǤȤ¤¤¦¤Î¤âÍý¶þ¤È¤·¤Æ¤Ï¤¢¤êÆÀ¤Æ¤â̵Íý¤Ç¤·¤ç¤È¤¤¤¦¤ªÏäΤ褦¤Ç¡£

¡ØIn short, while I can very well envisage a world without cash, I view it as the outcome of changing technologies and social perceptions, not of policy prescriptions.¡Ù

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¡ØBesides, I do not believe that it would be desirable to remove the zero lower bound in the euro area at the current juncture. I say this for three reasons.¡Ù

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¡ØFirst, removing the lower bound would not solve all problems related to monetary policy.¡Ù

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¡ØThe experience of the global financial crisis taught us that the type of shocks which can drive policy interest rates to the lower bound are also shocks which produce severe impairments to the monetary policy transmission mechanism. Suppose, for example, that the interbank market freezes and prevents a smooth transmission of the policy interest rate throughout the banking sector and financial markets at large. In this case, any cut in the policy rate may be almost completely ineffective in terms of influencing the macroeconomy and prices.¡Ù

¶âÍ»´íµ¡¸å¤Î»Ô¾ì¤Ë¸«¤é¤ì¤¿¤è¤¦¤Ë¡¢»Ô¾ìµ¡Ç½¤¬²õ¤ì¤Æ¡Ösevere impairments to the monetary policy transmission mechanism¡×¤¬È¯À¸¤¹¤ë¤È¶âÍ»À¯ºö¤ÎÍ­¸úÀ­¤¬Â»¤Ê¤ï¤ì¤ë¤Î¤Ç¤¢¤Ã¤Æ¡¢¶âÍ»À¯ºö¤Î¥È¥é¥ó¥¹¥ß¥Ã¥·¥ç¥ó¥á¥«¥Ë¥º¥à¤¬¸ú¤¯¤è¤¦¤Ê¾õÂ֤ˤ·¤Æ¤ª¤¯¤Î¤¬½ÅÍפȡ£

¡ØGiven the persistent signs of fragmentation in some euro area financial markets, it is therefore not clear that the ability to lower key ECB rates deep into negative territory would by itself help ensure a faster return to growth in the euro area.¡Ù

fragmentation¥­¥¿¥³¥ì¤Ç¤·¤Æ¡¢¥æ¡¼¥í·÷¤Î¶âÍ»»Ô¾ì¤Î´ö¤Ä¤«¤Çfragmentation¤¬¤¢¤ëÃæ¤Ç¡¢ECB¤¬¤³¤ì°Ê¾åͶâ¥Õ¥¡¥·¥ê¥Æ¥£¡¼¶âÍø¤Î¥Þ¥¤¥Ê¥¹¤ò³ÈÂ礵¤»¤ë¤³¤È¤½¤ì¼«ÂΤ¬¥æ¡¼¥í·÷¤Î¤è¤êÁᤤ²óÉü¤ò¤â¤¿¤é¤¹¤«¤É¤¦¤«¤ÏÉԳμ¤ǤϤʤ¤¤«¤È¸À¤Ã¤Æ¤ë¤è¤¦¤Ë¤·¤«ÆÉ¤á¤Þ¤»¤ó¤¬¤³¤ì¡£

¡ØOn the contrary, this could have an impact on the business model of banks and insurance companies, and impair their capacity to perform financial intermediation and support monetary policy transmission.¡Ù

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¡ØAnd where fragmentation is now receding, our non-standard measures have in any event pushed real rates well below the long-term growth rate, creating sufficiently strong price incentives to invest.¡Ù

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¡ØSecond, we are mindful of the risks of persistently low interest rates to financial stability. [10]¡Ù

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¡ØIt is accepted today that real rates will remain below the long-term growth rate for as long as is necessary in order for investment to recover. Throughout this period, private agents may be tempted to borrow to purchase assets of which the supply is limited or inflexible, such as real estate. [11]¡Ù

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¡ØWe are prepared to use our micro- and macro-prudential instruments to face the risks of bubbles and excessive leverage, but if the lower bound were effectively abolished, those risks would increase and may lead to macroeconomic instability along this dynamically inefficient path.¡Ù

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¡ØThird, we have to reflect on why we have reached the lower bound in the euro area in the first place.¡Ù

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¡ØAn important issue here is the possibility that the natural real rate may have fallen very low or even gone negative; this could occur for various reasons such as low productivity or a slowdown in population growth, both of which are relevant for the euro area.¡Ù

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¡ØA protracted period of deleveraging in the euro area, similar to the one which occurred in Japan in the 1990s, could also have pushed the natural real rate down, even into negative territory, and potentially for a long time. [12] This is related to the so-called ¡Èsecular stagnation¡É hypothesis. [13]¡Ù

¤Ç¡¢¥æ¡¼¥í·÷¤Ç¤Î¥ì¥Ð¥ì¥Ã¥¸½Ì¾®¤ÎĹ´ü²½¤È¤¤¤¦¤Î¤Ï90ǯÂå¤Î¥¸¥ã¥Ñ¥ó(ÍפϤɤäÁ¤â»ñ»º¥Ð¥Ö¥ëÊø²õ¤Ë¤è¤ë¥Ð¥é¥ó¥¹¥·¡¼¥È½Ì¾®¤Ç¤¹¤Ê)¤Ë¤â»÷¤Æ¤¤¤Þ¤¹¤¬¡¢¤³¤¤¤Ä¤é¤Ï¶Ñ¹Õ¶âÍø¿å½à¤ò²¼¤²¤¿¤ê¥Þ¥¤¥Ê¥¹¤Ë¤·¤¿¤ê¤¹¤ëÌõ¤Ç¡¢¤³¤Î¸½¾Ý¤ò¡Ösecular stagnation¡×¤È¤«¸À¤¤¤Þ¤¹æ«¤È¡£

¡ØThis scenario may also be consistent with a gloomier view of recent bond market developments than the one I have provided above.¡Ù

¤È¤¤¤¦¤³¤È¤Ç¤³¤Î¹Ö±é¥Í¥¿ºÇ¸å¤ÎÊý¤À¤±¤ò»È¤Ã¤Æ¤¤¤ë¤Î¤Ç¡ÖI have provided above¡×¤ÎÉôʬ³ä°¦¤·¤Æ¤¤¤Þ¤¹¤¬¡¢ºÇ¶á¤ÎºÄ·ô»Ô¾ì¤Î²Á³Ê¤¬¼¨¤¹·ÐºÑʪ²Á¸«Ä̤·¤Ï¥ï¥·¤¬¤µ¤Ã¤­¸À¤Ã¤¿¥Ó¥å¡¼¤è¤ê¤â°Å¤¤¤Ç¤¹¤±¤É¤³¤ì¤Ï¡Ösecular stagnation¡×¤Î¹Í¤¨¤Ë±è¤Ã¤¿¤â¤Î¤Ç¤¹¤¾¤Ê¤È¡£

¡ØReal forward interest rates indeed suggest that the expected short-term real interest rate about ten years ahead is around -1%, while expected euro area GDP growth for the period six to ten years ahead stands at 1.4% (according to the Consensus Forecast). If forward markets were correct, then the fall in long-term yields would not due to a generalised reduction in the market price of risk, and thus a flattening of term and risk premia induced by our extended asset purchase programme. It would be rather a reflection of a generalised fall in real interest rates, signifying bleaker prospects for euro area growth.¡Ù

¡ØFor monetary policy to remain ¡Èneutral¡É in such an environment, a lastingly low or negative actual real rate would be needed.¡Ù

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¡ØIt is in response to this that some are proposing to remove the effective lower bound. But my question is, why not instead focus on raising the natural real rate? Why not introduce structural reforms that will raise investment demand?¡Ù

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¡ØThis would be unambiguously positive for employment and productivity growth and, as I have discussed elsewhere, could have positive effects even over a relatively short time horizon. The answer could in principle be to do both, but we know that in reality political capital is often scarce, and my suspicion is that taxing deposits would use up much of the political capital that could be better spent on structural reforms.¡Ù

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[³°Éô¥ê¥ó¥¯] The ECB¡Çs recent monetary policy measures: Effectiveness and challenges
Camdessus lecture by Mario Draghi, President of the ECB,
IMF, Washington, DC, 14 May 2015

¡ØOver the past year the ECB has taken a series of major monetary policy measures, culminating in our decision in January this year to expand our asset purchases towards public sector securities. While the aim of these measures is> ¡ØThe macroeconomic situation worsened unexpectedly over the summer as the underlying impetus that we saw earlier in the year faded (Chart 5, rhs). This removed an important force behind the reflation scenario we had expected. The sharp fall-off in oil prices that began in late summer then added further disinflationary pressures, feeding also into core inflation (Chart 5, lhs). The result was that, by January 2015, the euro area was experiencing negative headline inflation rates and a generalised decline in measures of actual and expected inflation. And while the medium-term orientation of our monetary policy strategy allows us to ¡Èlook through¡É such price developments if they are temporary in nature, there were two reasons why we feared this would not be the case.¡Ù

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¡ØFirst, while the fluctuations in inflation in the second half of the year were clearly being driven by supply factors, there were strong signs that the trend was being driven by weak aggregate demand. This was visible both at the macro level in a still wide output gap and a declining rate of core inflation; and at the micro level in subdued negotiated wages and low pricing power among firms.¡Ù

¡ØIn other words, we were not facing merely a downward shock to prices, but also a downward shock to inflation dynamics - a sustained adverse development.¡Ù

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¡ØSecond, because of this weak underlying trend in inflation, there was a higher risk that the oil price fall could feed into second round effects.¡Ù

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¡ØIndeed, several factors suggested that the situation was more worrying than past episodes of oil-induced disinflation, particularly the most recent case in 2009 following the collapse of Lehman brothers. Our analysis showed that the persistence of low inflation across a range of statistical metrics was higher than in 2009. Inflation expectations had also become, at all horizons, less well anchored to our objective and more sensitive to that low realised inflation, whereas in 2009 they hardly moved at all. And measures of core inflation had become less sticky, implying a higher risk that this low realised and expected inflation would become entrenched in wage setting behaviour (Chart 6).¡Ù

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¡ØAlso relevant was the fact that this loosening of inflation expectations occurred while policy rates were already at the effective lower bound. At the lower bound a fall in inflation expectations implies a rise in real interest rates, so this development risked generating a contractionary effect that would offset, at least in part, the benefits of the fall in oil prices. Moreover, given high debt levels in parts of the euro area, this would be amplified if second round effects set in and real debt burdens increased, as borrowers tend to have higher propensities to consume and invest than lenders.¡Ù

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¡ØIt was in this context that we moved into the third contingency by engaging into outright asset purchases. This began in September 2014 with our announcement that we would purchase asset-backed securities and covered bonds. And it was then scaled up in January 2015 with the addition of public sector securities to our purchase programme. These asset purchases work in two main ways.¡Ù

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¡ØFirst, they have a signalling effect, which contributes to re-anchoring inflation expectations more in line with our medium-term objective.¡Ù

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¡ØThis has been instrumental in reversing the rise in real interest rates that we observed at the start of this year. The euro area spot 5-year real interest rate had increased by around 60 basis points between September 2014 and January 2015; it then fell by 85 basis points between mid-January and April.¡Ù

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¡ØThe signal that liquidity will keep expanding is also supporting a flattening of the term structure, thus further reducing real rates out along yield curve.¡Ù

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¡ØIn addition, as this contributed to the diverging paths of monetary policy across jurisdictions, it also put downward pressure on the exchange rate.¡Ù

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¡ØSecond, even though we purchase only a comparatively narrow range of high-quality securities, our purchases have a direct and indirect effect across the whole financial system, through a portfolio balance effect.¡Ù

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¡ØThey not only alter the price of risk-free securities, which forms the basis for the pricing of all financial instruments. They also generate scarcity in the market in which we buy, which encourages investors to shift holdings into other asset classes - e.g. from sovereign to corporate bonds, from debt to equity, and across jurisdictions, reflected in a falling of the exchange rate (Chart 7).¡Ù

°ì±þ¡ØChart 7: Portfolio rebalancing effects¡Ù¤Ë¤½¤ì¤é¤·¤¤¿Þ¤¬¤¢¤ë¤è¡£

¡ØIn combination, a lower cost of debt finance, a lower cost of equity and a lower exchange rate all contribute to making investment projects profitable that were previously deemed unattractive.¡Ù

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¡ØAs a result of the comprehensive easing cycle from June 2014 to January 2015, both the inflation and growth outlook have improved considerably and consumer confidence is now on the rise (Chart 8).¡Ù

¡ØChart 8: Macro and inflation landscape in early 2015¡Ù¤ò¸«¤ë¤Èʪ²Á¤Î²¼¤²¤Ï»ß¤Þ¤Ã¤Æ¾å¾º¸«Ä̤·¤Ë¤Ê¤Ã¤Æ¤­¤¿¤ïÀ®Ä¹¤Î²¼¤²¤â»ß¤Þ¤Ã¤ÆÀè¹Ô¤­¤Î¸«Ä̤·¤Ï¹¹¤Ë¾å¸þ¤­¤À¤ï¤â¤¦¥¦¥Ï¥¦¥Ï¤Ç¤¹¤è±üÍÍ!¤È¤¤¤¦¿Þɽ¤¬¤¢¤ê¤Þ¤¹¡£

¡ØAnd this may indeed have come as a surprise to some observers: one of the key objections to our programme was that it would be ineffective in a low interest rate environment and/or following a balance sheet recession.¡Ù

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¡ØAn important reason why this objection has proven questionable, in my view, is that it concentrated exclusively on the interest rate channel of transmission. What we can see, however, is that the other transmission channels of large-scale asset purchases are meaningful.¡Ù

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¡¦¡¦¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦ÀâÌÀ¤ò¤·¤Æ¤¤¤Æ¡¢¤Á¤ç¤Ã¤ÈÁ°¤Þ¤Ç¤Î½ê¤Ç¶âÍø¤ÎÏäФ䫤ꤷ¤Æ¤Í¤¨¤«¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¥É¥é¥®ÂçÀèÀ¸¤Î»ö¤Ç¤¹¤«¤é­¸µ¤Ç¥É¥¤¥Ä¹ñºÄ¤Î¶âÍø¤¬¾å¾º¤·¤Æ¤¤¤ë¤³¤È¤â¤¢¤ê¤Þ¤¹¤Î¤Ç¡¢¤¢¤Þ¤ê¡Ö¶âÍø¡×¤òÏ¢¸Æ¤¹¤ë¤È¡¢¡Ö¶âÍø¤¬¾å¾º¤·¤Æ¤¤¤ë¤Î¤ËÂç¾æÉפ«¡×¤ÈµÕ¤Í¤¸¿©¤é¤ï¤µ¤ì¤ë²ÄǽÀ­¤ò¤­¤Á¤ó¤È°Õ¼±¤·¤Æ¤³¤Î¡Ö¶âÍø¤À¤±¤Ç¤Ï¤¢¤ê¤Þ¤»¤ó(¥­¥ê¥Ã)¡×¤È¤¤¤¦¤Î¤òÆþ¤ì¤Æ¤¤¤ë¤È¤¤¤¦¤³¤Î¥Ø¥Ã¥¸Ê¸¸À¶²¤ë¤Ù¤·¡£

¡ØThe portfolio balance effect is still powerful in a bank-based economy and when interest rates are low or even negative - indeed, it is perhaps even more powerful in this environment as investors are displaced into more risky asset classes, such as equity.¡Ù

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¡ØAnd when there is high uncertainty, signalling effects can become commensurately stronger if well-timed and clearly communicated.¡Ù

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¡ØWhile we have already seen a substantial effect of our measures on asset prices and economic confidence, what ultimately matters is that we see an equivalent effect on investment, consumption and inflation. To that effect, we will implement in full our purchase programme as announced and, in any case, until we see a sustained adjustment in the path of inflation. After almost 7 years of a debilitating sequence of crises, firms and households are very hesitant to take on economic risk. For this reason quite some time is needed before we can declare success, and our monetary policy stimulus will stay in place as long as needed for its objective to be fully achieved on a truly sustained basis.¡Ù

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¡ØThe supply of bills outstanding as a percentage of the total Treasury portfolio is at a multi-decade low of approximately 11 percent. Demand for Treasury bills is high and is expected to grow even more significant. Therefore, Treasury believes that it is prudent to increase the level of Treasury bills outstanding, at least somewhat, within the total amount of securities issued for authorized purposes.¡Ù

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¡ØThis increase in issuance will help achieve our objective of lowest cost of funding over time and will enhance market functioning and liquidity. Furthermore, this increase in Treasury bill supply should not be interpreted as changing Treasury¡Çs debt issuance strategy of extending the weighted average maturity of the debt.¡Ù

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