欧洲经济“不惜一切代价”面临新挑战.pdfVIP

2015 7 31 Issue No: 15/29 … … 2012 … … Never before in the field of central banking has so much impact owed to so few words. Three years on, we take stock. Much has changed in the intervening period. Relative to the existential risks faced by the Euro in 2012, at present market conditions are benign and the stability of the single monetary policy more secure. But – as recent experience in Greece demonstrates – the Euro area continues to be riven by tensions, which the authorities strive to contain. Mr. Draghi’s pledge remains central to these efforts. In this week’s European Economics Analyst, we assess whether the commitments made in July 2012 remain sufficient to maintain relative calm in the Euro area, and render monetary union more workable. As the Greek episode has shown, the source of stress in the Euro area has shifted from financial 1 markets to the political domain. With elections in Portugal, Spain and Ireland in the coming months, there is much scope for further political challenges to Euro market stability. Different sources of tension require different responses. What it took to stabilise