ä¸?¿¡è¯??¸ç?¹è?欧央è¡?2023å¹???è®????è®??å¦???ä¿????????ä¼?ï¼?????ä»????è¦??þ>??/p>

????欧央è¡?3??è®????è®???åºþ@????0bpsï¼?????紧缩计å???§å¸¸ï¼?ç¬þ@??å¸??ºé?????欧央è¡????????°æ???èµ??????³ç??¹å?ï¼?强è??????¨è?é«?水平维æ??è¿?ä¹?ï¼?表示?©ä»·ç¨³å?ä¸?????稳å?ä¹??´å¹¶????è¡¡å?³ç³»ï¼?é¦?è¦?????ä»???????????ç¡?è°·é?¶è?äº?件ä?æ³¢æ??¹³ï¼???ä¿¡å??????é£??£æµªå°?ï¼?两è?????????¶ç?¹æ?¥è?ï¼?è¿????½æ????ºè??¥é?声鹤?³ç????????ä¸?è¿?ï¼?欧央è¡?对æ????ºé?¶è?ä½?ç³»å??满信å¿?ï¼???ä»??认为欧å???ºå????ç³»ç??§é????é£??©ç??æ¦???è¾?ä½?ï¼?ä½?ä¹?åº?????????å°¾é?¨é??©ç?????½æ?§ã??欧å???ºé????å½¢å?¿ä??¶ä¸¥å³»ï???ä»??计å?ºå????å½??欧央è¡?å°??????³å?????5bps??

??????3??欧央è¡?è®????è®??³è?主è???容æ???

????1ï¼??©ç??å·¥å?·ï?主è?????èµ?ä¸??¡å?©ç????è¾¹é??è´·æ??©ç????å­?款便?©å?©ç??å°?????22?¥èµ·?????è°?50bps??.50ï¼???3.75ï¼???3.00ï¼?ï¼?ç¬þ@??å¸??ºé?????欧央è¡???次å??å½??°æ???èµ?ï¼?data-dependentï¼?ç­??¥ï?????示æ???¥å?©ç??è·????

????2ï¼??¶å?å·¥å?·ï?欧央è¡???????计å??å¼???????紧缩ï¼?é¢?计å?¨ä?å¹?????APPä¸???èµ?ç»???å¹³å??æ¯?ä¸???å°???å°?150亿æ???????ç»???å¥?å¾?å®?ï¼??³å???024å¹´å?å¯?EPP?°æ??????è¿?è¡?????èµ?ï¼?继续?µæ´»å®???PEPP????èµ?ï¼?为æ????ºå?½å???å¤?TPI??ä¸?述表述å??ä¸?2???¸å????

??????3??欧央è¡?è®????è®?¡¨è¿°ç?¸å?æ­¤å????????主è?ä½??°å???

????1ï¼??¤é??å®??????»æ??å¼?ï¼???次å??å½??°æ???èµ???欧央è¡????ºå?¶æ?å¯????³æ³¨å¸??ºç´§å¼?å±????并é???¶å??å¤??¨å?è¦??¶ç»´?¤æ????ºç??ä»·æ?¼ç¨³å®?ä¸?????稳å???欧央è¡????ºï?????ä¸?ç»?æµ?ï¼?ä¸?ç¡???§å?大ï?å°??¹æ?????¥ç?æµ?ä¸??????°æ????????æ¼?ç»???è´§å??¿ç?ä¼?导强åºþ>???ç´??³å????¥æ?¿ç??©ç????

????2ï¼???次强è°??????¨è?é«?水平维æ??è¿?ä¹???欧央è¡????ºé???????¨è?é«?水平维æ??è¿?ä¹?ï¼?too high for too longï¼???ï¼?æ­¤ç?表述?????³è?ä¸??¾è????»ï??¨æ????³è?ä¸????°å?ºç?°ã??ä¸?è¢??????°å?ç¯?é¦??¥ç??ä½?ç½???

????3ï¼?ä¸?è°?2023å¹´æ?¸å?????é¢?æµ?ï¼?ä¸?è°?ä»???ä¸?å¹´æ?»ä?????é¢?æµ???????两年?¸å?????é¢?æµ???欧央è¡?é¢?è®?023å¹´ã??2024å¹´ã??2025å¹´ç??欧å???ºæ?»ä?????å¢???????¸º5.3ï¼???2.9ï¼???2.1ï¼?ï¼?æ­¤å??ä¸?.3ï¼???3.4ï¼???2.3ï¼?ï¼?并é?è®?023å¹´ã??2024å¹´ã??2025å¹´ç???¸å?????å¢???????¸º4.6ï¼???2.5ï¼???2.2ï¼?ï¼?æ­¤å??ä¸?.2ï¼???2.8ï¼???2.4ï¼???

????4ï¼?ä¸?è°?ä»?å¹´ç?æµ?å¢???é¢?æµ?ï¼?ä¸?è°?????两年ç»?æµ?å¢???é¢?æµ???欧央è¡?é¢?计ç?±ä??½æ?ä»·æ?¼ä?????ç»?æµ??§æ?§è?强ï?2023å¹´æ????ºç?æµ?å¢???å°?è¾?.0ï¼?ï¼?æ­¤å??é¢?è®?.5ï¼?ï¼?ï¼?并é?计ç?±ä?è´§å??¿ç????¶ç´§ï¼?2024å¹´ã??2025å¹´ç??ç»?æµ?å¢???å°?è¾?æ­¤å??é¢?æµ??¼ä?ï¼?????¸º1.6ï¼???1.6ï¼?ï¼?æ­¤å??ä¸?.9ï¼???1.8ï¼?ï¼???

????5ï¼?å¢????³ä?????é£??©ç??表述??欧央è¡?称ï?欧å???ºé?¶è?ä½?ç³»é?§æ?§å¼ºï¼?resilientï¼?ï¼?èµ?????足ã??æµ??¨æ?§å¥½ï¼?with strong capital and liquidity positionsï¼?ï¼?并å?¨å?³è?ä¸?¸¤æ¬¡æ???°å?¶æ?¿ç?å·¥å?·å??¨å???¨é??è¦??¶ä¸ºæ¬§å???ºé????ä½?ç³»æ??ä¾?æµ??¨æ?§æ????ï¼?the ECB??s policy toolkit is fully equipped to provide liquidity support to the euro area financial system if neededï¼???

??????????å¾·è?è¯?è¦??¹æ??ï¼?

????1ï¼?ç»?æµ??¹é???ç»?æµ??¨æ???¥æ?°å?åºþ@??¢å?ï¼?ä½???????©å????ä¸?è¡???她æ???°ï?????ä¾?åº??¾ç?¶å?µæ?¹å??ï¼?å·¥ä???产å?å¢??¿ï?ä¿¡å?继续?¢å?ï¼?ä¼?ä¸?å¤???ç§???订å????æ±?ï¼????å¢??¿ä??½æ?ä»·æ?¼ä?è·?å°??¨å???µæ?家庭??é«?????????????è´?¹°??ï¼?è¿?å°?????æ¶?è´¹æ???ºï??³å?¨å??å¸??ºä???强å?²ã??????å¸??ºç????ç»?´§å¼????½å??´ä¿¡è´·æ?¶ç´§????åºþ@¼ºäº?é¢???并å??弱信å¿???

????2ï¼??????¹é???ä»·æ?¼ä?涨å????ä»?强ã???¸å?????ä¿???é«?ä½?ï¼????½æ?å·¥ä?????æ­¤å??ä¾?åº??¾å??????é«??½æ?ä»·æ?¼ç??æ»????§å½±????ä¸?æ¶?????¡é????ä»??¨ç?±æ???é«??½æ?ä»·æ?¼ã??ç»?æµ???????´ç???¥å??§é??æ±?ï¼?pent-up demandï¼???æ­£å?¨å??¿ç?????ç­???ç´??????¨ä?ä¸?涨ã?????å¢??¿å?¨è?½ä???稳å?¥ï?robustï¼????³å?¨å??å¸??ºå??????è´?¹°??对é??????追å????æ±???ä¿???强å?²ï?ä¸?许å?ä¼?ä¸???ä¾?ç»????¶å????æ±?å¤????????½å????é«??©æ¶¦????

????3ï¼???????è´§å??¶å?µæ?¹é???å¸??ºå?©ç???¾æ???¾ä?è¡?ï¼?ä½?è¿??¥é??©ä?件å??´å?©ç?????¾ä?è¡???ä¼?ä¸?信贷继续走弱ï¼?家庭??è´·æ???????????©ç??ä¸???????é«?ï¼?è´§å?å¢??¿æ?¥å?§æ?¾ç????¨ç?è®°è????????ï¼?????å¾·æ???°æ?å¤??并æ???¨ç?©ä»·ç¨³å?ä¸?????稳å?ä¹??´æ??è¡¡ï?no trade-offï¼?ï¼?称å?¶é?è¦?????ä»??????¶é?????并使????????ï¼?æ°´å¹³ï¼???å¦???????????é£??©ä?件ï?欧央è¡???å·²å??å¤?好ï?stand readyï¼???å·¥å?·å?对ã??

??????ç¡?è°·é?¶è?äº?件ä?æ³¢æ??¹³ï¼???ä¿¡å??????é£??£æµªå°???

????ä¸??¹é???å¦???说ç??½ç?è°·é?¶è?äº?件æ?????¶è?èµ?产ç??¨ç???ä½?ç³»æ??¨æ?§æ?¶ç´§???????????对å?²å?©ç??é£??©è??å½¢æ????å·¨é?äº???å¼?èµ·ï??£ä?å¸??ºè???¶ä??¾å??对å???·é??¸´?¶ç?????²çº¿??????å·²å?¨æ????å¼???????紧缩??ä¸?ä»??¨ä»¥50bps??æ­¥ä?å¿?????????欧å???ºé????ä½?ç³»ç????å¼±æ?§å?å­???????

?????þ???¹é?????ä¿¡å?¨ç?è°·é?¶è?äº?件æ??¹³????¶æ?¿è??¶è´¢?¡æ?¥å?????¨æ?§å?¶å??¨é??大缺?·ï?material weaknessï¼?ï¼??¶å¤§?¡ä?æ²??¹å?½å??¶è???表示ä¸?ä¼?????ä¿¡è?ä¸?步注èµ?ï¼????¶ï???ä¿¡æ??º«ä½?为å?¨ç??ç³»ç???è¦??§é?¶è?ï¼?GSIBï¼???ä¸??¡å¹¿æ³?ä¸?å¤?????ä¸????½ä??¶å??????ºæ????ä¸??¡æ??æ·±å?¥äº¤??ï¼??¶ç???èµ?产è?模å??022年大å¹?缩水3204亿ç??????ä»???çº?.3ä¸?亿ç????ä¹?å¤?ï¼?对æ????ºå???¶å??????ºæ??å½¢æ????é£??©æ???£å???½é?¾ä»¥???¶ä¼°??ï¼?è¿?å°???大æ????ºé????ä½?ç³»é??©ç??ä¸?ç¡???§ã??

????两起?¶è?é£??©ä?件ä??´æ²¡???´æ?¥å?????³ç³»ï¼?ä½?两è?????????¶ç?¹é??常æ?¥è?ï¼?è¿????½æ????¥é?声鹤?³ç??å¸??ºå??åºþ@¼¥æ¼???????ç»?????????

??????欧央è¡?对æ????ºé?¶è?ä½?ç³»å??满信å¿?ï¼???ä»??为æ????ºå????ç³»ç??§é????é£??©ç??æ¦???è¾?ä½?ï¼?ä½?ä¹?åº?????????å°¾é?¨é??©ç?????½æ?§ã??

????å¸??ºå???ä¿¡ç????忧已???·æ?¥æ??ä¹?ï¼???ä¿¡ç???¡ä»·?¨ä¸¤å¹´å??å¼?å§?就已ä¸?è·??è·???ç»???æ­¤å??ä¸?ä¹??¸å?³ç??Archegos??Greensillç­?äº?件æ?¥ç??ï¼?å¸??ºæ??忧ç??ä¿¡ç?????????½æ???¥è???¶å·®å¼ºäºº???????©è?½å??ä¸?é£??§è?½å??ï¼?请è???????æµ·å?è§?å¯?ç³»å???¥å??ä¹?äº????½å?????æµ·å?å¸??ºæ³¢?¨å??å½?主线??20221009ï¼?ï¼????¶å?主è?大å???¶è????????²ç±»ä¼¼ç?????µã???¨è´¢?¥æ?°æ????å®???¿¡??????ä¸?ï¼???ä¿?022å¹´æ????CET1æ¯???ä»???14.1ï¼???æµ??¨æ?§è?????ï¼?LCRï¼???021å¹´ç??203ï¼?大å?ä¸?????022å¹´æ????144ï¼??????¨è??¥å?????°è?³çº¦150ï¼?ï¼?ä»??¶ç?????管è?æ±?ä¸?ä¼?äº???????¸ã??ä»?å¸??ºäº¤??ç»?????ï¼??????¤ç??ä¿¡å?????大主è¦??????ºæ????5å¹´æ??CDS?¥ä»·ä»??????¾æ????ï¼?????????ä¿¡é?æ³¢ç??????é£??©ä????©æ?£ã??å½???ï¼???å£?¤®è¡?已确认å??¨æ????足æ?µæ?¼å???????µä?????ä¿¡æ??ä¾?æµ??¨æ?§ã????信亦称å?????å£?¤®è¡???款å???00亿ç????ï¼?????çº?40亿ç???ï¼?ï¼??½ç?¶ç??å£??å±?äº?欧å???ºæ??????ä¸?欧央è¡?表达äº?对æ????ºé?¶è?ä½?ç³»é?§æ?§ç??ä¿¡å?ï¼?ä½??±ä???ä¿¡ç??ä¸??¡ä?欧å???ºå½¢å½±ä?离ï???ä»??为æ?å¤?????¥ä?ä¼?å¯???????????é£??©ä?件é??线æ?§å??å±??????½æ?§ã??

??????欧å???ºé????å½¢å?¿ä??¶ä¸¥å³»ï???ä»??计å?ºå????å½??欧央è¡?å°??????³å?????5bps??

????????é£??©é???????¥æ?ç¾?å¤???±å????å½??¡ä??¥ï?ä½?å¸??ºä?ä¸?åº???æ­¤è??忽ç?¥æ????ºç??é«?????å±?? ¬???½ç?¶æ????ºæ?»ä?HICP??æ¯?读æ?°å·²?¨å?»å¹´11???ºç?°æ???¹ï?请è???æµ·å?å®?è§?ç»?æµ?ä¸?é¢???欧å???ºæ¶¨??½®æ¸?èµ·ï?ä½????????¹å·²?ºç?°ã??20221130ï¼?ï¼?ä½??¸å?HICP??æ¯?读æ?°ä??¨èµ°é«???ä¸??¨ä?å¹???ä¸?2????读æ?°å??è¶?é¢???ï¼?欧å???ºç??????å½¢å?¿æ?ç¾??½æ?´ä¸¥å³»ã???¨å?³å?¨å??å¸??ºæ??ç»?´§ä¿???å®?è§??????ï¼?欧å???ºè???å¢??¿ç?????§æ??ä»??¨æ??ç»????为妨ç¢?欧å???ºé????è¿?ä¸?æ­¥å???½ç???»å??????æ­¤ï?欧å???ºç??????é»??§ä?强ï??¨é????é£??©å???§ç??????ä¸?ï¼?欧央è¡????½ä???继续????»¥???¶é????ï¼???ä»??计å?ºå????å½??欧央è¡?å°??????³å?????5bps??

??????é£??©å??ç´?ï¼?

??????ä¿¡è´¢?¡æ?°æ????å®??§ä???é¢???ï¼?欧洲????ä½?ç³»è??å¼±æ?§è?é¢???ï¼???????ç»???延è?é¢???ï¼????????½è?ç¨????é¢?????

?³é?????读ï? ????

责任���??�nbsp;RF12607
精彩?¨è??
??è½½æ?´å?
?¨é?¨è?è®
??????App
??????å¾???
???????????/>     </div>     <!-- ???°é¡¶? -->     <script src=