欧州中央銀行が2008年以降初めて、金利を引き上げました。
ＢＲＩＣs・アメリカを中心にリーマン危機前の水準以上に景気は回復しつつあり、同様の流れにあるEUにとっては金融の引き締め戻しは当然の施策かもしれない。
しかし、その経済の回復に遅れており、かつここへきて地震による大被害を被った我が国日本は、引き締めどころか金融緩和で世界中からの資金流入を求めたいところである。
このミスマッチはどのように解消すればよいのだろうか。
私の考えは以下
①基より保険スキーム適用しておき、今回のような天災にあった国には自動的に資金が大量に流入するようにする
②各国資金価値を一定に保ったインデックスファンドを作り、各国一定以上の保有を義務付ける。
③ユーロが参加各国の共通通貨となることで、資金流通をシームレス化したように、日本円もドルまたは中国元との共通化を図る。
④国家財政自体を他国と統合してしまう
いづれも難易度は高いが、導入すれば各カントリーリスクは大幅に減少するものである。IMF, G7等を中心にぜひ考えていただきたい施策である。
Eurozone official interest rates have risen for the first time in three years as the European Central Bank reacted to accelerating inflation by tightening policy.
The increase in the ECB’s main interest rate, from 1 per cent to 1.25 per cent, follows a surge in eurozone inflation and increasing confidence at the Frankfurt-based institution that official borrowing costs no longer need to remain at emergency lows.
The move had been widely expected after Jean-Claude Trichet, ECB president, signalled last month
that a rise was likely in April. But it is likely to prove controversial, especially coming just hours after Portugal announced it was seeking European Union help
with its escalating financial crisis.
Portugal and other eurozone countries worst-hit by the region’s debt crisis – including Spain and Ireland – could be affected by higher official borrowing costs earlier than Germany or France because of the importance of variable mortgages linked to the ECB interest rate.
Thomas Mayer, chief economist at Deutsche Bank, says: “By reacting to present inflation risks the ECB is sending the message that they will stick to their mandate
and refuse to let the governments off the hook by softening the euro. Further moderate rate increases during the remainder of this year will be required to drive this message home.”
The ECB last raised its main interest rate in July 2008. Within months, however, it was forced to cut rates faster and further then ever to stave of economic disaster after the collapse of Lehman Brothers investment bank.
Thursday’s move means the ECB has lifted interest rates while the US Federal Reserve continues to add to the support it is providing to the economy via “quantitative easing
”. Economists have warned that differences in strategy between the ECB and Fed
could have a destabilising impact on global economic prospects if prolonged.
However, the ECB is worried that higher inflation rates caused by rises in oil and commodity prices will become entrenched through higher wages. Thursday’s interest rate rise was intended to make clear its determination to fight price pressures. Eurozone annual inflation, which the ECB aims to keep “below but close” to 2 per cent over the medium term, hit 2.6 per cent in March
.
ECB governing council members have also called for the “normalisation” of interest rates, which had been left at the record low of 1 per cent since May 2009, a time when the eurozone economy was in its deepest recession for decades and policymakers feared deflation would wreak further economic damage.
Since then, a robust German industrial recovery has led eurozone economic growth that shows few signs of fizzling out. Ahead of the ECB announcement, official figures showed German industrial production had risen a further 1.6 per cent in February compared with a month earlier. A 2 per cent increase had been recorded in January.
Strong German orders data
this week indicated growth in Europe’s largest economy had accelerated sharply in the first quarter of 2011.
