Perhaps the most telling recent example of a central bank using forward guidance effectively was European Central Bank President Mario Draghi’s July 2012 announcement that the ECB would do “whatever it takes” to ensure the euro’s survival. That pledge alone stabilized borrowing costs and dramatically reduced interest-rate spreads for struggling eurozone countries.
也许关于央行前瞻性指引有效性的最能说明问题的最新例子是欧洲央行行长德拉吉2012年的承诺——欧洲央行将“竭尽全力”保证欧元的存续。仅仅是这一承诺，借贷成本就稳定了下来，受困欧元区成员国的利差也大大降低。投资者相信欧洲央行会在债券收益率过高时买入政府债务，这便足以让市场恢复平静，迄今为止欧洲央行从未在二级市场出手干预过。