Arguably, Japan is an exceptional case, with the constraint of the zero bound on nominal interest rates demanding, at long last, a deviation from conventional measures. In Europe, however, Bundesbank President Jens Weidmann has criticized the ECB for overstepping its mandate with its “outright monetary transactions” program, through which Draghi aims to fulfill his pledge to guarantee the euro’s survival.
非选举产生的技术官僚向选举产生的政客低头，这是否破坏了央行的独立性？极有可能日本是一个例外，名义利率处于零区间的约束最终要求另辟蹊径。但是，在欧洲，德国央行行长魏德曼批评欧洲央行采取“直接货币交易”计划是僭越，德拉吉想通过该计划兑现其捍卫欧元生存的承诺。