This year, the emerging economies are worried about a tightening of global monetary policy, not the policy loosening that three years ago fueled talk of “currency wars.” As the Fed tapers its purchases of long-term assets, including US treasury securities, it is a perfect time for the ECB to step in and buy some itself.
从这个角度讲，欧洲央行的汇率干预能起到很好的作用。今年，新兴经济体担心的是全球货币政策的紧缩，而不是三年前助长“货币战争”论的政策宽松。随着美联储逐渐退出其长期资产（包括美国国债）买入计划，欧洲央行站出来购买美国国债正当其时。