Given that an exchange rate is the relative price of a currency, as more euros come into circulation, their value has to fall substantially to establish a new equilibrium in the currency market. Experience with similar programs in the United States, the United Kingdom, and Japan has shown that QE unleashes powerful forces of depreciation.
我确实预期量化宽松会带来一定的通胀。由于汇率即货币的相对价格，随着更多的欧元进入流通，它们的价值将大幅下降，以使货币市场形成新均衡。美国、英国和日本的类似经验表明量化宽松会释放出巨大的贬值压力。因此，欧元区量化宽松将通过提高进口和出口价格带来德拉吉想要的通胀。这一效应是否足以重振南欧则有待观察。