The ECB, however, will have a harder time making the case for wealth effects, largely because equity ownership by individuals (either direct or through their pension accounts) is far lower in Europe than in the US or Japan. For Europe, monetary policy seems more likely to be transmitted through banks, as well as through the currency channel, as a weaker euro – it has fallen some 15% against the dollar over the last year – boosts exports.
但是，欧洲央行要形成财富效应更加困难，这主要是因为欧洲个人持有股票（不管是直接持有还是通过养老金账户持有）规模远小于美国和日本。对欧洲来说，货币政策更可能通过银行传递，而随着欧元贬值提振出口——欧元兑美元汇率去年下跌了15%——则货币也是一个传递渠道。