欧洲央行采取通过回购政府债券进行的量化宽松政策于三月开始执行。其目的是解决区域内需求不足和稳定价格。该项计划内容广泛，且不受到期限限制，直到达成2%的通货膨胀目标。可以说，欧洲央行已经足够努力。
量化宽松的反对者认为，欧元区经济更依赖于银行，目前长期汇率已经很低，资产组合传导机制对于欧元区国家的影响力有限。
事实上，量化宽松的作用已经显现：
1.指标性效果：市场预计，欧洲央行会将短期政策利率控制在0或负值的状态下，直到2019年初。
2.信心：欧洲央行终于迈过了量化宽松这道坎儿，而变得更像是一个正常的银行。最近一次希腊债务危机并没有向整个欧元区传导，欧元债务重新回归0风险都显示出市场重拾对欧洲央行的信心。
3.风险资产和边缘国债务投资组合再平衡：边缘国家国债的实际收益率降低，某些公司债收益率降至0点甚至为负，以及欧洲股价逐渐复苏等等都显示出风险资产和边缘国债投资组合正处在再平衡阶段，这一再平衡最终会取得正面的财富效应。
4.货币：贸易加权后，从去年12月中期开始欧元汇率跌幅已达12%。目前，欧元的估值略低于基准均衡汇率。
在过去几个月中，受到货币弱势以及低油价的影响，采购经理人指数已有所提高。在量化宽松的帮助下，资产质量评估和银行压力测试结果消除了外界对欧洲银行部门的疑虑，这一结果降低了边缘国私有经济部门贷款的门槛。欧元区边缘国（不包括希腊）已经开始从全面财政改革的阵痛中获益。现在，欧元区的政策对经济的支持力度大大加强。
数据显示，欧元长期有效汇率首次地域美国，而且已经达到负值。这将为欧元区经济增长提供动力。
截止2015年一月，市场定价明显接近长期通缩风险，年通货膨胀率预期在9年中都不会超过1%。欧洲央行稳定价格的承诺随时有崩溃的可能。但是量化宽松的出台消除了长期通缩风险，重新建立了欧洲央行稳定价格的信誉度。未来9年的一年期通货膨胀率预测已经回归正常值。在未来，尽管市场仍然预期通货膨胀率将会保持长期低于目标值的状态，但是通胀预期恶化的势头已经被遏制，市场正朝着正常的方向运行。
欧洲央行应该在现有的成果上继续坚持量化宽松政策，无论资产负债表的规模变得多么庞大，直到未来2到3年间通货膨胀预期达到2%的目标实现为止。
注：
本文摘编自美国彼得森国际经济研究所网站报告“The ECB’s QE Is Working Well”，原文发表时间为2015年3月12日。
作者介绍：
ángel Ubide, senior fellow, is an expert on central banking, European affairs, finance and macroeconomic policy, and is the codirector of global economics for the D. E. Shaw Group, a global investment and technology development firm. Dr. Ubide has been deeply involved in the global economic policy debate: as a member of the Steering Committee of the Euro50 Group; as board member of the Reinventing Bretton Woods Committee; as a founding member (2002–12) of the European Central Bank""""s Shadow Governing Council; and as associate fellow at the Center for European Policy Studies, where he coauthored several editions of the annual report on the European economy. He has written on international macroeconomics, monetary policy, European policy issues, banking, and exchange rates. Dr. Ubide has been a frequent contributor to the Spanish media, currently as an economic columnist at El Pais, the leading Spanish newspaper, and has also been published or cited in leading global newspapers, including the Economist, Financial Times, Wall Street Journal, and Newsweek. His recent work has focused on the dynamics of the global financial crisis, the evolution of global imbalances, and the reform of the international financial architecture.
Dr. Ubide worked for more than a decade at Tudor Investment Corporation, a multistrategy hedge fund management firm. Before that, Dr. Ubide served as an economist at the International Monetary Fund and as an associate in McKinsey & Company. Dr. Ubide received a degree in economics and business administration from the University of Zaragoza and his MA and PhD in economics from the European University Institute in Florence (Italy).
