呢個係MIT 經濟學博士生Antoine Levy係Voxeu提出嘅建議。歐洲央行長期面對嘅一個問題就係要將統一嘅貨幣政策應用係全個歐元區內,但唔同嘅歐元區國家其實經濟同就業市場狀況可以相當唔同,令到貨幣政策可能顧此失彼,適合於德國嘅政策就可能對希臘黎講過緊之類嘅問題,好易發生。

Levy嘅建議係,利率政策繼續統一咁執行,但可以用資產購買計劃或者LTRO呢類央行貸款計劃,向通脹較低嘅成員國提供更多嘅刺激。Levy建議當成員國嘅通脹低於(八季)平均,就可以相應提高刺激。

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Targeted inflation targeting

The euro improved the credibility of monetary policy for many member states, but the downsides of not having monetary autonomy became painfully apparent during the European debt crisis. This column proposes ‘targeted inflation targeting’ as a way to improve stabilisation mechanisms in the euro area, without losing the benefits of integration.