克雷格·斯特林报道称，欧洲央行应暂停量化紧缩，以消除金融市场不确定性的一个来源，前执行董事会成员洛伦佐·比尼·斯马吉表示。
The European Central Bank should halt quantitative tightening to remove a source of financial-market uncertainty, former Executive Board member Lorenzo Bini Smaghi said.
这位曾在欧元区债务危机期间任职于法兰克福这家机构高层的意大利人，周一在《金融时报》评论文章中写道，目前他看到了那段时期的影子。
The Italian who served within the Frankfurt institution’s top echelon during the euro zone’s debt turmoil wrote in a Financial Times op-ed on Monday that he’s seeing echoes of that episode at the current juncture.
“2011—12年危机的阴影再次浮现，”他说。“最清晰的迹象之一，是核心国家与外围国家政府债券之间的利差正在扩大，市场已将法国视为外围国家的一部分。”比尼·斯马吉写道，欧洲央行应专注于通过其常规利率工具实施货币政策，而不是同时逐步退出过去十年左右通过非常规措施积累的债券持仓。
“The shadows of the 2011-12 crisis are emerging again,” he said. “One of the clearest signs is the widening of spreads between the government bonds of core and peripheral countries, with France being treated by markets as part of the periphery.”Bini Smaghi wrote that the ECB should focus on implementing monetary policy through its normal tool of interest rates, rather than combine that with a gradual unwinding of bond holdings built up through unconventional measures during the past decade or so.
“改变资产负债表规模应被视为一种次要工具，”他写道。“它实际上可能产生尚未得到充分理解的不利影响。因此，谨慎原则意味着，在恢复更加稳定的环境之前暂停量化紧缩，同时利用这段时间更好地理解其对金融市场的影响。”比尼·斯马吉于2011年底离开欧洲央行，当时马里奥·德拉吉开始担任行长。此后，他曾担任法国银行法国兴业银行SA董事长，并于今年5月卸任。周一早些时候，拉扎德公司宣布已聘请他担任高级顾问。
“Changing the size of the balance sheet should be regarded as a secondary instrument,” he wrote. “It may actually produce undesirable effects that are not yet fully understood. The principle of prudence would therefore suggest putting QT on hold until a more stable environment has been restored, while taking the time to better understand its implications for financial markets.”Bini Smaghi left the ECB in late 2011 when Mario Draghi began as president. He subsequently served as chair of French bank Société Générale SA, a role he left in May of this year. Earlier on Monday, Lazard Inc. announced that it had hired him as a senior advisor.