欧洲央行流动性管理措施创新实践与效应

欧洲央行拥有较为完善的常规流动性供给机制，面对危机状态下市场融资功能的萎缩，欧央行通过创新和运用多种非常规流动性供给工具，为金融机构和市场提供必要的流动性支持。文章系统梳理了危机前后欧央行常规和非常规流动性管理工具的操作方式和功能，评估了非常规货币工具在市场流动性、利率和经济方面的实施效果，并探讨了其对于完善我国流动性管理的几点启示。

Innovative practice and effects of European central bank liquidity management

The conventional liquidity providing mechanism of the European central bank is comprehensive. To cope with the shrinking market financing during the crisis, the central bank provided the necessary liquidity support to financial institutions and markets through innovation and application of various unconventional liquidity providing measures. The article systematically sets out the operational methods and functions of conventional and unconventional liquidity management instruments of the European central bank before and after the crisis, evaluates the effects of unconventional monetary instruments on market liquidity, interest rate and economy, and explores the implications on improving liquidity management in China.