欧洲主权债务危机演进及对中资银行的启示

受全球金融危机的持续影响和欧元区制度问题的激化,欧洲主权债务危机呈愈演愈烈之势,逐步从边缘国家扩散至核心国家,并从主权债务危机向银行业危机演化。目前,欧元区重债国采取的财务整顿政策难以在短期发挥缩减赤字的作用,反而加大复苏风险;对重债国援助资金总量有限,其发放门槛徒增短期违约风险;欧洲央行购买国债虽有利于缓解危机恶化,但量化宽松的政策与其控制通胀的设立宗旨存在矛盾。在此背景下,中资银行应调整涉欧资产配置,进一步加强国别风险研究和管理,积极稳健地推进国际化经营,打造资产、业务和经营地域多元化的国际化银行。

The Evolution of Sovereign Debt Crisis in Europe and the Enlightenment to Chinese Banks

Affected by sustaining global financial crisis and the escalation of institution contradiction of Eurozone,sovereign debt crisis in Europe tends to be increasingly intensified,gradually expands from peripheral countries to core countries and switches from sovereign debt crisis to the banking crisis.At present,the financial overhaul policies adopted by heavily indebted countries in Eurozone are hard to reduce financial deficit in the short term but pose threats to economic recovery;the volume of funds to rescue heavily indebted countries is limited and setting rescue threshold may increase their short-term default risks;although the behaviour of European Central Bank to purchase sovereign bonds may alleviate the deterioration of crisis,such quantitative easing policy contradicts to the aim of ECB to control inflation.Under the above backgrounds,Chinese banks should adjust their asset allocation related to Europe,further enhance the research and management of country risk,push forward international operation pro-actively and steadily and try their best to establish international banks with diversified assets,business structures and business areas.