Chii chinonzi LTRO kana Long-term Refinancing Operation

A Kutarisa LTRO yeEurope uye inoshandiswa

Indasitiri yezvemari inonyanya kuzivikanwa nezvayo, kubva kuCPA kusvika kuCDS, uye mazwi matsva anoita seanokura nemari imwe neimwe mune zvitsva kana dambudziko. Munguva yeEuropean madokwana dambudziko rematambudziko, izwi reLTRO rakagadzirirwa kuratidzira "nguva refu yekugadzirisa mabasa", ayo akashandiswa neEuropean Central Bank (ECB) kubhadhara mari pamadhora mashoma emari kumabhenji eEuro zone.

Nzira yeLTRO Inoshanda sei kutsigira kukura

Nzira idzi dzinopa mujenya wekuderera kwechikwereti chekubhadhara mari kune mabhenji eEuro zone uye chikwereti chakakosha sechikwata chezvikwereti.

Zvikwereti zvinopiwa mwedzi uye zvinowanzobhadharwa mumwedzi mitatu, mwedzi mitanhatu kana gore rimwe chete. Mune zvimwe zviitiko, ECB yakashandiswa kwenguva refu-LTROs, yakadai seLTRO yemakore matatu munaDecember 2011, iyo inowanzoona kudiwa kwakanyanya.

I-LTRs yakagadzirirwa kuva nehuwandu hwemaviri:

1. Greater Bank Liquidity - Kuwana mari inodhura kunokurudzira mabhangi emadhora eY euro kuwedzera kukwereta zvinhu zvinokurudzira basa rezvemari, pamwe chete nekutsvaga mune zvepamusoro zvinopa mari kuitira kuti iwane purogiramu uye kuvandudza dambudziko remari.
2. Nyika Yakaderera Kwechikwereti Inowedzera - Nyika dzeEuro dzenyika dzinogona kushandisa chikwereti chavo chairo sechibvumirano, izvo zvinowedzera kudiwa kwezvisungo uye kuderedza zvibereko. Somuenzaniso, Spain neItaly vakashandisa nzira iyi muna 2012 kuti vaderedze chikwereti chavo.

Nzira dzekufambisa pachavo dzinotungamirirwa kuburikidza nemutengo wakakwana wokutengeserana. IEBB inotarisa kuwanda kwemari iyo inofanira kutengeswa uye inokumbira zvinyorwa zvinofarira kubva kumabhangi.

Nharaunda dzinoshandiswa dzinotarirwa mune imwe yakagadziridzwa yekutengesa yekutengeserana kana kushandiswa kwehuwandu hwekutengesa, apo mabhenji anotsvitsana kuti asvike mari iripo.

NZIRA panguva yeEuropean Debt Crisis

Nzira dzakakurumbira munguva yeEurope yekutambudzika kwemari yakatanga muna 2008 uye yakagara kwemakore matatu.

Pamberi penjodzi ikasvika, yeEcb yakatora nguva yakareba yaipiwa yaingova mwedzi mitatu chete. Aya aya aya akaenzana nemabhiriyoni makumi mashanu emamiriyoni emaawa ayo akamirira anenge 20% eEECB yakawanda yakawanikwa. Sezvo dambudziko rakagadziriswa, aya aya aya akareba kwenguva yakareba uye yakakura muhukuru.

Zvimwe zviitiko zvakakosha zvakaitika munguva yekutonga kwechikwereti chakabatanidza:

• March 2008 - IECB inopa LTRO yekutanga yekuwedzera yekuwedzera kwemwedzi mitanhatu inopfuura katatu yakaparidzirwa mabhizimisi kubva mabhanga 177.
• June 2009 - IECB inoparidzira LTRO yemwedzi 12 yekutanga inopfigira mabhizimisi anopfuura 1 000 zvakakosha zvakanyanya kupfuura LTRO dzakapfuura.
• Dheuteronomio 2011 - IECB inozivisa LTRO yayo yekutanga nemakore matatu emakore ne 1% muzinga wekuda uye kushandiswa kwemahofisi emabhangi sechibvumirano.
• February 2012 - IECB inobata chikamu chechipiri chemwedzi 36, inozivikanwa seLTRO2, iyo inopa mabhangi emazana 800 emadhora ezere neuro9,5 mabhiriyoni emadhora mubhadharo inotora chikwereti.

Sezvo mapurogiramu, bhengi razivisa izvo zvinonzi Targeted Long-term Refinancing Operations - kana LTLRO neLLLRO II - kuti iwedzere kukudziridza mari. Aya maitiro matsva ari kuendeswa kuburikidza neMusi weChikunguru 2017 pamwedzi wega wega kuitira kuti vasvike uye vatsigire kukura kusvikira kuwedzera kwepamusoro kunosvika pane zvaanoda.

Zvimwe zvinoshandiswa kuLTRO zveZvividity

Muchidimbu-nguva yekugadzirisa zviyero zvinokonzerwa neCBB zvinonzi main refinancing operations (MROs). Aya maitiro anoitwa nenzira imwecheteyo seLTROs, asi ave nekukura kwevhiki imwechete. Aya maitiro akafanana neaya akatungamirirwa neU.S. Federal Reserve kupa zvikwereti zvenguva duku kumabhangi eSU munguva dzekuoma nguva kuti asvikire mvura.

Euro zone yenyika inogonawo kuwana mari kuburikidza nemapurogiramu Emergency Liquidity Assistance (ELA). Aya "lender-of-last-resort" nzira dzakagadzirirwa kuva zviito zvenguva pfupi zvakagadzirirwa kubatsira mabhenji panguva dzenhamo. Nyika imwe neimwe inokwanisa kukwanisa kushanda izvi neElectoral override option, kunyange zvazvo isingazivikanwi kupfuura mamwe maitiro.

Zvinorevei Kune Vashandi

Nzira dzinogona kuchinja zvikuru pamusika zvichienderana nehuwandu hwavo uye hukuru.

Kakawanda nguva, mumusika uchaita zvakanaka kana zviitiko zvisingatarisirwi zvikazoziviswa kubva apo kutama kunowedzera kuwedzera mari uye kusimbisa mari yemari.

Pasinei nekuwana kwenguva pfupi, kuve kwenguva yakareba pamigumisiro iyi ndeyekufungidzirwa uye isingazivikanwi, zvinoreva kuti nguva yakareba inowanikwa kune vashandi vanosiyana.