Generation Euro Students Award 2023 QA ④
2023年5月31日にECB主催で開催された Generation Euro Students Award での、フィンランドチームからラガルド総裁への質問。
他チームからの質問は下記記事のいちばん下のリンクから辿れます。
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フィンランドチームの質疑応答は、19:25 ~ 21:05
Question
What does the central bank think about fiscal dominance?
How could fiscal dominance be avoided better than at present?
Answer
I would respectively descend with the second part of your question.
Because I don’t think that we are the victim of fiscal dominance at all.
You know, fiscal dominance is something that is just prohibited under the treaty.
We cannot monetize debt, we cannot finance fiscal spending.
And I think that all necessary measures were taken in particular at the time of accommodative monetary policy which led the ECB to purchasing assets on the market to make sure that it was secondary markets that it was not a pure straight financing.
And I think it is critically important to be fiscally NOT dominated in our independent monetary policy.
I’ve seen examples of countries when I was a managing director of the IMF where the central bank was under fiscal dominance where it took a phone call from the treasury to have yet another printing a large amount of money.
And this is not a happy ending story.
So I hope we can really respect that…independence of the central bank as far away as possible from fiscal dominance.
Thank you.
Notes
I would respectively descend with the second part of your question.
descend は「高いところから低いところに移動する」という意味なので、1番目の質問が2番目の質問より（優先度が）高いだろう、より重要だろうというふうに思っている、ということでしょう。私が英作文するのだったら、descend ではなく start とか使いそう。
I think that all necessary measures were taken in particular at the time of accommodative monetary policy which led the ECB to purchasing assets on the market…
all necessary measures were taken at the time of accommodative monetary policy… またしても仮定法過去。望まれれば必要なあらゆる手段が取られるだろう。
Words
fiscal dominance
財政支配
専門用語。中央銀行の使命は物価の安定であり、それを実現するための手段が金融政策である。先進国の中央銀行は法律によって金融政策の独立性（政府の介入を受けない）を保証されている。つまり fiscally not dominated である。が、ラガルド総裁が言っているように、世界にはthe central bank was under fiscal dominance where it took a phone call from the treasury to have yet another printing a large amount of money（財務省から中央銀行に電話がかかってくる「もっとお札を印刷しろ」と）な国もある。政府が口を出す、余計なことをすることで、中央銀行がその使命である物価の安定を達成できない、まさに典型的な fiscally dominated な状態である。
accommodating
[adjective]
helpful and willing to do what someone else wants
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