{ "id": 66539, "date": "2026-03-30T09:23:05", "date_gmt": "2026-03-30T02:23:05", "guid": { "rendered": "https:\/\/hbbgroup.net\/ecbs-villeroy-policymakers-are-ready-to-act-if-energy-driven-inflation-broadens\/" }, "modified": "2026-03-30T11:54:43", "modified_gmt": "2026-03-30T04:54:43", "slug": "ecbs-villeroy-policymakers-are-ready-to-act-if-energy-driven-inflation-broadens", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/ecbs-villeroy-policymakers-are-ready-to-act-if-energy-driven-inflation-broadens\/", "title": { "rendered": "Th\u00e0nh vi\u00ean ECB Villeroy: C\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch s\u1eb5n s\u00e0ng h\u00e0nh \u0111\u1ed9ng n\u1ebfu l\u1ea1m ph\u00e1t do gi\u00e1 n\u0103ng l\u01b0\u1ee3ng lan r\u1ed9ng." }, "content": { "rendered": "
\n

Th\u00e0nh vi\u00ean H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u (ECB) \u0111\u1ed3ng th\u1eddi l\u00e0 Th\u1ed1ng \u0111\u1ed1c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ph\u00e1p, \u00f4ng Fran\u00e7ois Villeroy de Galhau, \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t s\u1ed1 b\u00ecnh lu\u1eadn v\u1ec1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 trong b\u00e0i ph\u00e1t bi\u1ec3u v\u00e0o s\u00e1ng th\u1ee9 Hai.<\/p>\n

C\u00e1c ph\u00e1t bi\u1ec3u ch\u00ednh<\/strong><\/p>\n

\n

C\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch s\u1eb5n s\u00e0ng h\u00e0nh \u0111\u1ed9ng n\u1ebfu l\u1ea1m ph\u00e1t do gi\u00e1 n\u0103ng l\u01b0\u1ee3ng d\u1eabn d\u1eaft lan r\u1ed9ng sang di\u1ec7n r\u1ed9ng.<\/p>\n

\u00d4ng nh\u1ea5n m\u1ea1nh r\u1eb1ng \u05e2\u05d3\u05d9\u05d9\u05df c\u00f2n qu\u00e1 s\u1edbm \u0111\u1ec3 b\u00e0n v\u1ec1 th\u1eddi \u0111i\u1ec3m t\u0103ng l\u00e3i su\u1ea5t, b\u1ea5t ch\u1ea5p k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng \u0111ang gia t\u0103ng.<\/p>\n

C\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng do chi\u1ebfn s\u1ef1 Iran g\u00e2y ra \u0111\u01b0\u1ee3c xem l\u00e0 y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y l\u1ea1m ph\u00e1t trong ng\u1eafn h\u1ea1n, nh\u01b0ng ECB kh\u00f4ng th\u1ec3 ng\u0103n ch\u1eb7n \u0111\u1ee3t t\u0103ng gi\u00e1 ban \u0111\u1ea7u.<\/p>\n

Tr\u1ecdng t\u00e2m ch\u00ednh s\u00e1ch l\u00e0 c\u00e1c t\u00e1c \u0111\u1ed9ng v\u00f2ng hai, ch\u1ee9 kh\u00f4ng ph\u1ea3i c\u00fa t\u0103ng gi\u00e1 n\u0103ng l\u01b0\u1ee3ng \u1edf v\u00f2ng \u0111\u1ea7u ti\u00ean.<\/p>\n<\/blockquote>\n

Ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n

C\u1eb7p EUR\/USD kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c \u0111\u1ed9ng l\u1ef1c t\u0103ng t\u1eeb nh\u1eefng b\u00ecnh lu\u1eadn mang s\u1eafc th\u00e1i \u201cdi\u1ec1u h\u00e2u\u201d n\u00e0y, hi\u1ec7n gi\u1ea3m 0,14% trong ng\u00e0y, giao d\u1ecbch quanh m\u1ee9c 1,1492 t\u1ea1i th\u1eddi \u0111i\u1ec3m vi\u1ebft b\u00e0i.<\/p>\n

C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 ECB<\/strong><\/p>\n

Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u (ECB), \u0111\u1eb7t tr\u1ee5 s\u1edf t\u1ea1i Frankfurt, \u0110\u1ee9c, l\u00e0 ng\u00e2n h\u00e0ng d\u1ef1 tr\u1eef c\u1ee7a Khu v\u1ef1c \u0111\u1ed3ng Euro. ECB thi\u1ebft l\u1eadp l\u00e3i su\u1ea5t v\u00e0 \u0111i\u1ec1u h\u00e0nh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 cho to\u00e0n khu v\u1ef1c. M\u1ee5c ti\u00eau c\u1ed1t l\u00f5i c\u1ee7a ECB l\u00e0 duy tr\u00ec \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3, t\u1ee9c gi\u1eef l\u1ea1m ph\u00e1t quanh m\u1ee9c 2%. C\u00f4ng c\u1ee5 ch\u00ednh \u0111\u1ec3 \u0111\u1ea1t m\u1ee5c ti\u00eau n\u00e0y l\u00e0 t\u0103ng ho\u1eb7c gi\u1ea3m l\u00e3i su\u1ea5t. L\u00e3i su\u1ea5t t\u01b0\u01a1ng \u0111\u1ed1i cao th\u01b0\u1eddng h\u1ed7 tr\u1ee3 \u0111\u1ed3ng Euro m\u1ea1nh h\u01a1n v\u00e0 ng\u01b0\u1ee3c l\u1ea1i. H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c ECB \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 t\u1ea1i t\u00e1m cu\u1ed9c h\u1ecdp m\u1ed7i n\u0103m. C\u00e1c quy\u1ebft \u0111\u1ecbnh n\u00e0y \u0111\u01b0\u1ee3c th\u00f4ng qua b\u1edfi l\u00e3nh \u0111\u1ea1o c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng qu\u1ed1c gia trong Eurozone v\u00e0 s\u00e1u th\u00e0nh vi\u00ean th\u01b0\u1eddng tr\u1ef1c, trong \u0111\u00f3 c\u00f3 Ch\u1ee7 t\u1ecbch ECB Christine Lagarde.<\/p>\n

Trong nh\u1eefng t\u00ecnh hu\u1ed1ng c\u1ef1c \u0111oan, ECB c\u00f3 th\u1ec3 tri\u1ec3n khai m\u1ed9t c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch g\u1ecdi l\u00e0 n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng (QE). QE l\u00e0 qu\u00e1 tr\u00ecnh ECB b\u01a1m th\u00eam ti\u1ec1n Euro v\u00e0 s\u1eed d\u1ee5ng s\u1ed1 ti\u1ec1n \u0111\u00f3 \u0111\u1ec3 mua t\u00e0i s\u1ea3n \u2014 th\u01b0\u1eddng l\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ho\u1eb7c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u2014 t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh kh\u00e1c. QE th\u01b0\u1eddng khi\u1ebfn \u0111\u1ed3ng Euro suy y\u1ebfu. \u0110\u00e2y l\u00e0 c\u00f4ng c\u1ee5 cu\u1ed1i c\u00f9ng khi vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u01a1n thu\u1ea7n kh\u00f4ng c\u00f2n \u0111\u1ee7 \u0111\u1ec3 \u0111\u1ea1t m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3. ECB \u0111\u00e3 s\u1eed d\u1ee5ng QE trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh l\u1edbn giai \u0111o\u1ea1n 2009\u20132011, n\u0103m 2015 khi l\u1ea1m ph\u00e1t duy tr\u00ec qu\u00e1 th\u1ea5p, v\u00e0 c\u1ea3 trong th\u1eddi k\u1ef3 \u0111\u1ea1i d\u1ecbch Covid.<\/p>\n

Th\u1eaft ch\u1eb7t \u0111\u1ecbnh l\u01b0\u1ee3ng (QT) l\u00e0 qu\u00e1 tr\u00ecnh ng\u01b0\u1ee3c l\u1ea1i v\u1edbi QE. QT \u0111\u01b0\u1ee3c tri\u1ec3n khai sau QE khi n\u1ec1n kinh t\u1ebf ph\u1ee5c h\u1ed3i v\u00e0 l\u1ea1m ph\u00e1t b\u1eaft \u0111\u1ea7u t\u0103ng l\u00ean. Trong khi \u1edf QE, ECB mua tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u0111\u1ec3 b\u01a1m thanh kho\u1ea3n v\u00e0o h\u1ec7 th\u1ed1ng, th\u00ec \u1edf QT, ECB ng\u1eebng mua th\u00eam tr\u00e1i phi\u1ebfu v\u00e0 c\u0169ng ng\u1eebng t\u00e1i \u0111\u1ea7u t\u01b0 ph\u1ea7n g\u1ed1c c\u1ee7a c\u00e1c tr\u00e1i phi\u1ebfu \u0111\u00e1o h\u1ea1n m\u00e0 h\u1ecd \u0111ang n\u1eafm gi\u1eef. QT th\u01b0\u1eddng mang t\u00ednh h\u1ed7 tr\u1ee3, t\u1ee9c l\u00e0 c\u00f3 l\u1ee3i cho \u0111\u1ed3ng Euro.<\/p>\n<\/div>", "protected": false }, "excerpt": { "rendered": "

Th\u00e0nh vi\u00ean H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u (ECB) \u0111\u1ed3ng th\u1eddi l\u00e0 Th\u1ed1ng \u0111\u1ed1c Ng\u00e2n h\u00e0ng […]<\/p>", "protected": false }, "author": 5, "featured_media": 66542, "comment_status": "open", "ping_status": "open", "sticky": false, "template": "", "format": "standard", "meta": { "_acf_changed": false, "footnotes": "" }, "categories": [ 222 ], "tags": [], "class_list": [ "post-66539", "post", "type-post", "status-publish", "format-standard", "has-post-thumbnail", "hentry", "category-ngoai-hoi" ], "acf": [], "_links": { "self": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/66539", "targetHints": { "allow": [ "GET" ] } } ], "collection": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts" } ], "about": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/types\/post" } ], "author": [ { "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/users\/5" } ], "replies": [ { "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/comments?post=66539" } ], "version-history": [ { "count": 1, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/66539\/revisions" } ], "predecessor-version": [ { "id": 66689, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/66539\/revisions\/66689" } ], "wp:featuredmedia": [ { "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media\/66542" } ], "wp:attachment": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media?parent=66539" } ], "wp:term": [ { "taxonomy": "category", "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/categories?post=66539" }, { "taxonomy": "post_tag", "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/tags?post=66539" } ], "curies": [ { "name": "wp", "href": "https:\/\/api.w.org\/{rel}", "templated": true } ] } }