受危机时期政策后遗症的持续拖累，欧洲央行报告连续第三年出现年度亏损，创下该机构成立以来的最 长连亏纪录。 据彭博报道，欧洲央行周四发表声明称，2025年的亏损额为13亿欧元（约合15亿美元）。这一结果较上 一年度创纪录的79亿欧元历史最高亏损额已有大幅收窄。 在去年的战略评估中，欧洲央行保留了包括量化宽松（QE）在内的所有政策工具，但未说明应在何种 情况下使用。不过，评估报告中的评论以及部分官员的表态暗示，考虑到亏损和资产泡沫等连锁反应， 未来量化宽松政策的使用可能会更加节制。 黄金与外汇市场波动冲击底线 黄金和外汇汇率的剧烈波动对欧洲央行去年的盈利状况产生了显著影响。受价格上涨推动，欧洲央行黄 金储备的欧元等值价值大幅增长了46%，总额达到略低于600亿欧元的水平。 与此同时，欧洲央行持有的美元、日元规模有所下降，这主要归因于美元和日元的贬值。作为外汇储备 结构常规再平衡操作的一部分，欧洲央行在2025年第一季度抛售了美元，实现9.09亿欧元的收益，并将 这些资金全部再投资于日元。 值得投资者注意的是，尽管欧洲央行目前仍有部分拨备来抵御未来美元走弱的风险，但其应对日元进一 步下跌的缓冲资金已被完全耗尽。这意 ...

Core Viewpoint - The article highlights the criticism from U.S. Treasury Secretary Mnuchin towards the Federal Reserve, emphasizing concerns over its independence due to its expanded functions and the use of non-standard policies [1][2]. Group 1: Criticism of the Federal Reserve - Mnuchin argues that the Federal Reserve's overreach in its responsibilities has jeopardized its credibility and political legitimacy, calling for a comprehensive review of the institution [1][2]. - The article indicates that the Trump administration's criticism of the Federal Reserve has escalated, questioning not only the need for interest rate cuts but also the overall operational model of the Fed [1][3]. Group 2: Call for Independent Review - Mnuchin demands an honest, independent, and non-partisan review of the entire Federal Reserve, including its monetary policy, regulation, communication, staffing, and research [3]. - He expresses anticipation for a response from the Federal Reserve regarding his call for an internal review, emphasizing that good management is achieved through action rather than mere discussion [3]. Group 3: Regulatory Framework Concerns - Mnuchin criticizes the Dodd-Frank Act for significantly expanding the Federal Reserve's regulatory scope, which he believes has blurred the lines between monetary and fiscal policy [4]. - He suggests a more coherent framework where the FDIC and OCC lead bank regulation while the Federal Reserve focuses on macro monitoring, lender of last resort liquidity, and monetary policy [4]. Group 4: Monetary Policy Experimentation - Mnuchin compares the Federal Reserve's new operational model to an uncontrolled experiment, indicating that the unconventional monetary policy tools released post-2008 financial crisis have altered the Fed's policy framework with unpredictable consequences [5][6]. - He cites the Fed's failure to accurately predict GDP growth, highlighting a significant overestimation of over $1 trillion in GDP during the recovery period [6]. Group 5: Inequality and Quantitative Easing - The article discusses Mnuchin's criticism of the quantitative easing (QE) policies post-2008, arguing that they disproportionately benefited asset owners and exacerbated wealth inequality [7]. - He points out that while large corporations benefited from low-cost debt, younger and less affluent families were left behind, suffering the most from inflation and missing out on asset appreciation opportunities [8]. Group 6: Employment Data and Federal Reserve Accountability - The article notes that the recent non-farm payroll report showed only 22,000 jobs added in August, significantly below expectations, leading to further blame directed at the Federal Reserve from Trump administration officials [9]. - Trump and other officials assert that the Fed's high-interest rates are hindering economic growth and that a reconsideration of policy is necessary in light of the weak employment data [10].

Core Viewpoint - Kevin Warsh, a potential successor to the Federal Reserve Chair and a Trump ally, criticized the Federal Reserve for systemic errors in managing the worst inflation in a generation, highlighting a crisis of credibility due to its overreach and inconsistent policies [2][6]. Group 1: Criticism of the Federal Reserve - Warsh accused the Federal Reserve of failing to control inflation and described its independence as a "conditional contract," suggesting that the public's trust has been severely undermined by the Fed's actions [2][6]. - He emphasized that the Fed's role has become increasingly blurred, as it has intervened deeply in U.S. economic decisions, leading to systemic biases in macroeconomic policy [3][4]. Group 2: Historical Context and Policy Concerns - Warsh reflected on his tenure during the 2008 financial crisis, noting that the Fed's unconventional policies were initially necessary but have since led to a dangerous entanglement with fiscal policy [3][4]. - He expressed concern that the Fed's quantitative easing (QE) policies have evolved into a nearly perpetual tool, with the balance sheet expanding to $7 trillion, ten times its size when he joined [4]. Group 3: Broader Implications of Fed's Actions - The Fed's involvement in non-traditional areas, such as climate policy and social equity, has diluted its core mission of maintaining price stability and full employment, leading to potential negative consequences for the very groups it aims to protect [5][6]. - Warsh warned that the Fed's independence is not an inherent privilege but a design to achieve specific policy goals, and its credibility is at risk if it continues to overstep its boundaries [6][7]. Group 4: Recommendations for the Federal Reserve - To restore its credibility and independence, the Fed must refocus on price stability and rebuild trust in its professional domain, ensuring that its actions yield tangible benefits for the public [7].