中央银行资产负债表规模、结构与货币政策的制定和实施密切相关。此次次贷危机以来,非常规货币政策的实施导致中央银行资产负债表规模和结构发生了巨大变化,从侧面反映出货币政策调控重点的转移。相对其他主要中央银行,欧元区非常规货币政策力度相对缓和,因此也较易退出。欧债危机爆发后,欧元体系内部结构失衡,有赖于宏观经济改革才能扭转失衡趋势。欧元体系合并资产负债表的变化反映了欧元区作为货币联盟的特殊治理 The scale and structure of the central bank’s balance sheet are closely related to the formulation and implementation of monetary policy. Since the subprime mortgage crisis, the implementation of unconventional monetary policy has led to a drastic change in the size and structure of the central bank’s balance sheet, reflecting the transfer of the focus of monetary policy control from the side. Relative to other major central banks, the Eurozone’s non-conventional monetary policy efforts are relatively modest and therefore easier to exit. After the outbreak of the European debt crisis, the imbalance in the internal structure of the euro system relies on macroeconomic reforms to reverse the imbalance. Changes in the Euro System Consolidated Balance Sheet Reflect the Special Governance of the Euro Area as a Monetary Union