花旗表示，如果发行短期债券的趋势诱使政界人士推动降低利率，那么未来几年欧洲的央行独立性可能会受到威胁。

　　美国的货币政策已因特朗普政府反复要求降息而承受压力，司法部近期还威胁对美联储提出刑事指控。花旗策略师Jamie Searle和Aman Bansal对客户表示，对于欧洲央行和英国央行而言，政府借贷策略的调整可能引发类似的动态变化。

　　由于养老金基金对长债的需求下降，欧洲各地的债务管理机构正将债券发行转向短期品种。其另一面是，政府将更频繁地面对债务展期，从而对借贷成本和货币政策变化更加敏感。

　　“尽管欧洲央行和英国央行的独立性目前没有受到质疑，但从长期来看，这一点不能被视为理所当然，”两位策略师在周二发布的报告中写道。“央行独立性面临的风险也可能蔓延至欧洲。”

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