{"id":46560,"date":"2026-05-12T11:24:27","date_gmt":"2026-05-12T11:24:27","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%eb%b6%84%eb%8d%b0%ec%8a%a4%eb%b0%a9%ed%81%ac-%ec%b4%9d%ec%9e%ac-%eb%82%98%ea%b2%94-ecb-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac-%eb%8b%a8%ea%b8%b0-2%ec%b0%a8%eb%a1%80-%ec%9d%b8\/"},"modified":"2026-05-12T11:24:27","modified_gmt":"2026-05-12T11:24:27","slug":"%eb%b6%84%eb%8d%b0%ec%8a%a4%eb%b0%a9%ed%81%ac-%ec%b4%9d%ec%9e%ac-%eb%82%98%ea%b2%94-ecb-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac-%eb%8b%a8%ea%b8%b0-2%ec%b0%a8%eb%a1%80-%ec%9d%b8","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%eb%b6%84%eb%8d%b0%ec%8a%a4%eb%b0%a9%ed%81%ac-%ec%b4%9d%ec%9e%ac-%eb%82%98%ea%b2%94-ecb-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac-%eb%8b%a8%ea%b8%b0-2%ec%b0%a8%eb%a1%80-%ec%9d%b8\/","title":{"rendered":"\u201c\ubd84\ub370\uc2a4\ubc29\ud06c \ucd1d\uc7ac \ub098\uac94, ECB \uae30\uc900\uae08\ub9ac \u2018\ub2e8\uae30 2\ucc28\ub840 \uc778\uc0c1\u2019 \uc2dc\uc0ac\u2026\ub2ec\ub7ec \uac15\uc138 \uc18d \uc720\ub85c\ud654 \uc57d\uc138\u201d"},"content":{"rendered":"

\uc694\uc544\ud798 \ub098\uac94 \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB) \uc815\ucc45\uacb0\uc815\uae30\uad6c\uc778 \u2018\ud1b5\ud654\uc815\ucc45\uc774\uc0ac\ud68c\u2019(Governing Council) \uc704\uc6d0\uc774\uc790 \ub3c5\uc77c \uc911\uc559\uc740\ud589(\ubd84\ub370\uc2a4\ubc29\ud06c) \ucd1d\uc7ac\ub294 13\uc77c(\ud604\uc9c0\uc2dc\uac04) \uae30\uc900 \uc2dc\ub098\ub9ac\uc624\uc5d0 \ub2e8\uae30\uc801\uc73c\ub85c \uae30\uc900\uae08\ub9ac \uc778\uc0c1 2\ucc28\ub840\uac00 \ud3ec\ud568\ub3fc \uc788\ub2e4\uace0 \ubc1d\ud614\ub2e4. \uadf8\ub294 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300(\uc55e\uc73c\ub85c \ubb3c\uac00\uac00 \uc624\ub97c \uac83\uc774\ub77c\ub294 \uc2dc\uc7a5\u00b7\uac00\uacc4\uc758 \uc608\uc0c1)\uac00 \ud754\ub4e4\ub824 \ud1b5\uc81c \ubc16\uc73c\ub85c \ubc97\uc5b4\ub0a0 \uacbd\uc6b0(\u2018\uae30\ub300 \uc778\ud50c\ub808\uc774\uc158\uc774 \uace0\uc815\ub418\uc9c0 \uc54a\uc744 \uacbd\uc6b0\u2019) ECB\uac00 \ub300\uc751\ud558\uaca0\ub2e4\uace0 \ub367\ubd99\uc600\uc73c\uba70, 6\uc6d4 \uacb0\uc815\uc740 \uacbd\uc81c\uc9c0\ud45c\uc5d0 \ub2ec\ub824 \uc788\ub2e4\uace0 \ub9d0\ud588\ub2e4.<\/p>\n

\uc720\ub85c\ud654\ub294 \ubc1c\uc5b8\uc5d0 \ud070 \ubc18\uc751\uc744 \ubcf4\uc774\uc9c0 \uc54a\uc558\ub2e4. EUR\/USD\ub294 \ubbf8 \ub2ec\ub7ec \uac15\uc138 \uc601\ud5a5\uc73c\ub85c \uc57d 0.33% \ud558\ub77d\ud55c 1.1745\ub2ec\ub7ec \uc548\ud30e\uc5d0\uc11c \uac70\ub798\ub410\ub2e4.<\/p>\n

\uc720\ub7fd\uc911\uc559\uc740\ud589(ECB) \ucc45\ubb34<\/h3>\n

\ub3c5\uc77c \ud504\ub791\ud06c\ud478\ub974\ud2b8\uc5d0 \ubcf8\ubd80\ub97c \ub454 \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB)\uc740 \uc720\ub85c\uc874(\uc720\ub85c\ud654\ub97c \uc4f0\ub294 20\uac1c\uad6d)\uc758 \uae08\ub9ac\ub97c \uc815\ud558\uace0 \ud1b5\ud654\uc815\ucc45(\uae08\ub9ac\u00b7\uc720\ub3d9\uc131 \ub4f1\uc744 \ud1b5\ud574 \ubb3c\uac00\uc640 \uacbd\uae30\ub97c \uc870\uc808\ud558\ub294 \uc815\ucc45)\uc744 \uc6b4\uc6a9\ud55c\ub2e4. ECB\uc758 \ucd5c\uc6b0\uc120 \ucc45\ubb34\ub294 \ubb3c\uac00 \uc548\uc815\uc774\uba70, \ubb3c\uac00\uc0c1\uc2b9\ub960(\uc778\ud50c\ub808\uc774\uc158) \ubaa9\ud45c\ub294 \uc57d 2%\ub2e4. \uae08\ub9ac \ubcc0\ud654\ub294 \uc720\ub85c\ud654 \uac00\uce58\uc5d0 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\ub2e4.<\/p>\n

\ud1b5\ud654\uc815\ucc45\uc740 \uc5f0 8\ud68c \uc5f4\ub9ac\ub294 \ud1b5\ud654\uc815\ucc45\uc774\uc0ac\ud68c\uc5d0\uc11c \uacb0\uc815\ub41c\ub2e4. \uc774\uc0ac\ud68c\ub294 \uc720\ub85c\uc874 \uac01\uad6d \uc911\uc559\uc740\ud589 \ucd1d\uc7ac\ub4e4\uacfc, \ud06c\ub9ac\uc2a4\ud2f4 \ub77c\uac00\ub974\ub4dc ECB \ucd1d\uc7ac\ub97c \ud3ec\ud568\ud55c 6\uba85\uc758 \uc0c1\uc784 \uc774\uc0ac\ub85c \uad6c\uc131\ub41c\ub2e4.<\/p>\n

\uc591\uc801\uc644\ud654(QE\u00b7Quantitative Easing)\ub294 \uc911\uc559\uc740\ud589\uc774 \ud1b5\ud654\ub97c \uacf5\uae09\ud574 \uad6d\ucc44\ub098 \ud68c\uc0ac\ucc44 \uac19\uc740 \ucc44\uad8c\uc744 \ub9e4\uc785\ud558\ub294 \uc815\ucc45\uc774\ub2e4. \uc2dc\uc911\uc5d0 \ub3c8\uc774 \ub298\uc5b4\ub098\uba74 \uc720\ub85c\ud654 \uac00\uce58\ub294 \uc57d\ud574\uc9c8 \uc218 \uc788\ub2e4. ECB\ub294 2009~2011\ub144, 2015\ub144, \ucf54\ub85c\ub09819 \ud32c\ub370\ubbf9 \uae30\uac04\uc5d0 QE\ub97c \uc2dc\ud589\ud588\ub2e4.<\/p>\n

\uc591\uc801\uae34\ucd95(QT\u00b7Quantitative Tightening)\uc740 QE\ub97c \ub418\ub3cc\ub9ac\ub294 \uc815\ucc45\uc774\ub2e4. \uae30\uc900\uae08\ub9ac \uc778\uc0c1\uacfc \ud568\uaed8 \uacbd\uae30 \ud68c\ubcf5\uacfc \ubb3c\uac00 \uc0c1\uc2b9 \uad6d\uba74\uc5d0\uc11c \uc2dc\ud589\ub41c\ub2e4. \uc2e0\uaddc \ucc44\uad8c \ub9e4\uc785\uc744 \uc911\ub2e8\ud558\uace0, \ub9cc\uae30\uac00 \ub3cc\uc544\uc628 \ucc44\uad8c\uc5d0\uc11c \ud68c\uc218\ub41c \ub3c8\uc73c\ub85c \ub2e4\uc2dc \ucc44\uad8c\uc744 \uc0ac\ub4e4\uc774\ub294 \uc7ac\ud22c\uc790(\ub9cc\uae30 \ub3c4\ub798\ubd84 \uc7ac\ud22c\uc790)\ub97c \uba48\ucd94\ub294 \ubc29\uc2dd\uc774\uba70, \uc720\ub85c\ud654 \uac00\uce58\uc5d0 \ud798\uc744 \uc2e4\uc744 \uc218 \uc788\ub2e4.<\/p>\n

\ud2b8\ub808\uc774\ub354\ub97c \uc704\ud55c \uc2dc\uc7a5 \uc2dc\uc0ac\uc810<\/h3>\n

\ub098\uac94 \ucd1d\uc7ac\uc758 \u2018\uc55e\uc73c\ub85c 2\ucc28\ub840 \uae08\ub9ac \uc778\uc0c1\u2019 \uc2e0\ud638\ub294 \ubb3c\uac00 \uc555\ub825\uc774 \ucee4\uc9c0\ub294 \uc0c1\ud669\uc5d0 \ub300\ud55c \uc9c1\uc811\uc801\uc778 \ub300\uc751\uc774\ub2e4. \ucd5c\uadfc \uc720\ub85c\uc2a4\ud0c0\ud2b8(Eurostat\u00b7EU \ud1b5\uacc4\uccad)\uac00 \ubc1c\ud45c\ud55c 2026\ub144 4\uc6d4 \uc7a0\uc815\uce58(\ud50c\ub798\uc2dc \ucd94\uc815\uce58)\uc5d0\uc11c HICP(\uc870\ud654 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218\u00b7\uc720\ub85c\uc874 \uad6d\uac00 \uac04 \ube44\uad50\uac00 \uac00\ub2a5\ud558\ub3c4\ub85d \uae30\uc900\uc744 \ub9de\ucd98 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218) \uc778\ud50c\ub808\uc774\uc158\uc774 2.9%\ub85c \uc608\uc0c1 \ubc16 \uc0c1\uc2b9\ud558\uba70, 2025\ub144 \ub9d0 2.4%\uc5d0\uc11c \ud06c\uac8c \ub6f0\uc5c8\ub2e4. \uc774\ub85c \uc778\ud574 ECB\uc758 6\uc6d4 \ud68c\uc758\ub294 \uc815\ucc45 \uc804\ud658 \uac00\ub2a5\uc131\uc774 \uc5f4\ub9b0 \uc911\uc694\ud55c \uc77c\uc815\uc774 \ub410\ub2e4.<\/p>\n

\ub2e4\ub9cc \ub9e4\ud30c\uc801(\uae08\ub9ac \uc778\uc0c1\uc5d0 \uc6b0\ud638\uc801\uc778) \ubc1c\uc5b8\uc5d0\ub3c4 \uc720\ub85c\ud654\uac00 \uc989\uc2dc 1.1745\ub2ec\ub7ec\ub85c \ubc00\ub9b0 \uac83\uc740, \uc2dc\uc7a5\uc758 \uad00\uc2ec\uc774 \ud604\uc7ac ECB\ubcf4\ub2e4 \ubbf8 \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed\u00b7\ubbf8\uad6d \uc911\uc559\uc740\ud589)\uc5d0 \ub354 \uc3e0\ub824 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4. \ubbf8\uad6d\uc740 2026\ub144 4\uc6d4 \uace0\uc6a9\ubcf4\uace0\uc11c\uc5d0\uc11c \ube44\ub18d\uc5c5\ubd80\ubb38 \uace0\uc6a9(NFP\u00b7\ub18d\uc5c5\uc744 \uc81c\uc678\ud55c \uc2e0\uaddc \uc77c\uc790\ub9ac \uc9c0\ud45c)\uc774 25\ub9cc\uac1c \uc99d\uac00\ud558\uba70 \uace0\uc6a9\uc774 \uac15\ud558\uac8c \ub098\ud0c0\ub0ac\uace0, \uc774\uc5d0 \ub530\ub77c Fed\uac00 ECB\ubcf4\ub2e4 \ub354 \uacf5\uaca9\uc801\uc73c\ub85c(\ub354 \ube60\ub974\uac8c \ub610\ub294 \ub354 \ud06c\uac8c) \uae08\ub9ac\ub97c \uc62c\ub9b4 \uc218 \uc788\ub2e4\ub294 \uad00\uce21\uc774 \uac15\ud654\ub410\ub2e4. \uc591\uad6d \uae08\ub9ac \ucc28\uc774(\uae08\ub9ac \uaca9\ucc28)\uac00 \ud604\uc7ac \uc678\ud658 \ud2b8\ub808\uc774\ub354\uc758 \ud575\uc2ec \ubcc0\uc218\ub85c \uc791\uc6a9\ud558\uace0 \uc788\ub2e4.<\/p>\n

\ud30c\uc0dd\uc0c1\ud488(\uae30\ucd08\uc790\uc0b0 \uac00\uaca9\uc5d0 \uc5f0\ub3d9\ub418\ub294 \uc635\uc158\u00b7\uc120\ubb3c \ub4f1) \ud2b8\ub808\uc774\ub354 \uc785\uc7a5\uc5d0\uc11c\ub294 ECB\uc758 \ubc1c\uc5b8\uacfc \uc2dc\uc7a5 \ubc18\uc751\uc758 \uad34\ub9ac\uac00 \ubcc0\ub3d9\uc131 \ud655\ub300 \uc2e0\ud638\uac00 \ub420 \uc218 \uc788\ub2e4. EUR\/USD \uc635\uc158\uc758 1\uac1c\uc6d4 \ub0b4\uc7ac\ubcc0\ub3d9\uc131(\uc635\uc158 \uac00\uaca9\uc5d0 \ubc18\uc601\ub41c \u2018\ud5a5\ud6c4 \uac00\uaca9 \ubcc0\ub3d9 \ud3ed\u2019 \uae30\ub300\uce58)\uc740 \uc9c0\ub09c\ub2ec \uc57d 6.5% \uc800\uc810\uc5d0\uc11c 7.8%\ub85c \uc774\ubbf8 \uc0c1\uc2b9\ud588\ub2e4. 6\uc6d4 \ud68c\uc758\uae4c\uc9c0 \ubcc0\ub3d9\uc131 \ud655\ub300 \ud750\ub984\uc774 \uc774\uc5b4\uc9c8 \uc218 \uc788\ub2e4. \uc2a4\ud2b8\ub798\ub4e4(straddle\u00b7\uac19\uc740 \ub9cc\uae30\u00b7\uac19\uc740 \ud589\uc0ac\uac00\uc758 \ucf5c\uc635\uc158\uacfc \ud48b\uc635\uc158\uc744 \ub3d9\uc2dc\uc5d0 \ub9e4\uc218\ud574 \ubc29\ud5a5\uacfc \ubb34\uad00\ud558\uac8c \ud070 \ubcc0\ub3d9\uc744 \ub178\ub9ac\ub294 \uc804\ub7b5)\uc774\ub098 \uc2a4\ud2b8\ub7ad\uae00(strangle\u00b7\uc11c\ub85c \ub2e4\ub978 \ud589\uc0ac\uac00\uc758 \ucf5c\u00b7\ud48b\uc744 \ud568\uaed8 \ub9e4\uc218\ud574 \ud070 \ubcc0\ub3d9\uc744 \ub178\ub9ac\ub294 \uc804\ub7b5)\uc774 \ubcc0\ub3d9\uc131 \ud655\ub300\uc5d0 \ub300\uc751\ud558\ub294 \uc120\ud0dd\uc9c0\uac00 \ub420 \uc218 \uc788\ub2e4.<\/p>\n

2022~2023\ub144 \uae08\ub9ac \uc778\uc0c1 \uc0ac\uc774\ud074\uc5d0\uc11c ECB\uac00 \uc778\ud50c\ub808\uc774\uc158 \ub300\uc751\uc774 \ub2a6\ub2e4\ub294 \uc778\uc2dd(\u2018\ub4a4\ucc98\uc9c4\ub2e4\u2019)\uc744 \ubc1b\uc558\ub358 \uacbd\ud5d8\ub3c4 \ucc38\uace0\ud560 \ud544\uc694\uac00 \uc788\ub2e4. \ub2f9\uc2dc \ucd08\uae30\uc758 \ub9e4\ud30c\uc801 \uc2e0\ud638\ub294 \uc2dc\uc7a5\uc758 \uc758\uc2ec\uc744 \ubc1b\uc558\uace0, ECB\uac00 \uac15\ud55c \uc870\uce58\ub85c \uc758\uc9c0\ub97c \ubcf4\uc5ec\uc8fc\uae30 \uc804\uae4c\uc9c0 \uc720\ub85c\ud654\ub294 \uc0c1\ub300\uc801\uc73c\ub85c \ubd80\uc9c4\ud588\ub2e4. \uc774\ubc88 \uac00\uaca9 \ud750\ub984 \uc5ed\uc2dc \ud2b8\ub808\uc774\ub354\ub4e4\uc774 \ub77c\uac00\ub974\ub4dc \ucd1d\uc7ac\uac00 \ub098\uac94 \ucd1d\uc7ac\uc640 \uac19\uc740 \uac15\ub3c4\uc758 \uba54\uc2dc\uc9c0\ub97c \ub0b4\ub193\uae30 \uc804\uae4c\uc9c0 \uc720\ub85c \uac15\uc138\ub97c \uc801\uadf9\uc801\uc73c\ub85c \uac00\uaca9\uc5d0 \ubc18\uc601\ud558\uc9c0 \uc54a\uc744 \uc218 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<\/p>\n

\ub530\ub77c\uc11c \ucf5c\uc635\uc158 \ub9e4\uc218(\uc0c1\uc2b9 \uc2dc \uc774\uc775\uc774 \ub098\ub294 \uc635\uc158)\ub098 \ucf5c \uc2a4\ud504\ub808\ub4dc(call spread\u00b7\uc11c\ub85c \ub2e4\ub978 \ud589\uc0ac\uac00\uc758 \ucf5c\uc744 \ub9e4\uc218\u00b7\ub9e4\ub3c4\ud574 \ube44\uc6a9\uacfc \uc218\uc775 \ubc94\uc704\ub97c \uc870\uc808\ud558\ub294 \uc804\ub7b5)\ub85c \uc720\ub85c \uac15\uc138\uc5d0 \uc120\uc81c\uc801\uc73c\ub85c \ubca0\ud305\ud558\ub294 \uac83\uc740 \uc544\uc9c1 \uc774\ub974\ub2e4\ub294 \uc2e0\ud638\ub85c \uc77d\ud78c\ub2e4. \ud5a5\ud6c4 \uba87 \uc8fc\uac04\uc740 \uae08\ub9ac\uc120\ubb3c \uc2dc\uc7a5\uc758 \ubcc0\ud654\ub97c \ud655\uc778\ud558\ub294 \uc811\uadfc\uc774 \ub354 \ud604\uc2e4\uc801\uc77c \uc218 \uc788\ub2e4. \ud2b9\ud788 \uc720\ub9ac\ubcf4(Euribor\u00b7\uc720\ub85c\uc874 \uc740\ud589 \uac04 \ub2e8\uae30\uae08\ub9ac) \uc120\ubb3c(\uc720\ub9ac\ubcf4 \uacc4\uc57d)\uc758 \uac00\uaca9 \uc7ac\uc870\uc815\uc774 \ub69c\ub837\ud574\uc9c0\uba74, \uc2dc\uc7a5 \uc804\ubc18\uc774 ECB\uc758 \ub9e4\ud30c \uae30\uc870\ub97c \uc9c4\uc9c0\ud558\uac8c \ubc18\uc601\ud558\uae30 \uc2dc\uc791\ud588\ub2e4\ub294 \uccab \uad6c\uccb4\uc801 \uc2e0\ud638\uac00 \ub420 \uc218 \uc788\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cECB 2\uc5f0\uc18d \uae08\ub9ac\uc778\uc0c1\u201d \ub098\uac94 \ubc1c\uc5b8\u2026\uae30\ub300\uc778\ud50c\ub808 \ud754\ub4e4\ub9ac\uba74 \ucd94\uac00 \ub300\uc751, 6\uc6d4\uc740 \uc9c0\ud45c\u6b21. \uc720\ub85c\ub294 \ub2ec\ub7ec \uac15\uc138\uc5d0 1.1745\ub85c \ud558\ub77d, \uc2dc\uc7a5 \uc2dc\uc120\uc740 Fed\u00b7\uae08\ub9ac\ucc28\uc5d0 \uc9d1\uc911.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-46560","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/46560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=46560"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/46560\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=46560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=46560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=46560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}