{"id":48310,"date":"2026-03-03T16:44:38","date_gmt":"2026-03-03T16:44:38","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%ec%8a%a4%ed%88%ac%eb%a5%b4%eb%82%98%eb%9d%bc%ec%8a%a4%eb%8a%94-%eb%af%b8%ea%b5%ad-%ec%9d%b4%ec%8a%a4%eb%9d%bc%ec%97%98-%ec%9d%b4%eb%9e%80-%ea%b0%84%ec%9d%98-%ec%a0%81%eb%8c%80-%ed%96%89%ec%9c%84\/"},"modified":"2026-03-03T16:44:38","modified_gmt":"2026-03-03T16:44:38","slug":"%ec%8a%a4%ed%88%ac%eb%a5%b4%eb%82%98%eb%9d%bc%ec%8a%a4%eb%8a%94-%eb%af%b8%ea%b5%ad-%ec%9d%b4%ec%8a%a4%eb%9d%bc%ec%97%98-%ec%9d%b4%eb%9e%80-%ea%b0%84%ec%9d%98-%ec%a0%81%eb%8c%80-%ed%96%89%ec%9c%84","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ec%8a%a4%ed%88%ac%eb%a5%b4%eb%82%98%eb%9d%bc%ec%8a%a4%eb%8a%94-%eb%af%b8%ea%b5%ad-%ec%9d%b4%ec%8a%a4%eb%9d%bc%ec%97%98-%ec%9d%b4%eb%9e%80-%ea%b0%84%ec%9d%98-%ec%a0%81%eb%8c%80-%ed%96%89%ec%9c%84\/","title":{"rendered":"\uc2a4\ud22c\ub974\ub098\ub77c\uc2a4\ub294 \ubbf8\uad6d, \uc774\uc2a4\ub77c\uc5d8, \uc774\ub780 \uac04\uc758 \uc801\ub300 \ud589\uc704\uac00 \uaca9\ud654\ub418\ub294 \uac00\uc6b4\ub370 ECB\uac00 \ud1b5\ud654\uc815\ucc45\uc758 \uc720\uc5f0\uc131\uc744 \uc720\uc9c0\ud574\uc57c \ud55c\ub2e4\uace0 \ub9d0\ud588\ub2e4."},"content":{"rendered":"Yannis Stournaras(\uc57c\ub2c8\uc2a4 \uc2a4\ud22c\ub974\ub098\ub77c\uc2a4) \uadf8\ub9ac\uc2a4\uc911\uc559\uc740\ud589(Bank of Greece) \ucd1d\uc7ac\uc774\uc790 \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB) \uc815\ucc45\uacb0\uc815\uae30\uad6c\uc778 **\uc9d1\ud589\uc774\uc0ac\ud68c\uac00 \uc544\ub2cc \u2018\ud1b5\ud654\uc815\ucc45\uc744 \uacb0\uc815\ud558\ub294 \ud68c\uc758\uccb4\u2019** \uc778 Governing Council(\ud1b5\ud654\uc815\ucc45\uc704\uc6d0\ud68c) \uc704\uc6d0\uc740, \ubbf8\uad6d\u00b7\uc774\uc2a4\ub77c\uc5d8\u00b7\uc774\ub780\uc774 \uad00\ub828\ub41c \uc804\uc7c1 \ub54c\ubb38\uc5d0 ECB\uac00 \ud1b5\ud654\uc815\ucc45(\uae08\ub9ac \ub4f1 \ub3c8\uc758 \ud750\ub984\uc744 \uc870\uc808\ud558\ub294 \uc815\ucc45)\uc5d0\uc11c **\uc720\uc5f0\uc131(\uc0c1\ud669\uc5d0 \ub530\ub77c \ube60\ub974\uac8c \uc870\uc815\ud560 \uc218 \uc788\ub294 \uc5ec\uc9c0)** \uc774 \ud544\uc694\ud558\ub2e4\uace0 \ub85c\uc774\ud130\uc5d0 \ub9d0\ud588\ub2e4. \uadf8\ub294 \ubd84\uc7c1\uc774 \uacc4\uc18d\ub418\uba74 \ubb3c\uac00\uc0c1\uc2b9\ub960(\uc778\ud50c\ub808\uc774\uc158)\uc774 **\uc704\ub85c \uc555\ub825(\ub354 \uc624\ub97c \uac00\ub2a5\uc131)** \uc744 \ubc1b\uc744 \uc218 \uc788\uc73c\uba70, ECB\ub294 \uc0c1\ud669\uc744 \uc8fc\uc2dc\ud558\uace0 \uc788\uc9c0\ub9cc \uc815\ucc45\uc744 \uc11c\ub458\ub7ec \ubc14\uafb8\ub824 \ud558\uc9c0\ub294 \uc54a\ub294\ub2e4\uace0 \ub9d0\ud588\ub2e4.\n\n\uc2dc\uc7a5\uc740 \uadf8\uc758 \ubc1c\uc5b8\uc5d0 \ub300\ud574 \uc720\ub85c\ud654\uc5d0\uc11c \uc989\uac01\uc801\uc778 \ubc18\uc751\uc744 \ubcf4\uc774\uc9c0 \uc54a\uc558\ub2e4. \ubcf4\ub3c4 \uc2dc\uc810\uc5d0 EUR\/USD(\uc720\ub85c\/\ub2ec\ub7ec \ud658\uc728)\ub294 \uc911\ub3d9 \uc804\uc7c1 \uc0c1\ud669 \uc18d\uc5d0\uc11c 0.7% \ud558\ub77d\ud574 1.1600 \ubd80\uadfc\uc774\uc5c8\ub2e4.\n\n

Ecbs Mandate And Policy Framework<\/h3>\n\ud504\ub791\ud06c\ud478\ub974\ud2b8\uc5d0 \uc788\ub294 \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB)\uc740 \uc720\ub85c\uc874(Eurozone, \uc720\ub85c\ud654\ub97c \uc4f0\ub294 \uad6d\uac00\ub4e4)\uc758 \uae08\ub9ac(\uc774\uc790\uc728)\uc640 \ud1b5\ud654\uc815\ucc45\uc744 \uc815\ud55c\ub2e4. ECB\uc758 \uac00\uc7a5 \uc911\uc694\ud55c \ubaa9\ud45c(\ucc45\ubb34, mandate)\ub294 **\ubb3c\uac00 \uc548\uc815** \uc774\uba70, \ubb3c\uac00\uc0c1\uc2b9\ub960 \ubaa9\ud45c\ub294 \ub300\ub7b5 2% \uc218\uc900\uc774\uace0, \uc815\ucc45 \uacb0\uc815\uc740 \ud1b5\ud654\uc815\ucc45\uc704\uc6d0\ud68c\uac00 1\ub144\uc5d0 8\ubc88 \ud55c\ub2e4.\n\n\uc591\uc801\uc644\ud654(QE, Quantitative easing)\ub294 **\ub9e4\uc6b0 \uc2ec\uac01\ud55c \uc0c1\ud669** \uc5d0\uc11c \uc4f0\ub294 \uc815\ucc45\uc73c\ub85c, ECB\uac00 \uc0c8\ub85c \ub9cc\ub4e0 \ub3c8(\uc720\ub85c)\uc744 \uc0ac\uc6a9\ud574 \uad6d\ucc44(\uc815\ubd80\uac00 \ubc1c\ud589\ud55c \ucc44\uad8c)\ub098 \ud68c\uc0ac\ucc44(\uae30\uc5c5\uc774 \ubc1c\ud589\ud55c \ucc44\uad8c) \uac19\uc740 \uc790\uc0b0\uc744 \ub9e4\uc785\ud55c\ub2e4. \ubcf4\ud1b5 \uc774\ub294 \uc720\ub85c\ud654 \uac00\uce58\ub97c \uc57d\ud558\uac8c(\uc720\ub85c \uc57d\uc138) \ub9cc\ub4dc\ub294 \ubc29\ud5a5\uc73c\ub85c \uc791\uc6a9\ud55c\ub2e4. ECB\ub294 2009~11\ub144, 2015\ub144, \uadf8\ub9ac\uace0 \ucf54\ub85c\ub098 \ud32c\ub370\ubbf9 \uae30\uac04\uc5d0 QE\ub97c \uc0ac\uc6a9\ud588\ub2e4.\n\n\uc591\uc801\uae34\ucd95(QT, Quantitative tightening)\ub294 QE\uc758 \ubc18\ub300 \uc815\ucc45\uc73c\ub85c, \uacbd\uae30 \ud68c\ubcf5\uc774 \uc9c4\ud589\ub418\uace0 \ubb3c\uac00\uac00 \uc624\ub97c \ub54c \uc0ac\uc6a9\ud55c\ub2e4. QT\uc5d0\uc11c\ub294 ECB\uac00 **\uc0c8\ub85c\uc6b4 \ucc44\uad8c \ub9e4\uc785\uc744 \uc911\ub2e8** \ud558\uace0, \ub9cc\uae30\uac00 \ub41c \ucc44\uad8c\uc5d0\uc11c \ub418\ub3cc\uc544\uc628 \uc6d0\uae08(\ub9cc\uae30 \uc6d0\uae08, principal)\uc744 **\ub2e4\uc2dc \ud22c\uc790\ud558\uc9c0 \uc54a\ub294\ub2e4(\uc7ac\ud22c\uc790 \uc911\ub2e8)**. \uc774\ub294 \ubcf4\ud1b5 \uc720\ub85c\ud654\uc5d0 \uae0d\uc815\uc801(\uc720\ub85c \uac15\uc138)\uc73c\ub85c \uc791\uc6a9\ud55c\ub2e4.\n\n

Market Implications For Rates And Volatility<\/h3>\n\uc774\ubc88 \ubd84\uc7c1\uc740 \uc774\ubbf8 \ubb3c\uac00\ub97c \uc62c\ub9ac\ub294 \uc555\ub825\uc744 \ub9cc\ub4e4\uace0 \uc788\ub2e4. \ube0c\ub80c\ud2b8\uc720 \uc120\ubb3c(Brent crude futures, \ubbf8\ub798 \uac00\uaca9\uc744 \ubbf8\ub9ac \uc815\ud574 \uac70\ub798\ud558\ub294 \uc6d0\uc720 \uacc4\uc57d)\uc774 \ubc30\ub7f4\ub2f9 115\ub2ec\ub7ec\ub97c \ub118\uc5b4\uc11c \uae09\ub4f1\ud588\ub294\ub370, \uc774\ub294 2022\ub144 \uc5d0\ub108\uc9c0 \uc704\uae30 \uc774\ud6c4 \ubcf4\uc9c0 \ubabb\ud55c \uc218\uc900\uc774\ub2e4. \uc774\ub7f0 \uae09\ub4f1\uc740 2026\ub144 2\uc6d4 \uc720\ub85c\uc874 \u2018\uc18d\ubcf4\u2019 \ubb3c\uac00 \ucd94\uc815\uce58(flash inflation estimate, \ucd5c\uc885 \ud655\uc815 \uc804\uc5d0 \uba3c\uc800 \ub098\uc624\ub294 \ube60\ub978 \ucd94\uc815\uce58)\uc5d0 \uc601\ud5a5\uc744 \uc8fc\uc5c8\uace0, \uadf8 \uc218\uce58\ub294 \uc608\uc0c1\uacfc \ub2ec\ub9ac 3.1%\ub85c \ub6f0\uc5c8\ub2e4.\n\n\uc774\ub294 2025\ub144 \ub300\ubd80\ubd84 \uae30\uac04\uc5d0 \ubcf4\uc600\ub358 \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158(disinflation, \ubb3c\uac00\uac00 \u2018\ub0b4\ub9ac\ub294\u2019 \uac83\uc774 \uc544\ub2c8\ub77c **\uc624\ub974\ub294 \uc18d\ub3c4\uac00 \ub290\ub824\uc9c0\ub294 \ud604\uc0c1**) \ud750\ub984\uc5d0\uc11c \ud06c\uac8c \ubc14\ub010 \uac83\uc774\ub2e4. \ub2f9\uc2dc\uc5d0\ub294 ECB\uac00 \uae08\ub9ac\ub97c \uafb8\uc900\ud788 \ub0b4\ub9ac\ub294 \uad6d\uba74(\uae08\ub9ac \uc778\ud558 \uc0ac\uc774\ud074, cutting cycle)\uc744 \uc2dc\uc791\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub410\ub2e4. \uc911\uc559\uc740\ud589\uc740 \uc0c8\ub85c \uc0dd\uae34 \uc778\ud50c\ub808\uc774\uc158\uc744 \uc7a1\uace0 \uc2f6\uc5b4 \ud560 \uc218 \uc788\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 \uacbd\uae30 \ub454\ud654\ub3c4 \uacbd\uacc4\ud558\uace0 \uc788\ub2e4. \uc720\ub85c\uc874\uc758 \ud575\uc2ec \uc9c0\ud45c\uc778 \ub3c5\uc77c \uacf5\uc7a5 \uc8fc\ubb38(German factory orders, \uc81c\uc870\uc5c5 \uc218\uc694\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c)\uc740 \uc9c0\ub09c\ub2ec 2.5% \uae09\uac10(\ud070 \ud3ed \uac10\uc18c)\ud588\ub2e4.\n\n\uc720\ub85c\ud654\ub294 \uc774\ub7f0 \ubd88\ud655\uc2e4\uc131\uc744 \uc774\ubbf8 \ubc18\uc601\ud558\uace0 \uc788\ub2e4. \ud22c\uc790\uc790\ub4e4\uc774 \uc548\uc804\ud558\ub2e4\uace0 \uc5ec\uae30\ub294 \ubbf8\uad6d \ub2ec\ub7ec\ub85c \uc774\ub3d9\ud558\uba74\uc11c EUR\/USD\ub294 1.1600\uae4c\uc9c0 \ub0b4\ub824\uac14\ub2e4. \uc2dc\uc7a5\uc740 ECB\uc758 \ub2e4\uc74c \uc870\uce58\uac00 \ub354 \ubd84\uba85\ud574\uc9c8 \ub54c\uae4c\uc9c0 \uc720\ub7fd \uc790\uc0b0\uc5d0 \ub354 \ub192\uc740 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4(risk premium, **\uc704\ud5d8\ud55c \uc790\uc0b0\uc744 \ubcf4\uc720\ud558\ub294 \ub300\uac00\ub85c \uc694\uad6c\ud558\ub294 \ucd94\uac00 \uc218\uc775\ub960**)\uc744 \uac00\uaca9\uc5d0 \ubc18\uc601\ud558\uace0 \uc788\ub2e4. \uc774\ub294 \uc548\uc804\uc790\uc0b0 \uc120\ud638(flight to safety, \uc704\ud5d8\uc744 \ud53c\ud558\ub824 \uc548\uc804\ud558\ub2e4\uace0 \ub290\ub07c\ub294 \uc790\uc0b0\uc73c\ub85c \uc774\ub3d9)\ub85c \ubcfc \uc218 \uc788\uc73c\uba70, \uc9c0\uc815\ud559\uc801 \ucda9\uaca9\uc5d0 \uac00\uc7a5 \uac00\uae4c\uc6b4 \uc9c0\uc5ed\uc758 \ud1b5\ud654\uac00 \ubd88\ub9ac\ud574\uc9c0\uace0 \uc788\ub2e4.\n\n\ud30c\uc0dd\uc0c1\ud488(derivatives, \uc8fc\uc2dd\u00b7\ucc44\uad8c\u00b7\ud658\uc728\u00b7\uae08\ub9ac \uac19\uc740 \uae30\ucd08\uc790\uc0b0 \uac00\uaca9\uc5d0 \ub530\ub77c \uac00\uce58\uac00 \ubcc0\ud558\ub294 \uacc4\uc57d) \uac70\ub798\uc790\uc5d0\uac8c\ub294, \uc55e\uc73c\ub85c \uba87 \uc8fc \ub3d9\uc548 \uc720\ub85c\ud654\uc758 \ub0b4\uc7ac\ubcc0\ub3d9\uc131(implied volatility, \uc635\uc158 \uac00\uaca9\uc5d0 \ubc18\uc601\ub41c \u2018\uc2dc\uc7a5 \uc608\uc0c1 \ubcc0\ub3d9\uc131\u2019)\uc774 \uc624\ub97c \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4\ub294 \ub73b\uc774\ub2e4. \ubc29\ud5a5\uacfc \ubb34\uad00\ud558\uac8c \ud070 \uac00\uaca9 \uc6c0\uc9c1\uc784\uc5d0\uc11c \uc774\uc775\uc744 \ub178\ub9ac\ub294 \uc804\ub7b5\uc774 \ub354 \ub9e4\ub825\uc801\uc77c \uc218 \uc788\ub2e4. ECB\uac00 \ud589\ub3d9\uc5d0 \ub098\uc124 \ub54c \ud070 \uc6c0\uc9c1\uc784\uc774 \ub098\uc62c \uc218 \uc788\uc73c\ubbc0\ub85c, \ud070 \ubcc0\ub3d9\uc5d0 \ub300\ube44\ud574 \uc635\uc158(options, \ud2b9\uc815 \uac00\uaca9\uc5d0 \uc0ac\uace0\ud314 \uad8c\ub9ac\ub97c \uc8fc\ub294 \uacc4\uc57d) \ub9e4\uc218\ub97c \uace0\ub824\ud560 \uc218 \uc788\ub2e4.\n\n\uc774 \ub17c\ub9ac\ub294 \uae08\ub9ac \ud30c\uc0dd\uc0c1\ud488\uc5d0\ub3c4 \uc801\uc6a9\ub41c\ub2e4. \uc720\ub9ac\ubcf4 \uc120\ubb3c(Euribor futures, \uc720\ub85c\uc874\uc758 \ub2e8\uae30 \uae30\uc900\uae08\ub9ac \uc131\uaca9\uc778 \uc720\ub9ac\ubcf4\uc5d0 \uc5f0\ub3d9\ub41c \uc120\ubb3c)\uc758 \uacbd\ub85c\uac00 \ubd88\ubd84\uba85\ud574\uc84c\uae30 \ub54c\ubb38\uc774\ub2e4. \uc62c\ud574\ub294 \uae08\ub9ac\ub97c \uc21c\ucc28\uc801\uc73c\ub85c \ub0b4\ub9b4 \uac83\ucc98\ub7fc \ubcf4\uc600\uc9c0\ub9cc \uc774\uc81c\ub294 \ud655\uc2e0\ud558\uae30 \uc5b4\ub835\ub2e4. \ub530\ub77c\uc11c \uae08\ub9ac \uc120\ubb3c \uc635\uc158\uc740, \uc778\ud50c\ub808\uc774\uc158\uc744 \uc7a1\uae30 \uc704\ud574 \uae08\ub9ac\ub97c \uadf8\ub300\ub85c \uc720\uc9c0(\ub3d9\uacb0)\ud558\ub294 \uae5c\uc9dd \uacb0\uc815\uc774\ub098, \uc131\uc7a5 \uc9c0\uc6d0\uc744 \uc704\ud55c \uae34\uae09 \uc778\ud558 \uac19\uc740 \uac00\ub2a5\uc131\uc5d0 \ub300\ube44\ud558\ub294 \ud5e4\uc9c0(hedge, \uc190\uc2e4 \uc704\ud5d8\uc744 \uc904\uc774\uae30 \uc704\ud55c \ubc29\uc5b4) \ub3c4\uad6c\uac00 \ub420 \uc218 \uc788\ub2e4.\n\n\n

VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c \uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

\uc911\ub3d9 \uc804\uc7c1\uc774 ECB \uae08\ub9ac \uacbd\ub85c\ub97c \ud754\ub4e0\ub2e4: \uc2a4\ud22c\ub974\ub098\ub77c\uc2a4\ub294 \uc778\ud50c\ub808 \uc0c1\ubc29 \uc704\ud5d8 \uc18d \u2018\uc720\uc5f0\ud55c \ub300\uc751\u2019\uc744 \uac15\uc870. \uc720\uac00 \uae09\ub4f1\u00b7\uc720\ub85c \uc57d\uc138\u00b7\ubcc0\ub3d9\uc131 \ud655\ub300\uc640 \uae08\ub9ac\uc120\ubb3c \ubd88\ud655\uc2e4\uc131\uc774 \ucee4\uc9c4\ub2e4. – vtmarkets.com<\/p>\n","protected":false},"author":103,"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-48310","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\/48310","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\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=48310"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/48310\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=48310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=48310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=48310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}