Interest on Reserves and the Flexibility of Monetary Policy in the Euro Area
论证了支付准备金利息能提升货币政策灵活性，指出欧元区现行按平均利率付息的方式需改革，以利用更高灵活性的优势。
Abstract This paper shows that remunerating required reserves can increase the flexibility of monetary policy. The remuneration at the current policy rate implies constant net marginal interest costs of holding required reserves. This allows the central bank to change the policy rate also within a reserve maintenance period without inducing a problematic reserve shifting on behalf of the banks. In the euro area, required reserves are remunerated at an average rate. Therefore, the way in which reserves are remunerated has to be changed in order to make use of the advantage of a higher flexibility of monetary policy.