2019年经济学人 欧洲货币政策:安抚鹰派(1)

 

Nothing inspires German newspaper illustrators like the European Central Bank's monetary¹ policies.

没有什么能像欧洲央行（ECB）的货币政策一样激发德国报纸插画家的创作灵感。

Bond-buying is represented as a tsunami² of cash. An uptick in inflation becomes a euro-gulping great white shark.

债券购买被视为一场现金海啸。通货膨胀的小幅上涨变成了一只吞食欧元的大白鲨。

After Mario Draghi, the ECB's outgoing president, pushed deposit-rate cuts

即将离任的ECB行长马里奥·德拉吉在上个月通过其管理委员会

and a promise to restart quantitative³ easing (QE) through its governing council last month,

推动降低存款利率并承诺重启量化宽松政策（QE）之后，

Bild, a tabloid⁴, depicted⁵ him cloaked and fanged⁶, as "Count Draghila".

八卦小报《Bild》将他画成了一个披着斗篷、带着尖牙的“德拉吉拉伯爵”。

German complaints are long-standing. The ECB's Strafzinsen ("punishment rates") expropriate savers.

德国的抱怨由来已久。欧洲央行的惩罚利息剥夺了储户的利益。

Banks suffer from negative rates they cannot pass on to customers. Cheap money fuels housing bubbles.

银行承受着无法转嫁给客户的负利率。廉价货币助长了房地产泡沫。

The ECB is stealthily extending its mandate⁷ beyond price stability to redistribution.

欧洲央行正悄悄地将其职责从稳定物价延伸至再分配。

This week Oliver Bate⁸, the boss of Allianz, Europe's largest insurer, joined the attack,

本周，欧洲最大保险公司安联保险的老板Oliver Bate加入这场抨击中，

lambasting the ECB in an interview with the Financial Times for "multiplying risk".

在接受英国《金融时报》采访时，他痛斥欧洲央行"放大了风险"。

Some fear such attacks risk weakening support for the single currency in its largest economy.

一些人害怕这样的攻击会削弱最大经济实体对欧元的支持。

But criticism from mainstream⁹ German politicians is now more muted than in 2016,

但德国主流政界人士的批评如今比2016年更加温和，

when Wolfgang Schauble, a former finance minister, blamed easy money for the rise of far-right populism.

当时前财政部长沃尔夫冈·朔伊布勒将极右翼民粹主义的兴起归咎于宽松的货币政策。

Inside the ECB council, the idea of sometimes using unorthodox monetary tools is no longer contested.

在欧洲央行执委会内部，偶尔使用非传统货币工具的观点不再受到质疑。

On the big questions, Mr Draghi leaves office vindicated¹⁰.

在重大问题上，德拉吉离职证明自己是正确的。

Yet his tactics are increasingly questioned. At least seven council members are reported to have objected to restarting QE.

但他的策略不断受到质疑。据称，至少7个委员会成员反对重启QE。

Dissenters¹¹ worried that additional unconventional stimulus¹² might do more harm than good.

反对者担心额外的非常规刺激可能弊大于利。

Several central-bank governors took their concerns public.

几位央行行长公开表达了他们的担忧。

1 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 tsunami   

n.海啸

参考例句：

• Powerful quake sparks tsunami warning in Japan.大地震触发了日本的海啸预警。
• Coastlines all around the Indian Ocean inundated by a huge tsunami.大海啸把印度洋沿岸地区都淹没了。

3 quantitative   

adj.数量的，定量的

参考例句：

• He said it was only a quantitative difference.他说这仅仅是数量上的差别。
• We need to do some quantitative analysis of the drugs.我们对药物要进行定量分析。

4 tabloid   

adj.轰动性的，庸俗的；n.小报，文摘

参考例句：

• He launched into a verbal assault on tabloid journalism.他口头对小报新闻进行了抨击。
• He believes that the tabloid press has behaved disgracefully.他认为小报媒体的行为不太光彩。

5 depicted   

描绘，描画( depict的过去式和过去分词 )； 描述

参考例句：

• Other animals were depicted on the periphery of the group. 其他动物在群像的外围加以修饰。
• They depicted the thrilling situation to us in great detail. 他们向我们详细地描述了那激动人心的场面。

6 fanged   

adj.有尖牙的，有牙根的，有毒牙的

参考例句：

• The piercing wind fanged his ears. 刺骨的寒风吹得他耳朵疼痛。 来自《现代英汉综合大词典》
• The fanged dagger, with spikes protruding from the handle. 手柄有突出尖状物的有尖牙状的匕首。 来自互联网

7 mandate   

n.托管地；命令，指示

参考例句：

• The President had a clear mandate to end the war.总统得到明确的授权结束那场战争。
• The General Election gave him no such mandate.大选并未授予他这种权力。

8 bate   

v.压制；减弱；n.（制革用的）软化剂

参考例句：

• The cruel landlord would bate him no rent.那个狠心的地主不肯给他减租。
• I was unable to bate my enthusiasm.我无法抑制自己的热切的心情。

9 mainstream   

n.（思想或行为的）主流；adj.主流的

参考例句：

• Their views lie outside the mainstream of current medical opinion.他们的观点不属于当今医学界观点的主流。
• Polls are still largely reflects the mainstream sentiment.民调还在很大程度上反映了社会主流情绪。

10 vindicated   

v.澄清（某人/某事物）受到的责难或嫌疑( vindicate的过去式和过去分词 )；表明或证明（所争辩的事物）属实、正当、有效等；维护

参考例句：

• I have every confidence that this decision will be fully vindicated. 我完全相信这一决定的正确性将得到充分证明。
• Subsequent events vindicated the policy. 后来的事实证明那政策是对的。 来自《简明英汉词典》

11 dissenters   

n.持异议者，持不同意见者( dissenter的名词复数 )

参考例句：

• He attacked the indulgence shown to religious dissenters. 他抨击对宗教上持不同政见者表现出的宽容。 来自《简明英汉词典》
• (The dissenters would have allowed even more leeway to the Secretary.) （持异议者还会给行政长官留有更多的余地。） 来自英汉非文学 - 行政法

12 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。