2020年经济学人 欧元区--撕毁规则(2)

The decision could raise heckles in Germany, where the rule is seen as ensuring that the ECB's purchases do not monetise national debt.

这一决定可能会在德国引起争议，因为该规定被视为确保ECB的购买不会将国家债务货币化。

The ECB is breaking more of its own rules. It is expanding the range of assets it will buy.

ECB正在打破更多自己的规则。它正在扩大它将购买的资产范围。

The new scheme will cover Greek sovereign bonds; they had previously¹ been deemed ineligible² because of their low credit rating.

新计划将覆盖希腊主权债券；主权债券被认为是不合格的，因为他们的低信用评级。

And the ECB will start to buy assets with maturities³ of less than a year. That has a happy interaction with recent fiscal⁴ easing.

ECB将开始购买期限不到一年的资产。这与最近的财政宽松政策有着良好的互动。

On March 23rd the German government said that it would borrow 156bn euro in order to support its economy.

3月23日，德国政府宣布将借款1560亿欧元以支持本国经济。

Much of Germany's borrowing will take the form of short-term bills, says Frederik Ducrozet of Pictet, an asset manager.

资产管理公司Pictet的弗雷德里克·杜克泽特表示，德国的大部分借贷将以短期票据的形式进行。

Even with all this flexibility⁵, there is still a question of whether the stimulus⁶ is sufficient.

即使有这些灵活性，刺激措施是否充分仍然是一个问题。

The extent of the economic damage done by the virus is slowly becoming clear.

这种病毒造成的经济损失的程度正慢慢变得清晰起来。

On March 24th a survey of purchasing managers indicated the steepest drop in activity in its 22-year history.

3月24日，一项针对采购经理的调查显示，经济活动出现了其22年历史中最大幅度的下降。

Investors⁷' medium-term inflation expectations, as measured by the five-year forward swap⁸ rate, have fallen to 0.8%,

以五年远期掉期利率衡量，投资者的中期通胀预期已降至0.8%，

well below the bank's target of inflation close to, but below 2%.

远低于英国央行设定的接近但低于2%的通胀目标。

That suggests that investors think more easing is needed to ensure a healthy expansion after the epidemic⁹ ends.

这表明，投资者认为需要出台更多的宽松政策，以确保疫情结束后经济健康扩张。

One reason for investors' gloom may be that governments are still doing too little.

投资者悲观的一个原因可能是政府仍然做得太少。

Even after Germany's splurge, new spending across the euro zone amounts to only 2% of GDP.

即使在德国大肆挥霍之后，整个欧元区的新支出也只占GDP的2%。

Economists¹¹ at Citibank estimate that something nearer 5% is warranted.

花旗银行的经济学家估计，接近5%的利率是有保证的。

Leaders were set to consider whether to make cheap credit lines available to governments through the zone's bail-out fund after The Economist¹⁰ went to press.

本刊付印后，各国领导人将考虑是否通过欧元区援助资金向各国政府提供廉价信贷额度。

Such talks tend to become mired¹² in arguments over what type of strings¹³ should be attached to the cash.

这类谈判往往会陷入争论之中——应该为这笔资金附加何种条件。

The pandemic means that a deal looks likelier than ever.

这场流行病意味着达成协议的可能性比以往任何时候都要大。

But central bankers are also well aware of another, less happy, link between monetary¹⁴ and coordinated¹⁵ fiscal policy.

但各国央行也很清楚，货币政策与协调的财政政策之间还有另一种不那么愉快的联系。

The more the ECB does, the less governments feel they need to take action.

ECB做得越多，各国政府越觉得不需要采取行动。

1 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

2 ineligible   

adj.无资格的，不适当的

参考例句：

• The new rules have made thousands more people ineligible for legal aid.新规定使另外数千人不符合接受法律援助的资格。
• The country had been declared ineligible for World Bank lending.这个国家已被宣布没有资格获得世界银行的贷款。

3 maturities   

n.成熟（maturity的复数形式）

参考例句：

• Maturities of commercial paper range from three days to nine months. 商业票据的期限从3天到9个月不等。 来自互联网
• German federal government bonds issued with maturities of up to 30 years. 指期限可长达30年的德国联邦政府债券。 来自互联网

4 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

5 flexibility   

n.柔韧性，弹性，（光的）折射性，灵活性

参考例句：

• Her great strength lies in her flexibility.她的优势在于她灵活变通。
• The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。

6 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。

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

9 epidemic   

n.流行病；盛行；adj.流行性的，流传极广的

参考例句：

• That kind of epidemic disease has long been stamped out.那种传染病早已绝迹。
• The authorities tried to localise the epidemic.当局试图把流行病限制在局部范围。

10 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

11 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

12 mired   

abbr.microreciprocal degree 迈尔德（色温单位）v.深陷( mire的过去式和过去分词 )

参考例句：

• The country was mired in recession. 这个国家陷入了经济衰退的困境。
• The most brilliant leadership can be mired in detail. 最有才干的领导也会陷于拘泥琐事的困境中。 来自《现代汉英综合大词典》

13 strings   

n.弦

参考例句：

• He sat on the bed,idly plucking the strings of his guitar.他坐在床上，随意地拨着吉他的弦。
• She swept her fingers over the strings of the harp.她用手指划过竖琴的琴弦。

14 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。

15 coordinated   

adj.协调的

参考例句：

• The sound has to be coordinated with the picture. 声音必须和画面协调一致。
• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法