2021年经济学人 欧洲央行的新目标(1)

Finance & economics

财经板块

The European Central Bank

欧洲中央银行

Promises, promises

满口承诺

What the ECB's new target means in practice

欧洲央行的新目标究竟意味着什么

For most of its 23 years of life the European Central Bank (ECB) had the fuzzy inflation target of"below, but close to, 2%".

欧洲中央银行(ECB)自成立已有23年，大部分时间里其模糊的通胀目标都“低于但接近2%”。

No one knew what precisely¹ that meant, but the consensus² among economists³ was that the bank was aiming for inflation in the region of 1.7-1.9%.

没有人知道这究竟意味着什么，经济学家们则一致认为央行在试图将通胀率控制在1.7-1.9%。

In any case stubbornly low inflation rendered the question almost academic.

无论如何，长期的低通胀使得这一问题几乎成了一个学术问题。

Average annual inflation in the euro area since 2013 has been just 0.9% compared with 1.9% in America,

自2013年以来，虽然利率低于零，且欧洲央行多年来一直在吸收政府和公司债券试图刺激经济，

even though interest rates are below zero and the ECB has hoovered up government and corporate⁴ bonds for years in an attempt to gin up the economy.

但欧元区的年平均通胀率仅为0.9%，而美国则为1.9%。

The bank's struggle to attain⁵ its target has prompted some soul-searching.

该行为实现目标所做出的努力引发了一些人的反思。

Last year Christine Lagarde, its president, launched a review of its strategy, which held "listening" events and pored over academic papers.

去年，其总裁克里斯蒂娜·拉加德启动了一项对其战略的评估，该评估举办了“倾听”活动，并研读了学术论文。

Its conclusions were announced on July 8th.

其结论于7月8日公布。

The bank plans eventually to incorporate the impact of climate change inits models and, potentially,to reflect climate considerations in its asset purchases.

世行计划最终将气候变化的影响纳入其模型，并可能在其资产购买中反映气候因素。

It also intends to pay attention to the cost of owning a house when it studies inflation (in contrast to practice in otherrich countries, this is notincluded in the euro area's measure of consumer prices).

它还打算在研究通货膨胀时关注拥有一套房子的成本(与其他富裕国家的做法相反，该项没有包括在欧元区的消费价格指标中)。

And it unveiled a new symmetric inflation target, of 2%.

它还公布了一个新的对称通胀目标，即2%。

The greater clarity around the target is welcome, and might ward⁶ off concerns that the ECB will raise interest rates before an economic recovery takes firm hold, as it did in 2008 and 2011.

人们希望欧洲央行能有更明确的目标，能够消除人们对将在经济复苏站稳脚跟前加息的担忧，就像它在2008年和2011年所做的那样。

Ms Lagarde noted⁷ on July 8th that the change won unanimous support from the bank's 25-strong governing council.

拉加德女士于7月8日指出，这一改变赢得了银行25人管理委员会的一致支持。

But working out what it means for the ECB's monetary⁸ policy may prove more contentious⁹.

但这对欧洲央行的货币政策来说意味着什么，可能会引发更多争议。

1 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

2 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

3 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》

4 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

5 attain   

vt.达到，获得，完成

参考例句：

• I used the scientific method to attain this end. 我用科学的方法来达到这一目的。
• His painstaking to attain his goal in life is praiseworthy. 他为实现人生目标所下的苦功是值得称赞的。

6 ward   

n.守卫，监护，病房，行政区，由监护人或法院保护的人（尤指儿童）；vt.守护，躲开

参考例句：

• The hospital has a medical ward and a surgical ward.这家医院有内科病房和外科病房。
• During the evening picnic,I'll carry a torch to ward off the bugs.傍晚野餐时，我要点根火把，抵挡蚊虫。

7 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

8 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。

9 contentious   

adj.好辩的，善争吵的

参考例句：

• She was really not of the contentious fighting sort.她委实不是好吵好闹的人。
• Since then they have tended to steer clear of contentious issues.从那时起，他们总想方设法避开有争议的问题。