经济学人341:德国法院和欧洲央行 尘埃未定

　　Finance and economics
财经商业
The German courts and the ECB
德国法院和欧洲央行
It isn't over
尘埃未定
European monetary¹ policy has not been given the reprieve² markets believe
市场相信:欧洲货币政策还未被宣布死缓
AS A working rule, the shorter a statement the more it says.
作为一项工作法则，言论越是短小精悍，越是意味无穷。
A commitment made by the European Central Bank in September 2012 runs to fewer than 500 words, but it was enough to send the bond vigilantes packing.
欧洲央行在2012年九月的一项承诺短短不过500字，却足以让那些债券治安员卷铺盖走人。
The ECB promised to make unlimited³ purchases of the sovereign debt of governments on the ropes.
欧洲央行承诺无限制购买那些陷于困境的政府的主权债务。
2_副本.jpgThese Outright⁴ Monetary Transactions, whose dreary⁵ name disguises their punch, proved so potent⁶ a deterrent⁷ that they never had to be deployed⁸.
这些直接货币交易的名字沉闷无趣，却隐藏着强大的冲击力。事实证明，OMT威慑力大到实质上从不需要被调配。
But if quiescent⁹ markets were to turn nasty again, requiring OMT to be fired, would the central bank be acting¹⁰ within its powers?
但如果目前晴空万里的市场又要风波再起，以至于要发射OMT这枚炮弹，欧洲央行还能够安于自司其职吗？
For more than a year the German constitutional court in Karlsruhe has been contemplating¹¹ this question.
一年多以来，在卡尔斯鲁厄的德国宪法法院都对此问题苦思冥想。
Even though the place to decide whether a European body is abiding¹² by European law is in Luxembourg at the European Court of Justice, the court in Karlsruhe insists on its right to examine whether the acts of a European institution are infringing¹³ the German constitution.
虽然只有位于卢森堡的欧洲法院才能决定欧体是否遵循欧洲法律，位于卡尔斯鲁厄的德国法院仍坚持要审查欧洲央行的行为是否侵犯了德国的宪法。
The judges finally issued a ruling on February 7th.
法官们最终在二月七日作出裁决。
The judgment¹⁴ of the majority was far harsher than the yes, but verdict that had originally been expected.
除去八位中的两位以此案不应被受理为由而有所反对外，多数裁决的结果可比人们原来预想中行倒是行，不过…的判决书严厉多了。
Instead the court found that the central bank had overstepped its mandate¹⁵ and that OMT was a backdoor to monetary financing of governments, outlawed¹⁶ under European treaties.
法院认为欧洲央行已经越位行职，OMT实际成为政府货币融资的后门，而后者已被被欧盟条约取缔。
But the markets heaved a collective sigh of relief as they noted¹⁷ that in an unprecedented¹⁸ move the court had referred crucial points in the case to the ECJ.
不过，在得知德国法院史无前例的将此案中的关键点移交给了欧洲法院后，各大市场都松了口气。
Since the European court is thought of as a champion of European integration¹⁹, OMT should be safe in its hands.
由于欧洲法庭被公认为欧洲一体化的拥护者，在那里OMT应该会相当安全。
But referring points in the case to the ECJ does not mean deferring²⁰ to it.
但是把案子要点交给欧洲法院并不代表让它最后拍板。
The view that the constitutional court has thrown in the towel is incorrect, says Bruno de Witte, a professor of European Union law at Maastricht University; rather the German judges have given their interpretation²¹ and are asking the ECJ for its views.
宪法法院并没有自认失败，马斯特里赫特大学的布鲁诺·德维特如是说，这不过是德国的法官们在给出自己的解读之后寻求欧洲法院的观点而已。
They will take these into account when passing their final judgment, based as before on whether OMT infringes²² Germany's basic law.
他们会在达成最后判决之前把这些观点加以考量，而判决仍旧同之前一样会基于OMT是否违反了德国的基本法。
If the European court simply upholds the ECB's defence of bond buying, which is that it lies squarely within the central bank's monetary-policy mandate, then that could set the stage for a clash of the courts.
如果欧洲法院简单粗暴的支持欧洲央行购买债券的辩解，声称这完全在央行的货币政策职责范围内，那么这就为法院之间的冲突拉开了帷幕。
Given how harsh its ruling has been, the German court might insist that, notwithstanding a favourable²³ judgment from the ECJ, OMT is incompatible²⁴ with the constitution.
德国法院一向作风凌厉，即使欧洲央行做出对OMT有利的判决，它也许会坚称OMT与宪法互不相容。
Though it could not prevail upon the central bank to revise OMT, the court could try to prevent the German Bundesbank from participating in it.
虽然德国法院不能够凌驾于欧洲央行之上来修改OMT，法院依然能够阻止德国央行参与其中。
Can such a battle between Karlsruhe and Luxembourg be avoided?
这场卡尔斯鲁厄和卢森堡之间的冲突能够被避免吗？
In effect the German court sets out its terms for a compromise.
实际上德国法庭已经在法律条款上做出了让步，
In the event of a restructuring, it does not want the ECB to be on an equal footing with private creditors²⁵, accepting losses like them on debt acquired through OMT.
在重组方面，它并不想让欧洲央行像私人债权人一样通过从OMT取得债款的方式接受损失。
The court also says that the policy should, where possible, avoid interfering²⁶ with price formation which may refer to setting targets for bond yields.
法庭同时声称政策在可能的情况下都不应该干涉价格形成。
These demands could probably be met without defanging OMT.
这些要求都能够在不削弱OMT的情况下被满足。
The third stipulation—that purchases should not be unlimited—might castrate it.
第三个规定—不能无限制购买—可能使得OMT力量全失。
Yet even on this point there may be room for compromise by recognising that OMT does have effective limits since it would only target bonds between one and three years from maturity²⁷.
不过即使是在这一点上仍旧有回旋余地，因为OMT专门购买在一到三年之间到期的债券，因此实际上是有有效限制的。
At this level of judicial²⁸ jousting²⁹, realpolitik rather than the strict letter of the law prevails.
这种水平的司法角逐之下，现实政治绝对胜过法律条文。
Though it might be tempting³⁰ for the ECJ to slap down the constitutional court, Germany underpins³¹ the euro and the single currency is central to the integrationist³² project.
虽然欧洲法庭可能想借机打击宪法法院，德国却是支撑欧元的重要力量，而单一货币是欧洲一体化的核心。
A face-saving fudge seems the most likely outcome; the ECJ after all sits in the city that gave its name to a paragon³³ of the genre³⁴, the Luxembourg compromise on EU members' voting rights.
一通顾全面子的谎话或许是最有可能的结果。毕竟欧洲法院位于卢森堡， 针对欧盟成员国投票权签署的卢森堡协议，正是以这个城市命名的典型。
The ECB's formal commitment of September 2012 may have been short, but it was a good deal longer than the impromptu³⁵ vow³⁶ made by Mario Draghi six weeks earlier to do whatever it takes to save the euro, which turned out to be OMT.
欧洲央行 在2012年九月的承诺虽然简短，但是比起马里奥德拉基在六周前即兴发表的竭尽所能救欧元的誓言可长多了，而那个誓言最后演变成了OMT。
In fact the ECB boss added a crucial and usually omitted rider to his pithy³⁷ pledge: within our mandate.
实际上央行老大在他简短誓词中加了一个常常被忽略的关键词语：在我们的职责范围之内。
That qualification is now being spelt out by the judges.
这个条件现在被法官们重点强调。
When they have resolved the matter to their satisfaction it seems unlikely that OMT will be quite so mighty³⁸ a weapon as it appeared to be when it was first unveiled.
在他们圆满解决这个事情之后，OMT就不太可能像它初次露面时显得那样强大了。
1.enough to 足以
That's not enough to trigger renewed recession.
这个问题不足以导致美国经济重新陷入衰退。
It tells you enough to get started right away.
它告诉你的东西足够让你立刻开始使用。
2.require to 要求
Drain piping may require to be protected against freezing.
泄水管要求有防冻保护措施。
These objects require to be quarantined on the spot.
这些物品需要进行现场检疫。
3.abide³⁹ by 遵守；信守
The rules of the race lay out certain regulations which each musher must abide by.
比赛规则制定了特定的管理办法，每位驾驶者都必须遵守。
In his separation agreement, hurd agreed to abide by section 7 for two years.
在赫德的离职协议里，他同意两年内遵守第七章节的内容。
4.insist on 坚持，强调
Customize the product or insist on the cookie-cutter model?
按客户的需求定做产品或者坚持些模型？
I insist on quietness in my room.
我要求在我的房间里要安静。

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 reprieve   

n.暂缓执行（死刑）；v.缓期执行；给…带来缓解

参考例句：

• He was saved from the gallows by a lastminute reprieve.最后一刻的缓刑令把他从绞架上解救了下来。
• The railway line, due for closure, has been granted a six-month reprieve.本应停运的铁路线获准多运行6 个月。

3 unlimited   

adj.无限的，不受控制的，无条件的

参考例句：

• They flew over the unlimited reaches of the Arctic.他们飞过了茫茫无边的北极上空。
• There is no safety in unlimited technological hubris.在技术方面自以为是会很危险。

4 outright   

adv.坦率地；彻底地；立即；adj.无疑的；彻底的

参考例句：

• If you have a complaint you should tell me outright.如果你有不满意的事，你应该直率地对我说。
• You should persuade her to marry you outright.你应该彻底劝服她嫁给你。

5 dreary   

adj.令人沮丧的，沉闷的，单调乏味的

参考例句：

• They live such dreary lives.他们的生活如此乏味。
• She was tired of hearing the same dreary tale of drunkenness and violence.她听够了那些关于酗酒和暴力的乏味故事。

6 potent   

adj.强有力的，有权势的；有效力的

参考例句：

• The medicine had a potent effect on your disease.这药物对你的病疗效很大。
• We must account of his potent influence.我们必须考虑他的强有力的影响。

7 deterrent   

n.阻碍物，制止物；adj.威慑的，遏制的

参考例句：

• Large fines act as a deterrent to motorists.高额罚款是对开车的人的制约。
• I put a net over my strawberries as a deterrent to the birds.我在草莓上罩了网，免得鸟歇上去。

8 deployed   

（尤指军事行动）使展开( deploy的过去式和过去分词 )； 施展； 部署； 有效地利用

参考例句：

• Tanks have been deployed all along the front line. 沿整个前线已部署了坦克。
• The artillery was deployed to bear on the fort. 火炮是对着那个碉堡部署的。

9 quiescent   

adj.静止的，不活动的，寂静的

参考例句：

• It is unlikely that such an extremist organization will remain quiescent for long.这种过激的组织是不太可能长期沉默的。
• Great distance in either time or space has wonderful power to lull and render quiescent the human mind.时间和空间上的远距离有一种奇妙的力量，可以使人的心灵平静。

10 acting   

n.演戏，行为，假装；adj.代理的，临时的，演出用的

参考例句：

• Ignore her,she's just acting.别理她，她只是假装的。
• During the seventies,her acting career was in eclipse.在七十年代，她的表演生涯黯然失色。

11 contemplating   

深思，细想，仔细考虑( contemplate的现在分词 )； 注视，凝视； 考虑接受（发生某事的可能性）； 深思熟虑，沉思，苦思冥想

参考例句：

• You're too young to be contemplating retirement. 你考虑退休还太年轻。
• She stood contemplating the painting. 她站在那儿凝视那幅图画。

12 abiding   

adj.永久的，持久的，不变的

参考例句：

• He had an abiding love of the English countryside.他永远热爱英国的乡村。
• He has a genuine and abiding love of the craft.他对这门手艺有着真挚持久的热爱。

13 infringing   

v.违反（规章等）( infringe的现在分词 )；侵犯（某人的权利）；侵害（某人的自由、权益等）

参考例句：

• The material can be copied without infringing copyright. 这份材料可以复制，不会侵犯版权。
• The media is accused of infringing on people's privacy. 人们指责媒体侵犯了大家的隐私。 来自《简明英汉词典》

14 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

15 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。

16 outlawed   

宣布…为不合法（outlaw的过去式与过去分词形式）

参考例句：

• Most states have outlawed the use of marijuana. 大多数州都宣布使用大麻为非法行为。
• I hope the sale of tobacco will be outlawed someday. 我希望有朝一日烟草制品会禁止销售。

17 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。

18 unprecedented   

adj.无前例的，新奇的

参考例句：

• The air crash caused an unprecedented number of deaths.这次空难的死亡人数是空前的。
• A flood of this sort is really unprecedented.这样大的洪水真是十年九不遇。

19 integration   

n.一体化，联合，结合

参考例句：

• We are working to bring about closer political integration in the EU.我们正在努力实现欧盟內部更加紧密的政治一体化。
• This was the greatest event in the annals of European integration.这是欧洲统一史上最重大的事件。

20 deferring   

v.拖延，延缓，推迟( defer的现在分词 )；服从某人的意愿，遵从

参考例句：

• Recently, the Supreme Court has focused on an additional reason for deferring to administrative agencies. 最近，最高法院强调了尊重行政机构的另一种理由。 来自英汉非文学 - 环境法 - 环境法
• Think of it as deferring part of the compiler's job to runtime. 可以认为这是将编译器的部分工作延迟到了运行时。 来自互联网

21 interpretation   

n.解释，说明，描述；艺术处理

参考例句：

• His statement admits of one interpretation only.他的话只有一种解释。
• Analysis and interpretation is a very personal thing.分析与说明是个很主观的事情。

22 infringes   

v.违反（规章等）( infringe的第三人称单数 )；侵犯（某人的权利）；侵害（某人的自由、权益等）

参考例句：

• Congressmen may be reluctant to vote for legislation that infringes the traditional prerogatives of the states. 美国国会议员可能不情愿投票拥护侵犯各州传统特权的立法。 来自英汉非文学 - 环境法 - 环境法
• I can't say whether CP21 infringes it or not. 我就不能说CP21是否侵犯了SPOT的专利。 来自企业管理英语口语（第二版）(2)

23 favourable   

adj.赞成的，称赞的，有利的，良好的，顺利的

参考例句：

• The company will lend you money on very favourable terms.这家公司将以非常优惠的条件借钱给你。
• We found that most people are favourable to the idea.我们发现大多数人同意这个意见。

24 incompatible   

adj.不相容的，不协调的，不相配的

参考例句：

• His plan is incompatible with my intent.他的计划与我的意图不相符。
• Speed and safety are not necessarily incompatible.速度和安全未必不相容。

25 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

26 interfering   

adj. 妨碍的 动词interfere的现在分词

参考例句：

• He's an interfering old busybody! 他老爱管闲事！
• I wish my mother would stop interfering and let me make my own decisions. 我希望我母亲不再干预，让我自己拿主意。

27 maturity   

n.成熟；完成；(支票、债券等)到期

参考例句：

• These plants ought to reach maturity after five years.这些植物五年后就该长成了。
• This is the period at which the body attains maturity.这是身体发育成熟的时期。

28 judicial   

adj.司法的，法庭的，审判的，明断的，公正的

参考例句：

• He is a man with a judicial mind.他是个公正的人。
• Tom takes judicial proceedings against his father.汤姆对他的父亲正式提出诉讼。

29 jousting   

（骑士）骑马用长矛比武( joust的现在分词 )

参考例句：

• The players happily jousting inside the castle walls didn't see the moat outside widening. 玩家在城墙上幸福地战斗的时候，没有注意到护城河已经开始扩张了。

30 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。

31 underpins   

n.基础材料( underpin的名词复数 )；基础结构；（学说、理论等的）基础；（人的）腿v.用砖石结构等从下面支撑（墙等）( underpin的第三人称单数 )；加固（墙等）的基础；为（论据、主张等）打下基础；加强

参考例句：

• A powerful sense of mission underpins everything he does. 一种强烈的使命感支撑他所做的一切。 来自《简明英汉词典》
• His presence at the crime underpins the case against him. 案子发生时他在场对他更不利。 来自辞典例句

32 integrationist   

n.主张消除种族隔离的人

参考例句：

33 paragon   

n.模范，典型

参考例句：

• He was considered to be a paragon of virtue.他被认为是品德尽善尽美的典范。
• Man is the paragon of animals.人是万物之灵。

34 genre   

n.(文学、艺术等的)类型，体裁，风格

参考例句：

• My favorite music genre is blues.我最喜欢的音乐种类是布鲁斯音乐。
• Superficially,this Shakespeare's work seems to fit into the same genre.从表面上看， 莎士比亚的这个剧本似乎属于同一类型。

35 impromptu   

adj.即席的，即兴的；adv.即兴的(地)，无准备的(地)

参考例句：

• The announcement was made in an impromptu press conference at the airport.这一宣布是在机场举行的临时新闻发布会上作出的。
• The children put on an impromptu concert for the visitors.孩子们为来访者即兴献上了一场音乐会。

36 vow   

n.誓(言)，誓约；v.起誓，立誓

参考例句：

• My parents are under a vow to go to church every Sunday.我父母许愿，每星期日都去做礼拜。
• I am under a vow to drink no wine.我已立誓戒酒。

37 pithy   

adj.(讲话或文章)简练的

参考例句：

• Many of them made a point of praising the film's pithy dialogue.他们中很多人特别赞扬了影片精炼的对白。
• His pithy comments knocked the bottom out of my argument.他精辟的评论驳倒了我的论点。

38 mighty   

adj.强有力的；巨大的

参考例句：

• A mighty force was about to break loose.一股巨大的力量即将迸发而出。
• The mighty iceberg came into view.巨大的冰山出现在眼前。

39 abide   

vi.遵守；坚持；vt.忍受

参考例句：

• You must abide by the results of your mistakes.你必须承担你的错误所造成的后果。
• If you join the club,you have to abide by its rules.如果你参加俱乐部，你就得遵守它的规章。