2019年经济学人欧洲货币政策:安抚鹰派(1)（打印版）

Nothing inspires German newspaper illustrators like the European Central Bank's monetary 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 tsunami 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 quantitative 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 tabloid, depicted him cloaked and fanged, 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 mandate 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 Bate, 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 mainstream 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 vindicated.

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。

Dissenters worried that additional unconventional stimulus 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。