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欧洲央行为结束刺激措施做铺垫
ECB drops emergency bond-buying vow in move towards end of stimulus

来源:FT中文网    2018-03-09 07:23



        The European Central Bank has taken a big step towards ending its crisis-era economic stimulus measures, dropping an explicit commitment to expand its bond-buying programme if the eurozone expansion sputters.        欧洲央行(ECB)向着结束危机时期的经济刺激措施迈出一大步,放弃了在欧元区经济增长失速的情况下扩大债券购买计划的明确承诺。
        As is often the case with the ECB, the important policy shift was couched in a minor change in wording in its post­governing council meeting statement yesterday, where it took out a vow to intervene more aggressively in bond markets should growth disappoint.        就像欧洲央行经常采取的做法一样,这个重要政策转变被包含在昨日发布的管理委员会会后声明轻微改变的措辞中;以往的声明誓言,如果经济增长令人失望,它将更加激进地干预债券市场。
        But the change in its “easing bias” marked one of the final steps Mario Draghi, ECB president, must go through before winding up a programme launched three years ago as the eurozone struggled to recover from its catastrophic debt crisis. It also comes amid a global effort by central banks to return to pre-crisis policymaking, a shift that has unnerved financial markets accustomed to years of massive emergency stimulus from the ECB, US Federal Reserve and Bank of Japan.        但是,“宽松偏向”的变化只是欧洲央行行长马里奥•德拉吉(Mario Draghi)在结束三年前启动的债券购买计划之前必须走完的最后几步之一;当初欧元区正竭力从灾难性的债务危机中恢复过来。同时,这一变化的背景是全球各大央行努力恢复危机前的政策制定,这种转变使金融市场紧张,因为市场已经习惯于欧洲央行、美联储(Federal Reserve)和日本央行(Bank of Japan)多年的大规模紧急刺激措施。
        The prospect of an end to easy money helped spark last month’s stock market sell-off and Mr Draghi insisted at a press conference that the ECB’s overall policy stance remained supportive; it left its ultra-low interest rates unchanged and is buying €30bn in bonds every month — though that is down from €60bn a month last year.        结束宽松资金的前景助燃了上月的股市抛售。德拉吉在记者会上坚称,欧洲央行的总体政策立场仍是支持增长的。该行维持欧元超低利率不变,并继续每月买入300亿欧元债券——尽管这比去年的每月600亿欧元有所下降。
        The strength of the recovery meant situations in which the ECB would need to buy more bonds were “really unlikely contingencies now”, he said in explaining the change in language.        德拉吉在解释措辞变化时表示,经济复苏的力度意味着欧洲央行需要购买更多债券的情况“现在真的不太可能发生”。
        The bank’s move on easing bias indicates it is increasingly confident growth in the region can survive without its extraordinary support.        该行在宽松偏向上改变措辞说明,它对欧元区在没有特别支持的情况下能够保持增长越来越有信心。
        The confident tone initially sent the euro up 0.6 per cent against the dollar, hitting $1.2446, before it sold off later in the day, falling 0.8 per cent by the end of the European trading day to $1.231.        这种自信的基调最初使欧元兑美元汇率上升0.6%,触及1欧元兑1.2446美元,但随后欧元遭遇抛出,在欧洲交易日结束时下跌0.8%,至1欧元兑1.231美元。
        The ECB is expected to call time on buying new bonds under the €2.3tn programme this year, possibly in September though more likely in December. It is expected to maintain record-low interest rates until mid-2019.        预计今年欧洲央行将宣布停止在2.3万亿欧元债券买入计划下购买新债券——可能在9月份,尽管更有可能在12月份。预计该行将维持超低利率至2019年年中。
        In previous monetary policy statements, the ECB’s governing council had declared itself ready to increase the asset purchase programme “in terms of size and/or duration” in the event of an economic downturn or market turmoil. This language was omitted yesterday.        在以往的货币政策声明中,欧洲央行管理委员会曾宣告,在经济低迷或市场动荡的情况下,它准备“在规模及(或)持续时间上”扩大资产购买计划。昨日声明中删除了这一表态。
                
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