2019-08-21

导言：不同欧洲国家对于央行的量化宽松政策也有着不同的考量。虽然欧洲法院已经裁定了该政策的合法性，但该政策在德国依旧饱受质疑。此外，仅仅依靠央行的力量来解决当前欧洲经济所面临的问题是不够的，欧盟的成员国也需要行动起来。

经济词汇：

1. debt restructuring——债务重组
2. downturn——经济下滑

知识补充：
债务重组——债务重组又称债务重整，是指债权人在债务人发生财务困难情况下，债权人按照其与债务人达成的协议或者法院的裁定作出让步的事项。也就是说，只要修改了原定债务偿还条件的，即债务重组时确定的债务偿还条件不同于原协议的，均作为债务重组。

重点句型：

1. In any case the bank would need to rethink another self-imposed rule, says Mr Andreopoulos: that it avoid holding shares of individual securities large enough that it can sway the outcome of investor votes on any future debt restructuring.
   句型解释：“says Mr Andreopoulos”作为放在句中的提示语在理解句意时可不看。第一个that作为引导词引导定语从句，先行词为rule。第二个that作为引导词引导定语从句，先行词为holding shares。
2. Even as Mr Draghi assured markets he had the firepower, he warned that without fiscal support monetary easing risked being slow to boost the economy, with possible unwanted side-effects.
   句型解释：even as意为“正当...的时候”，后接从句。主句中that引导宾语从句，从句主干“monetary easing risked being slow”，结构为动名词作主语+risk doing

翻译文段：

1. This ceiling would need to be lifted if any expansion of QE is to seem credible to investors, reckons Spyros Andreopoulos of BNP Paribas. Though QE’s legality合法性 is questioned in Germany, in December the European Court of Justice ruled that the ECB was acting legally, appearing to give it room to raise its limit up to 50%. (The case returns to German courts at the end of the month, but judges are expected to bow to the ECJ.) In any case the bank would need to rethink another self-imposed rule, says Mr Andreopoulos: that it avoid holding shares of individual securities large enough that it can sway影响 the outcome of investor votes on any future debt restructuring.
   法国巴黎银行的Spyros Andreopoulos认为，如果量化宽松的任何扩张在投资者看来都是可信的，那么这个上限就需要提高。尽管量化宽松的合法性在德国受到质疑，但去年12月，欧洲法院裁定欧洲央行的行为是合法的，这似乎给了它将上限提高至50%的空间。(此案将于本月底提交德国法院审理，但法官们预计将向欧洲法院低头。)安德烈奥普洛斯表示，无论如何，该银行都需要重新考虑另一条自我强加的规则：避免持有足以影响投资者对未来任何债务重组投票结果的个别证券的股份。
2. Even with all this, the ECB’s ability to cope alone with a serious downturn would be limited. Even as Mr Draghi assured markets he had the firepower, he warned that without fiscal support monetary easing risked being slow to boost the economy, with possible unwanted side-effects. Negative borrowing costs across many member states make the case for dusting off fiscal tools even more obvious. But Europe’s governments guard their ammunition弹药 more jealously尽力地、嫉妒地 than central bankers do.
   即便如此，欧洲央行独自应对严重衰退的能力也将是有限的。就在德拉吉向市场保证他有足够的火力之际，他警告称，如果没有财政支持，货币宽松政策提振经济的速度可能会放缓，可能会产生不必要的副作用。许多成员国的负借贷成本，使得重启财政工具的理由更加明显。但是欧洲各国政府比中央银行更加小心翼翼地保护他们的弹药。