歐洲央行為結(jié)束刺激措施做鋪墊

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.

歐洲央行(ECB)向著結(jié)束危機時期的經(jīng)濟刺激措施邁出一大步，放棄了在歐元區(qū)經(jīng)濟增長失速的情況下擴大債券購買計劃的明確承諾。

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.

就像歐洲央行經(jīng)常采取的做法一樣，這個重要政策轉(zhuǎn)變被包含在昨日發(fā)布的管理委員會會后聲明輕微改變的措辭中;以往的聲明誓言，如果經(jīng)濟增長令人失望，它將更加激進地干預(yù)債券市場。

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，“寬松偏向”的變化只是歐洲央行行長馬里奧•德拉吉(Mario Draghi)在結(jié)束三年前啟動的債券購買計劃之前必須走完的最后幾步之一;當(dāng)初歐元區(qū)正竭力從災(zāi)難性的債務(wù)危機中恢復(fù)過來。同時，這一變化的背景是全球各大央行努力恢復(fù)危機前的政策制定，這種轉(zhuǎn)變使金融市場緊張，因為市場已經(jīng)習(xí)慣于歐洲央行、美聯(lián)儲(Federal Reserve)和日本央行(Bank of Japan)多年的大規(guī)模緊急刺激措施。

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.

結(jié)束寬松資金的前景助燃了上月的股市拋售。德拉吉在記者會上堅稱，歐洲央行的總體政策立場仍是支持增長的。該行維持歐元超低利率不變，并繼續(xù)每月買入300億歐元債券——盡管這比去年的每月600億歐元有所下降。

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.

德拉吉在解釋措辭變化時表示，經(jīng)濟復(fù)蘇的力度意味著歐洲央行需要購買更多債券的情況“現(xiàn)在真的不太可能發(fā)生”。

The bank’s move on easing bias indicates it is increasingly confident growth in the region can survive without its extraordinary support.

該行在寬松偏向上改變措辭說明，它對歐元區(qū)在沒有特別支持的情況下能夠保持增長越來越有信心。

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.

這種自信的基調(diào)最初使歐元兌美元匯率上升0.6%，觸及1歐元兌1.2446美元，但隨后歐元遭遇拋出，在歐洲交易日結(jié)束時下跌0.8%，至1歐元兌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.

預(yù)計今年歐洲央行將宣布停止在2.3萬億歐元債券買入計劃下購買新債券——可能在9月份，盡管更有可能在12月份。預(yù)計該行將維持超低利率至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.

在以往的貨幣政策聲明中，歐洲央行管理委員會曾宣告，在經(jīng)濟低迷或市場動蕩的情況下，它準(zhǔn)備“在規(guī)模及(或)持續(xù)時間上”擴大資產(chǎn)購買計劃。昨日聲明中刪除了這一表態(tài)。