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The decision could raise heckles in Germany, where the rule is seen as ensuring that the ECB's purchases do not monetise national debt.
这一决定可能会在德国引起争议，因为该规定被视为确保ECB的购买不会将国家债务货币化。
The ECB is breaking more of its own rules. It is expanding the range of assets it will buy.
ECB正在打破更多自己的规则。它正在扩大它将购买的资产范围。
The new scheme will cover Greek sovereign bonds; they had previously been deemed ineligible because of their low credit rating.
新计划将覆盖希腊主权债券；主权债券被认为是不合格的，因为他们的低信用评级。
And the ECB will start to buy assets with maturities of less than a year. That has a happy interaction with recent fiscal easing.
ECB将开始购买期限不到一年的资产。这与最近的财政宽松政策有着良好的互动。
On March 23rd the German government said that it would borrow 156bn euro in order to support its economy.
3月23日，德国政府宣布将借款1560亿欧元以支持本国经济。
Much of Germany's borrowing will take the form of short-term bills, says Frederik Ducrozet of Pictet, an asset manager.
资产管理公司Pictet的弗雷德里克·杜克泽特表示，德国的大部分借贷将以短期票据的形式进行。
Even with all this flexibility, there is still a question of whether the stimulus is sufficient.
即使有这些灵活性，刺激措施是否充分仍然是一个问题。
The extent of the economic damage done by the virus is slowly becoming clear.
这种病毒造成的经济损失的程度正慢慢变得清晰起来。
On March 24th a survey of purchasing managers indicated the steepest drop in activity in its 22-year history.
3月24日，一项针对采购经理的调查显示，经济活动出现了其22年历史中最大幅度的下降。
Investors' medium-term inflation expectations, as measured by the five-year forward swap rate, have fallen to 0.8%,
以五年远期掉期利率衡量，投资者的中期通胀预期已降至0.8%，
well below the bank's target of inflation close to, but below 2%.
远低于英国央行设定的接近但低于2%的通胀目标。
That suggests that investors think more easing is needed to ensure a healthy expansion after the epidemic ends.
这表明，投资者认为需要出台更多的宽松政策，以确保疫情结束后经济健康扩张。
One reason for investors' gloom may be that governments are still doing too little.
投资者悲观的一个原因可能是政府仍然做得太少。
Even after Germany's splurge, new spending across the euro zone amounts to only 2% of GDP.
即使在德国大肆挥霍之后，整个欧元区的新支出也只占GDP的2%。
Economists at Citibank estimate that something nearer 5% is warranted.
花旗银行的经济学家估计，接近5%的利率是有保证的。
Leaders were set to consider whether to make cheap credit lines available to governments through the zone's bail-out fund after The Economist went to press.
本刊付印后，各国领导人将考虑是否通过欧元区援助资金向各国政府提供廉价信贷额度。
Such talks tend to become mired in arguments over what type of strings should be attached to the cash.
这类谈判往往会陷入争论之中——应该为这笔资金附加何种条件。
The pandemic means that a deal looks likelier than ever.
这场流行病意味着达成协议的可能性比以往任何时候都要大。
But central bankers are also well aware of another, less happy, link between monetary and coordinated fiscal policy.
但各国央行也很清楚，货币政策与协调的财政政策之间还有另一种不那么愉快的联系。
The more the ECB does, the less governments feel they need to take action.
ECB做得越多，各国政府越觉得不需要采取行动。
译文由可可原创，仅供学习交流使用，未经许可请勿转载。
