歐洲央行宣告戰勝通縮
Mario Draghi has declared victory over deflation and moved a step towards winding down the European Central Bank’s ultra-loose monetary policy, sending the euro and German bond yields higher as investors bet on the end of crisis-era stimulus measures.
馬里奧?德拉吉(Mario Draghi)宣告已戰勝通縮，並朝着結束超級寬鬆貨幣政策邁出了一步，這推高了歐元匯率和德國債券收益率，投資者押注於危機時期的刺激舉措將告一段落。Facing growing pressure from monetary hawks in Germany, the ECB president said the bank decided to change its guidance to investors — omitting a reference to using all weapons in its policy arsenal — because of its success against a destabilising bout of falling prices.
面對來自德國貨幣鷹派日益上升的壓力，歐洲央行(ECB)行長表示，歐洲央行決定修改其投資者指引，略去了提及動用現有政策中的所有工具的語句，因爲這家央行已成功擊退一輪有損穩定的物價下跌。
Though the ECB agreed to keep interest rates at record lows, Mr Draghi said the bank no longer had a “sense of urgency” to take further action on -monetary stimulus and that policymakers “do not anticipate that it will be necessary to lower rates further”.
儘管歐洲央行同意將利率保持在創紀錄低位，但德拉吉表示，該銀行對於在貨幣刺激方面採取進一步措施不再有“緊迫感”，而且政策制定者“不認爲進一步降息是必要的”。
Investors viewed the remarks as a sign that Mr Draghi was preparing to pare back his historic bond-buying programme, begun two years ago to drive down borrowing costs across the EU and spark spending in the real economy.
投資者認爲這些言論表明，德拉吉準備縮減其推出的歷史性的債券購買計劃。該計劃始於兩年前，目的是推低歐盟各國的借款成本，促進實體經濟中的支出。The euro rose 0.7 per cent to hit a weekly high of $1.0615 and the yield on the benchmark 10-year German Bund reached their highest levels since early February, at 0.42 per cent. Frederik Ducrozet, senior Europe economist at Pictet Wealth Management, said investors had been poised to react to any hints on tapering: “We know it’s coming but we don’t know when.”
歐元兌美元匯率上漲0.7%，至1歐元兌1.0615美元，爲一週高位，基準的德國10年期國債收益率觸及自2月初以來最高水平，爲0.42%。百達資產管理(Pictet Wealth Management)歐洲高級經濟學家弗雷德裏克?杜克羅澤(Frederik Ducrozet)表示，投資者已準備好對任何縮減暗示做出反應：“我們知道這會出現，但不知道是在何時。”The shift came as eurozone inflation rose above the ECB’s target of just under 2 per cent for the first time in four years, levels that increased pressure on the bank from German critics to tighten policy. Low interest rates have become politically toxic in Germany, where they are seen as helping struggling southern eurozone members at the expense of German savers.
歐洲央行改變口風之際，歐元區通脹率升至高於歐洲央行設定的略低於2%的目標水平，這是4年來首次，這加大了德國批評者向該銀行施加的收緊政策的壓力。低利率已變成德國的政治毒藥，在德國，這些政策被視爲以犧牲德國儲戶的利益爲代價，幫助舉步維艱的歐元區南部成員國。In yesterday’s closed-door meeting, a group including members of the ECB’s executive board and heads of the German, Dutch, French and Spanish central banks called on Mr Draghi to focus less on the bank’s readiness to step in and offer more stimulus. They urged him to shy away from any remarks that would signal that he believed the recent rise of inflation might peter out.
在昨日的閉門會議上，包括歐洲央行執委會成員以及德國、荷蘭、法國和西班牙央行的行長在內的人士，呼籲德拉吉減少對該銀行願意出手並提供更多刺激的關注。他們敦促他避免作出這樣的表態，即暗示他認爲最近的通脹率上升可能會失去後勁。Speaking to the press after the meeting, Mr Draghi said the ECB was not planning to unleash another round of cheap bank loans and that, because of the improving economy, he had dropped a sentence from his remarks that referred to the ECB’s willingness “to use all the instruments available in its mandate”, if warranted.
德拉吉在會後向媒體發表講話時表示，歐洲央行不計劃釋放另一輪廉價銀行貸款，同時由於經濟正在改善，他從他的講話中刪除了提到如果需要，歐洲央行願意“動用現有授權中可用的所有工具”的字眼。While this was a more subtle shift than council hawks wanted, it was more aggressive than markets expected.
儘管這番言論相比執委會鷹派人士的願望是一個更加細膩的轉變，但其激進程度仍超過市場預期。
