歐洲央行即將推出更積極的貨幣政策

The European Central bank is on course for more aggressive monetary easing to boost flagging growth and weak inflation, amid fresh warnings about the outlook for the global economy.

歐洲央行(ECB)即將推出更積極的貨幣寬鬆政策，以提振萎靡不振的經濟增長和疲弱通脹，此舉的背景是人們對全球經濟前景發出了新的警告。

Mario Draghi, the ECB president, has won wide support for further policy action next month, according to minutes of the bank’s January policy meeting, released yesterday.

根據昨日公佈的歐洲央行(ECB) 1月政策會議紀要，歐洲央行行長馬里奧德拉吉(Mario Draghi)已爲下月採取進一步的政策行動贏得廣泛支持。

The minutes show the governing council was unanimous in concluding that its current policy stance “needed to be reviewed and possibly reconsidered” in March, when the ECB’s quarterly projections will be available.

會議紀要顯示，歐洲央行管理委員會一致認爲，需要在3月對當前的政策進行“評估並可能重新考量”，屆時歐洲央行的季度預測將已經出爐。

In another sign of concern, the OECD cut global growth forecasts from 3.3 per cent to 3 per cent. The Paris-based think-tank urged governments across the developed world to act “urgently” and “collectively” to bolster activity, and warned that global growth prospects had “practically flatlined”.

前景令人擔憂的另一個跡象是，總部位於巴黎的智庫——經合組織(OECD)將全球增長預測從3.3%調降至3%。該組織敦促發達國家政府“緊急”並“聯合”採取行動，以提振經濟活動，該組織還警告稱，全球增長前景“實際上已處於持平狀態”。

On Wednesday, minutes from the Federal Reserve’s January meeting also noted increased risks facing the US economy, amid a sharp fall in commodity prices and renewed worries over Chinese growth.

週三，美聯儲(Fed) 1月政策會議紀要也指出，在大宗商品價格暴跌、中國增長情況再次引發擔憂之際，美國經濟面臨的風險上升。

The People’s Bank of China, reluctant to cut interest rates further, said yesterday it would inject more cash into the economy through money supply operations, that will now be conducted daily instead of biweekly.

不願繼續降息的中國央行(PBoC)昨日表示，將通過貨幣供應操作向經濟注入更多資金，每個工作日均將開展公開市場操作，而不是每週開展兩次。

Markets are expecting the ECB’s deposit rate to be cut another 10 basis points to minus 0.4 per cent next month, while the 60bn quantitative easing programme launched a year ago is likely to be increased in scope.

市場預計，歐洲央行的存款利率下月將再下調10個基點，至-0.4%，一年前推出的每月600億歐元的量化寬鬆計劃可能也會擴大規模。