歐洲央行將不“暗示”利率走向
ECB to avoid giving signals on rates
歐洲央行(European Central Bank)行長讓-克勞德·特里謝(Jean-Claude Trichet)昨日表示，該機構不會效仿美聯(lián)儲(US Federal Reserve)，就未來數(shù)月利率的可能走向發(fā)出信號，而是準備“隨時”采取行動?！灸F(xiàn)在閱讀的文章來自“中國學習考試網”，請記住我們的永久域名：www.stu88.com 】
The European Central Bank will not follow the US Federal Reserve in sending signals about the likely path of interest rates over many months, but stands ready to act “at any time”, Jean-Claude Trichet, ECB president, said yesterday.
特里謝在倫敦的一次演講中警告稱，對利率做出任何“預先承諾”( pre-commitment) 都可能損害歐洲央行的影響力。相反，該行將“保持務實的作風”，并根據(jù)“事實和數(shù)據(jù)”作出反應。
Any “pre-commitment” on interest rates might undermine the influence of the ECB, Mr Trichet warned in a speech in London. Instead, the bank would “remain pragmatic” and react to “facts and figures”.
在歐洲央行開始緊縮貨幣政策之際，特里謝的言論突顯出，該機構采取的方式與美聯(lián)儲不同。美聯(lián)儲預先表明了利率可能穩(wěn)步上升。美聯(lián)儲上月宣布，自2004年6月以來連續(xù)第14次升息。
His comments highlighted the different approach taken by the ECB, as it starts to tighten monetary policy, compared with its US counterpart, which made clear in advance that rates were likely to rise steadily. The Fed last month announced its 14th consecutive increase in rates since June 2004.
特里謝上周暗示，幾乎可以肯定歐洲央行將于3月份將其主要利率上調25個基點，至2.5%，與去年12月份的加息幅度相同，而他昨日的講話似乎強調了這一訊息。但對于今年晚些時候是否將進一步加息，特里謝拒絕提供任何指引。
Mr Trichet signalled last week that the ECB would almost certainly raise its main interest rate by a quarter percentage point to 2.5 per cent in March, after a rise of the same amount in December, and his comments yesterday appeared to reinforce that message. But Mr Trichet has refused to give any guidance about whether further increases would follow later this year.
盡管特里謝對歐元區(qū)經濟復蘇仍相對樂觀，但他在暗示下個月之后利率走向方面的謹慎，可能也反映出經濟復蘇力度的不確定。一些經濟學家認為，在歐洲央行3月份加息后，可能需要過一段時間才會采取進一步行動。
Although Mr Trichet remained relatively upbeat about the eurozone’s economic recovery, his wariness about signalling likely interest rate trends beyond next month might also reflect the uncertainty about the strength of the upswing. Some economists believe that after raising borrowing costs in March, it may be some time before the ECB acts again.
特里謝承認，操控貨幣政策好比駕駛汽車，只是預測“前面的方向要憑借后視鏡提供的圖像”。
Mr Trichet acknowledged that steering monetary policy was like driving a car but anticipating “the direction ahead relying on the images provided by the rear view mirror”.
他警告稱，從上世紀90年代起，歐元區(qū)的“潛在”增長率（在此速度下，經濟能夠在不出現(xiàn)過度通脹的情況下實現(xiàn)增長）明顯下降，主要原因是生產率增長放緩。要提升潛在增長率，需要“穩(wěn)健的財政政策，并適度增強歐元區(qū)內部的競爭優(yōu)勢”。
He warned that the eurozone’s “potential” growth rate – the pace at which it can expand without creating excessive inflation – had apparently fallen since the 1990s, largely because of lower productivity growth. Raising potential growth needed “sound fiscal policies and an appropriate improvement in the competitive edge within the euro area”.
ECB to avoid giving signals on rates
歐洲央行(European Central Bank)行長讓-克勞德·特里謝(Jean-Claude Trichet)昨日表示，該機構不會效仿美聯(lián)儲(US Federal Reserve)，就未來數(shù)月利率的可能走向發(fā)出信號，而是準備“隨時”采取行動?！灸F(xiàn)在閱讀的文章來自“中國學習考試網”，請記住我們的永久域名：www.stu88.com 】
The European Central Bank will not follow the US Federal Reserve in sending signals about the likely path of interest rates over many months, but stands ready to act “at any time”, Jean-Claude Trichet, ECB president, said yesterday.
特里謝在倫敦的一次演講中警告稱，對利率做出任何“預先承諾”( pre-commitment) 都可能損害歐洲央行的影響力。相反，該行將“保持務實的作風”，并根據(jù)“事實和數(shù)據(jù)”作出反應。
Any “pre-commitment” on interest rates might undermine the influence of the ECB, Mr Trichet warned in a speech in London. Instead, the bank would “remain pragmatic” and react to “facts and figures”.
在歐洲央行開始緊縮貨幣政策之際，特里謝的言論突顯出，該機構采取的方式與美聯(lián)儲不同。美聯(lián)儲預先表明了利率可能穩(wěn)步上升。美聯(lián)儲上月宣布，自2004年6月以來連續(xù)第14次升息。
His comments highlighted the different approach taken by the ECB, as it starts to tighten monetary policy, compared with its US counterpart, which made clear in advance that rates were likely to rise steadily. The Fed last month announced its 14th consecutive increase in rates since June 2004.
特里謝上周暗示，幾乎可以肯定歐洲央行將于3月份將其主要利率上調25個基點，至2.5%，與去年12月份的加息幅度相同，而他昨日的講話似乎強調了這一訊息。但對于今年晚些時候是否將進一步加息，特里謝拒絕提供任何指引。
Mr Trichet signalled last week that the ECB would almost certainly raise its main interest rate by a quarter percentage point to 2.5 per cent in March, after a rise of the same amount in December, and his comments yesterday appeared to reinforce that message. But Mr Trichet has refused to give any guidance about whether further increases would follow later this year.
盡管特里謝對歐元區(qū)經濟復蘇仍相對樂觀，但他在暗示下個月之后利率走向方面的謹慎，可能也反映出經濟復蘇力度的不確定。一些經濟學家認為，在歐洲央行3月份加息后，可能需要過一段時間才會采取進一步行動。
Although Mr Trichet remained relatively upbeat about the eurozone’s economic recovery, his wariness about signalling likely interest rate trends beyond next month might also reflect the uncertainty about the strength of the upswing. Some economists believe that after raising borrowing costs in March, it may be some time before the ECB acts again.
特里謝承認，操控貨幣政策好比駕駛汽車，只是預測“前面的方向要憑借后視鏡提供的圖像”。
Mr Trichet acknowledged that steering monetary policy was like driving a car but anticipating “the direction ahead relying on the images provided by the rear view mirror”.
他警告稱，從上世紀90年代起，歐元區(qū)的“潛在”增長率（在此速度下，經濟能夠在不出現(xiàn)過度通脹的情況下實現(xiàn)增長）明顯下降，主要原因是生產率增長放緩。要提升潛在增長率，需要“穩(wěn)健的財政政策，并適度增強歐元區(qū)內部的競爭優(yōu)勢”。
He warned that the eurozone’s “potential” growth rate – the pace at which it can expand without creating excessive inflation – had apparently fallen since the 1990s, largely because of lower productivity growth. Raising potential growth needed “sound fiscal policies and an appropriate improvement in the competitive edge within the euro area”.