2020考研英语：《经济学人》中英读译Day92

英语阅读能力依靠什么？必然是词汇的积累，但，仅仅是词汇的积累是不够了，更应该了解英语句式，不同句型所表达意义。如何培养自己的阅读语感呢？那么就跟着聚创考研信息网小编每天学一点英语，一起为考研筑起坚实的地基。阅读是需要积累的，就像我们需要经常和人沟通才会促进我们的表达能力一样~小伙伴跟着小编一起，每天坚持打卡，培养英语阅读能力及语感，了解文章一些经典词汇的用法。

经济学人:欧元区经济:保持信心(3)

Puzzlingly low core inflation is not solely a European problem. America has seen it too.Indeed, the Federal Reserve's experience of tightening policy should caution the ECB against ending stimulus too soon.

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令人困惑的是，低迷的核心通货膨胀问题不仅仅存在于欧洲。美国也一样。确实，美联储紧缩政策的经历应该给ECB敲响警钟，警惕过早地停止刺激。

 

When America's rate-setters halted their quantitative-easing programme in 2014,they put the long-term unemployment rate——towards which joblessness can fall without pushing up inflation——at 5.2-5.5%.But since then unemployment has fallen much further without sharp price rises.The Fed learnt that the economy had more room to expand safely than it expected; in hindsight, it could probably have kept interest rates lower for longer.

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2014年当美国的利率制定者停止了他们的“量化宽松”计划时，他们预计长期失业率——失业可以在不增加通货膨胀的情况下下降——会在5.2%到5.5%之间。但自那时起，失业率已经在没有出现价格猛涨的情况下进一步下降。美联储了解到，相较预期而言，经济有着更大的安全发展空间；事后，它或许会将利率长期维持在更低水平。

 

Recent statements by Mr Draghi and his colleagues, however, suggest that the ECB will stick to its plan for now.It sees the growth slowdown as modest, and a pickup in core inflation as imminent.Mr Benito reckons, however, that disappointing data releases in coming months could eventually prompt a rethink.If it does decide to loosen policy, the ECB will not find it easy to extend quantitative-easing.The central bank's holdings of German bonds is nearing its self-imposed limit of a third of a member's debt stock.

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但德拉吉先生及同事的近期声明表明ECB将暂时坚持自己的计划。他认为增长放缓是适度的，并且核心通货膨胀的好转即将来临。但贝尼托先生认为未来几个月发布的数据令人失望且最终会促使他们重新审视。如果ECB确要决定放松政策，那么它将发现扩展量化宽松并不容易。央行所持的德国债券几近成员国债务股三分之一的自我限度。

 

Instead, policymakers would probably guide markets to expect a further delay before interest rates rise.This comes with its own problem, however: Mr Draghi is leaving in October 2019, and his successor may have different ideas.

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相反，决策者或许将指导市场期望在利率增长前有一次进一步的延期。但这样也存在问题：德拉吉先生将于2019年10月离职，他的接班人或许会有不同的想法。

 

ECB-watchers think another option may be an extension to its targeted long-term repo operations,which offer banks cheap funding in return for lending to households and firms. That would benefit Italian banks most.They are heavy users of the scheme and the stand-off with Brussels has pushed up their borrowing costs.But to help them would be to ease the market pressure on Italy that might otherwise encourage fiscal rectitude.The agony of setting monetary policy only gets worse when politics comes into play.

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欧洲央行观察家认为另一个选择或许是延长其目标长期购回债券操作，这将为银行提供低成本资金以换取房屋和公司借贷。意大利银行将成为最大受益者。他们是该计划的重度使用者，与比利时的僵局已经抬高了他们的借贷成本。但帮助他们就是要缓和意大利的市场压力，或许能鼓励财政清廉。当政治登场时，制定货币政策的痛苦只会愈演愈烈。

 

注释

1.caution 警告；告诫

Tony cautioned against misrepresenting the situation.

托尼告诫说不要歪曲事实。

 

2.stick to 坚持

Immigrant support groups are waiting to see if he sticks to his word.

支持移民的团体正观望他是否遵守诺言。

 

3.pickup (贸易或经济的) 改善

a pickup in the housing market

房市景气的好转

 

4.successor 继任者

He set out several principles that he hopes will guide his successors.

他制定出了几条原则,希望能指导其继任者。

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