Quantitative easing in the euro zone
欧元区的量化宽松
Better late than never
迟到总比没有强
The policy will help, but less so than in other big economies
这政策有效，但是没有其他大型经济体那么好使了
Jan 24th 2015 | From the print edition of The Economist
译者：大G兽
AFTER months of debate , having exhausted all the alternatives, the European Central Bank (ECB) announced on January 22nd that it was finally introducing a big programme of quantitative easing. It plans to spend 60 billion ($70 billion) a month for at least 19 months, adding hefty purchases of government bonds to an existing scheme to buy covered bonds and asset-backed securities (currently around 10 billion-worth a month). Special rules will apply to purchases of the bonds of countries like Greece which have received bail-outs. The bulk of any losses on sovereign debt that has been purchased will be borne by national central banks.
数月争论，竭尽了全部可能性后，欧洲央行（ECB）在1月22号宣布它将引入一项大规模的量化宽松。它计划将以600亿欧元（700亿美元）一个月的规模进行至少十九个月。以一个确定的组合购买有担保债权和资产担保证券（一般为大约100亿的资产一个月）新增政府债券购买计划。特别的规定将会实施在那些，希腊等接受救市计划的国家的国债购买计划上。大量的被购买主权债券的任何损失，将会被他们国家的中央银行所承担。
QE—creating money to buy financial assets including sovereign bonds—was first used by the Bank of Japan in the early part of the 2000s; the Federal Reserve and the Bank of England introduced it in the wake of the financial crisis of 2008. Long-standing German antipathy to the policy, however, has made the ECB a late adopter.
以购买包括主权在权在内的金融资产的方式创造货币的QE，最开始是在200年初的时候日本央行在使用。而联储局和英国央行将它引入2008年金融危机的经济复苏中。
然而，德国长期存在的反政情绪让欧洲央行更晚的接受了它。
The central bank is turning to QE because of the enfeebled state of the European economy. The recovery since the double-dip recession in the acute phase of the euro crisis has been weak and faltering. Slack demand has caused “lowflation”: headilne prices fell in the year to December by 0.2% while core inflation (excluding volatile components like food and energy) was 0.7%. Financial markets no longer believe that the ECB will be able to get inflation back to its goal of nearly 2% over the medium term. Its previous efforts to stimulate the economy, which include becoming the first big central bank to impose negative interest rates, have been inadequate.
为了欧洲经济体的衰弱国家，央行正倾向于采取QE。自从在严重的欧债危机的二次经济探底阶段来，经济复苏虚弱且蹒跚。放缓的需求已经导致了“低通胀”：上年直到12月总体物价下跌了0.2%而核心通胀率（剔除了不稳定的食物和能源价格）仅为0.7%。金融市场不再相信欧洲央行能在中期将通胀提高至目标的2%水平。包括作为最早的央行推进负利率，它早期的刺激经济的努力是不足够的。
to be continue
欧元区的量化宽松
Better late than never
迟到总比没有强
The policy will help, but less so than in other big economies
这政策有效，但是没有其他大型经济体那么好使了
Jan 24th 2015 | From the print edition of The Economist
译者：大G兽
AFTER months of debate , having exhausted all the alternatives, the European Central Bank (ECB) announced on January 22nd that it was finally introducing a big programme of quantitative easing. It plans to spend 60 billion ($70 billion) a month for at least 19 months, adding hefty purchases of government bonds to an existing scheme to buy covered bonds and asset-backed securities (currently around 10 billion-worth a month). Special rules will apply to purchases of the bonds of countries like Greece which have received bail-outs. The bulk of any losses on sovereign debt that has been purchased will be borne by national central banks.
数月争论，竭尽了全部可能性后，欧洲央行（ECB）在1月22号宣布它将引入一项大规模的量化宽松。它计划将以600亿欧元（700亿美元）一个月的规模进行至少十九个月。以一个确定的组合购买有担保债权和资产担保证券（一般为大约100亿的资产一个月）新增政府债券购买计划。特别的规定将会实施在那些，希腊等接受救市计划的国家的国债购买计划上。大量的被购买主权债券的任何损失，将会被他们国家的中央银行所承担。
QE—creating money to buy financial assets including sovereign bonds—was first used by the Bank of Japan in the early part of the 2000s; the Federal Reserve and the Bank of England introduced it in the wake of the financial crisis of 2008. Long-standing German antipathy to the policy, however, has made the ECB a late adopter.
以购买包括主权在权在内的金融资产的方式创造货币的QE，最开始是在200年初的时候日本央行在使用。而联储局和英国央行将它引入2008年金融危机的经济复苏中。
然而，德国长期存在的反政情绪让欧洲央行更晚的接受了它。
The central bank is turning to QE because of the enfeebled state of the European economy. The recovery since the double-dip recession in the acute phase of the euro crisis has been weak and faltering. Slack demand has caused “lowflation”: headilne prices fell in the year to December by 0.2% while core inflation (excluding volatile components like food and energy) was 0.7%. Financial markets no longer believe that the ECB will be able to get inflation back to its goal of nearly 2% over the medium term. Its previous efforts to stimulate the economy, which include becoming the first big central bank to impose negative interest rates, have been inadequate.
为了欧洲经济体的衰弱国家，央行正倾向于采取QE。自从在严重的欧债危机的二次经济探底阶段来，经济复苏虚弱且蹒跚。放缓的需求已经导致了“低通胀”：上年直到12月总体物价下跌了0.2%而核心通胀率（剔除了不稳定的食物和能源价格）仅为0.7%。金融市场不再相信欧洲央行能在中期将通胀提高至目标的2%水平。包括作为最早的央行推进负利率，它早期的刺激经济的努力是不足够的。
to be continue
