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Mario Draghi, European Central Bank president, has maintained he can deliver measures to stave off economic stagnation in the eurozone next year, despite renewed signs of tensions between policy makers at the central bank.
尽管欧洲央行(ECB)政策制定者之间再次出现紧张迹象，行长马里奥•德拉吉(Mario Draghi)仍坚称，他在明年能够采取措施以防范欧元区经济陷入停滞。
Old wounds between governing council members were reopened yesterday, after splits emerged over a slight toughening of the language on plans to swell the ECB’s balance sheet by about 1tn.
欧洲央行管理委员会成员之间的旧伤昨日被重新撕开。欧洲央行计划将资产负债表规模扩大1万亿美元左右，在加强这一计划措辞的语气问题上，成员之间产生了分歧。
The ECB strengthened its forward guidance by saying the central bank “intends” to expand its balance sheet to about 3tn to boost inflation, rather than simply “expecting” to meet this objective.
欧洲央行强化了其预期指引，表示“计划”将其资产负债表规模扩大至3万亿欧元左右，以提高通胀，而不仅仅是“期待”实现这一目标。
But the semantic change was not unanimous, with dissent coming from members of the executive board of top ECB officials, as well as some national central bank governors. The disagreement happened in spite of staff economists slashing their forecasts for growth and inflation in the currency area.
但措辞的改变并没有经过一致同意，不同意见来自由欧洲央行高级官员组成的执委会成员以及一些国家的央行行长。尽管在欧洲央行任职的经济学家大幅调降了欧元区的增长和通胀预期，但政策制定者中间仍然出现了分歧。
The council was in agreement, however, that if lower oil prices began to threaten the outlook for inflation, or its existing measures disappointed, then more radical easing was warranted. A downbeat assessment in the first quarter “would imply altering early next year the size, pace and composition of our measures”, policy makers said in their monthly statement.
但该委员会在以下问题上达成了共识：如果油价下跌开始威胁通胀前景，或者现有措施令人失望，那么将有必要实行更激进的宽松政策。决策者在其月度声明中表示，如果在一季度的评估不乐观，“将意味着在明年初要改变我们所采取措施的规模、速度和构成。”
Mr Draghi was adamant that the ECB did not need unanimity in its governing council to take further steps, such as extending purchases of asset-backed securities and covered bonds to include instruments such as corporate and sovereign debt.
德拉吉坚决表示，欧洲央行不需要获得其管理委员会的一致同意来采取进一步措施，例如扩大资产购买范围，在资产支持证券和担保债券以外，将公司和主权债券等工具也包括在内。
“There were major decisions where there was no unanimity,” the ECB president said, adding that policy makers were “not politicians” and had to stick to their mandate of keeping inflation on track. Not to do so would be “illegal”.
德拉吉表示：“以前一些重大决策就没有获得一致同意，”他补充称，决策者“不是政治家”，必须坚持其使通胀维持在正常轨道的使命。不这么做将是“非法”的。
The ECB president stressed the latest projections, which forecast inflation of less than half the target of just below 2 per cent next year, did not include the most recent drop in oil prices. Inflation is already back at its five-year low of 0.3 per cent and is likely to dip again on the back of the most recent falls in crude.
德拉吉强调，最新预测没有将油价最近下跌考虑在内。欧洲央行目前预测，明年通胀率将不到其设定的略低于2%目标的一半。目前通胀率已回到0.3%的5年低点，在最近油价下跌的背景下，可能会再次下滑。
Dirk Schumacher, economist at Goldman Sachs, said: “In normal times, central bankers would look through what happens to oil prices. But today’s not normal, and so a fall in oil prices now has more of a direct consequence for inflation expectations.”
高盛(Goldman Sachs)经济学家德克•舒马赫(Dirk Schumacher)表示：“正常情况下，央行行长们不太关注油价变化。但现在是非常时期，因此油价下跌现在会对通胀预期产生更多的直接影响。”
