The Germans believed the ECB could be their Bundesbank writ large.
德国人认为欧洲中央银行将会是德国中央银行的加强体。
When the economy was in most danger, the ECB could have cut rates more quickly.
当经济最危急的时候，欧洲央行本来应该更迅速地调低利率。
If this creates moral hazard, countries helped by the ECB could be placed under an official reform programme.
在下一个正式方案里，如果创建道德风险，欧洲央行就可以帮助各国。
However, the devil is always in the details and such measures by the ECB could come with severe consequences.
然而，魔鬼总是隐藏于细节处，欧洲央行的这些举措或将带来严重的后果。
In today's recessionary world, the ECB could buy several trillion euros-worth of bonds without unleashing inflation.
现如今，在这个经济衰退的世界中，欧洲央行买上几万亿欧的国债并不会引发通货膨胀。
One concern is that by playing up the fight against recession, the ECB could appear to have lost sight of inflation.
有一种担心是大力反衰退，欧洲央行似乎忽视了通货膨胀。
Second, the ECB could induce commercial banks to seek a swift agreement by refusing to accept “old” bonds as collateral.
第二，欧洲中央银行应该引导商业银行寻找达成快速的一致意见，从而拒绝接受“旧”债券作为抵押物。
Not even the ECB could wrap its arms around that one - yet alone wrap its arms around all the other PIIGS nations at the same time.
欧洲央行根本无力为意大利提供保障，更不用说同时保护其他金猪四国（PIIGS）。
Investors fear that the ECB could be biting off way more than it can chew by initiating this second round of bond buying, leading to a false sense of security.
投资者担心，欧洲央行开启第二轮购买债券的措施可能会力不从心，从而造成一种虚假的安全感。
The ECB could insist that collateral is backed by income streams in euros, which would curb Banks from using its funds to finance loans made outside the euro area.
欧洲央行还可以坚持要求抵押物应以欧元收益流作为支持，此举可以限制银行利用央行的资金向欧元区外提供贷款。
By propping up the region's weaker Banks and buying its more indebted economies' sovereign debt, the ECB could engineer a back-door bail-out of the euro zone's periphery.
通过支持区域内居于劣势的银行以及购买更多负债经济体的外债，欧洲央行可以为欧元区的外围设计一个作弊式的应急措施。
When accepting collateral, the ECB could also restrict or ban the use of some securities that seem to have been created primarily to take advantage of central-bank funding.
欧洲央行在接收抵押物时可以限制或禁止某些主要用来钻央行资金扶植空子的证券。
They could do this directly, or the ECB could provide liquidity to Banks or buy up government bonds before they fall too far. It has indicated it may start doing the latter again.
它们可以直接这样做，或者欧洲央行可以对银行提供流动性或在赤字国情况过于恶化之前买光其国债。
Lastly, to counter potential inflationary consequences, the ECB could be given discretion regarding distribution of seignorage dividends resulting from issue of currency and bank reserves.
最后一点，欧洲央行可能会酌情考虑来自于印刷货币和银行储备的铸币税红利的分配。
Conceivably, the ECB could act despite Bundesbank opposition, but in practice it is difficult to see how the central bank could sustain a credible intervention without the Germans on board.
可以想象得到，欧洲央行可以无视德国联邦银行的反对意见，不过，在实际操作中，我们很难看到，入股没有德国的参与，央行如何令人信服地持续干预。
Such a demand by the ECB could exert even more stress on the weakest banks the ECB is trying to protect, however, raising questions as to whether it would take such a step in an extreme case.
但欧洲央行如果提出这样一种要求，它正在努力保护的那些最为疲弱的银行则有可能承受进一步的压力。所以欧洲央行是否会在极端情况下采取这样一种措施就存在疑问。
The ECB still has scope to boost demand: if it doesn’t use it, it could lose it.
欧洲央行依然有能力推动需求，假如不用，就会失去。
He "could this time explicitly mention the 'rate cut option' when repeating his' no bias' message, to suggest that the likely next ECB move is down," Moec said.
他再三重复‘他的无偏见的讯息’，来说明欧洲中央银行下一步的行动，表示“这次他能明确地说到，‘降息的选择’。”
So attractive, perhaps, that some wonder whether its rise could clobber Europe's exports, slow its economy and persuade the ECB not to raise rates after all.
也许正是由于吸引力如此强劲，有些人怀疑，欧元的走强会不会抑制欧洲的出口，降低经济增长的步伐，从而最终劝阻欧洲央行的加息举动。
One senior European official involved in the talks, however, said ECB objections could be overcome if the rescheduling was structured properly.
不过，一位参与谈判的欧洲高级官员表示，假如重组计划制定得妥当，欧洲央行可能不会再反对。
Banks could rediscount the bills with the ECB but they would not do so as long as they earned more on the bills than on the cash.
银行可以拿这些国债与欧洲央行进行再贴现，但只要这些国债的收益比现金高，它们就不会这样做。
That judgment is too kind to the ECB, which could afford to have scruples about the medium term because other central Banks were taking more care of the present.
这种判断对于欧洲央行而言太宽仁了，欧洲央行有时间磨磨蹭蹭地考虑中期措施，因为其他央行更为关切眼皮底下的麻烦。
In our example above, the European Central Bank (ECB), upon hearing the Fed's announcement, could make a similar pledge to debase the euro.
在我们上面的例子里，欧洲央行(ecb)根据得到的美联储的消息，会做一个类似的拉低欧元价格的决定。
But to unleash the ECB or to embrace eurobonds could precipitate a domestic crisis that would be almost as catastrophic.
但是放松对欧洲央行的限制或者接受欧洲债券将急促带来几乎同样悲惨的国内危机。
Thatwould be more complicated because the regime imposed by the ECB would leave no room for fiscal stimulus and the debt problem could not be resolved without growth.
长期解决方案将更为复杂，因为欧洲央行确立的机制几乎不会给财政刺激留下空间，而离开了经济增长，债务问题也不可能得到解决。
That, he said, could kick-start bank lending and bolster bank balance sheets once the ECB withdraws the programs it has deployed to keep the financial sector afloat.
他说，一旦欧洲央行取消为支撑金融业而部署的计划，这可能会启动银行放贷，提振银行资产负债表。
To ECB-watchers this unremarkable phrase is as close to a commitment as they could ask for: Mr Trichet has spoken of “vigilance” before every one of the past year's rate increases.
对欧洲央行的观察家们而言，这句再寻常不过的措辞等于承认了他们的加息预期：因为今年每次加息之前，特里谢都会提及“警惕”一词。
To ECB-watchers this unremarkable phrase is as close to a commitment as they could ask for: Mr Trichet has spoken of “vigilance” before every one of the past year's rate increases. And Mr.
对欧洲央行的观察家们而言，这句再寻常不过的措辞等于承认了他们的加息预期：因为今年每次加息之前，特里谢都会提及“警惕”一词。
To ECB-watchers this unremarkable phrase is as close to a commitment as they could ask for: Mr Trichet has spoken of “vigilance” before every one of the past year's rate increases. And Mr.
对欧洲央行的观察家们而言，这句再寻常不过的措辞等于承认了他们的加息预期：因为今年每次加息之前，特里谢都会提及“警惕”一词。
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