German complaints are long-standing. The ECB’s Strafzinsen(“punishment rates”) expropriate savers. Banks suffer from negative rates they cannot pass on to customers. Cheap money fuels housing bubbles. The ECBis stealthily extending its mandate beyond price stability to redistribution. This week Oliver Bäte, the boss of Allianz, Europe’s largest insurer, joined the attack, lambasting the ECBin an interview with the Financial Times for “multiplying risk”.
德国的抱怨是长期存在的。欧洲央行的负利率政策（Strafzinsen“惩罚利息”）是对储户的剥削。（一方面，）商业银行受困于负利率，又不能将风险转嫁给客户。（另一方面，）低利率借款助长了房地产泡沫。欧洲央行正悄咪咪地将其授权职能从价格稳定扩展到再分配。本周在接受英国《金融时报》采访时，欧洲最大保险公司安联的老板奥利弗·贝特（OliverBäte）同样发出了“反击”，抨击欧洲央行使“风险倍增”。
注：
1.Strafzinsen负利率政策
The German term “Strafzins”, or “punishment rate” is widely used in the country’s media to refer to interest rates below zero.
Source:
2.Financial Times for “multiplying risk”
具体链接
Some fear such attacks risk weakening support for the single currency in its largest economy. But criticism from mainstream German politicians is now more muted than in 2016, when Wolfgang Schäuble, a former finance minister, blamed easy money for the rise of far-right populism. Inside the ECBcouncil, the idea of sometimes using unorthodox monetary toolsis no longer contested. On the big questions, Mr Draghi leaves office vindicated.
一些人担心这类反击可能会在（欧盟）这一最大经济体内部削弱对单一货币的支持。但与2016年相比，德国主流政客目前的抨击还算温和。当年，前德国财政部长沃尔夫冈·朔伊布勒（WolfgangSchäuble）将极右民粹主义的兴起归咎于货币宽松。如今，在欧洲央行委员会内部，偶尔使用非常规货币工具的想法已不会再受到（强烈的）质疑。在重大问题上，德拉吉选择让委员会来决定。
注：unorthodox monetary tools
西方国家传统的货币政策主要有：公开市场政策、存款准备金率政策、再贴现政策。详情可见9月26日《货币市场与美联储都受惊了》这篇文章中Alan大神的评论。
Yet his tactics are increasingly questioned. At least seven council members are reported to have objected to restarting qe. Dissenters worried that additional unconventional stimulus might do more harm than good. Several central-bank governors took their concerns public. On October 2nd Jens Weidmann, the Bundesbank’s hawkish head, said he would oppose any effort to lift caps on bond-buying which the ECBwill probably eventually hit. For his part Mr Draghi fears that airing dirty laundry damages the bank’s credibility.
然而，对其策略的质疑与日俱增。据说，至少有7名理事会成员表示反对重启量化宽松政策。反对者担心额外的非常规刺激只可能弊大于利。几位央行行长也曾公开表达了担忧。10月2日，德国央行鹰派领导人延斯•魏德曼(Jens Weidmann)表示：他将反对任何旨在提高债券购买上限的措施，而欧洲央行最终很可能就会这么做。就德拉吉而言，他担心这些公开发表的“反对言论”会损害欧洲央行的信誉。
Mr Draghi has consistently urged governments with fiscal space to relieve the pressure on the ECBby spending more. In Germany public debt is low, borrowing costs are negative, investment needs are acute and recession appears imminent. Yet the coalition clings to its “black zero” principle of no net borrowing. A serious downturn would probably inspire some sort of stimulus, but it could come too late.
德拉吉一直敦促拥有财政空间的各国政府通过增加财政支出来缓解欧洲央行的压力。德国公共债务较低，借贷成本为负，投资需求紧迫，经济衰退似乎就在眼前。然而，德国联邦政府依旧坚持不净借款的“黑零政策”原则。严重的经济衰退可能会促发某种经济刺激，但届时可能为时已晚。
注：
“black zero” principle:“黑零政策”指的是德国政府以收支平衡或盈余为目标的财政政策
Henrik Enderlein of the Hertie School of Governance in Berlin fears that the ECB’s stimulus gives Germany’s politicians an excuse not to act. “It gives governments a signal that we are there to rescue you,”he says. But Frederik Ducrozet, an ECB-watcher at Pictet Wealth Management, notes that lower interest payments make it easier to loosen fiscal policy. The Bundesbank reckons low rates saved the German state €368bn ($402bn) in the decade to 2018.
柏林赫尔梯政府管理学院（the Hertie School of Governance）的政治经济学教授亨里克•恩德尔林（Henrik Enderlein）担心欧洲央行的刺激措施会给德国政客一个不采取行动的借口。他表示“这将给政府传递了一个讯息——我们会支援你。”但是百达资产管理（Pictet Wealth Management）的欧洲央行观察员弗雷德里克·杜克塞特（Frederik Ducrozet）指出，较低利率更易为财政政策松绑。德国央行估计：2008至2018年这十年间的低利率已为德国政府节约了3680亿欧元的支出（约4020亿美元）。
Later this month the German finance ministry must name a replacement for Sabine Lautenschläger, a monetary hawk who unexpectedly resigned from the ECB’s executive board in September. One favourite is Isabel Schnabel, a member of Germany’s advisory Council of Economic Experts. She has criticised the shrill tone of the country’s monetary-policy debate. Such a choice would signal the German government’s desire to cool the temperature. Christine Lagarde, who replaces Mr Draghi on November 1st, would surely be grateful; three days after that, she gives her first speech as ECBpresident—in Berlin, at an event to honour Mr Schäuble.
本月下旬，德国财政部必须委任新人来继任九月意外从欧洲央行执行委员会辞职的货币政策鹰派人士劳滕施拉格尔（Sabine Lautenschläger）的职位。其中一位被看好的候选人是德国经济专家咨询委员会的伊莎贝尔•施纳贝尔（Isabel Schnabel）。她曾批判过德国在货币政策辩论上过于尖锐的论调。这样的选择将暗示德国政府意欲缓和当前局势。如果这样，11月1日上任接替德拉吉的克里斯蒂娜•拉加德（Christine Lagarde）将对此心存感激。11月4日，拉加德将会在柏林致敬（前德国财政部长）朔伊布勒的活动上发表继任欧洲央行行长后的首次演讲。
注：
1.Shrill very high and loud, in an unpleasant way刺耳的；尖声的；尖厉的
2.延伸阅读：Why Draghi’s policies might work better without him
翻译组：
Vivian，女，金融硕士，爱潜水爱运动
Gloria，女，经济学在读，爱健身爱电影爱古怪新奇的事物
May，男， 跨界财经、法律、政治，热恋越野跑，迷恋经济学人
校对组：
Emily，食物链底端金融民工，经济学人粉丝
Jessie Lulu,金融从业者，爱阳光，爱细雨，爱经济学人
Martina，女，谷歌广告从业者，爱电影爱生活，爱金融经济
限 时 特 惠： 本站每日持续更新海量各大内部创业教程，一年会员只需98元，全站资源免费下载 点击查看详情
站 长 微 信： lzxmw777
