欧洲央行推出强力措施刺激欧元区经济

E C B E C B TakesTakes BoldBold StepsSteps toto StimulateStimulate EurozoneEurozone EconomyEconomy 欧洲央行推出强力措施刺激欧元区经济欧洲央行推出强力措施刺激欧元区经济 FRANKFURT The European Central Bank took a series of unexpected and radical steps on Thursday to stimulate the sluggish eurozone economy including effectively paying banks to lend money 法兰克福 周四 欧洲中央银行 European Central Bank 采取了一系列出人意料的 激进措施 包括相当于出钱让银行放贷 以刺激疲软的欧元区经济 While increasing the penalty it charges banks to store funds in its virtual vaults as expected the central bank surprised analysts and investors by saying it would also offer four year loans to commercial banks under an arrangement that would pay the banks interest on money they lend to businesses and consumers 正如外界预料的那样 欧洲央行加大了对银行把钱存放在其虚拟金库里的惩罚力度 与此同时 该行还表示 将按一项协议的规定 向商业银行提供四年期贷款 这些贷款将 向银行支付其发放给企业和消费者的贷款产生的利息 此举令分析人士和投资者大感意外 The actions which go well beyond what analysts predicted are part of an increasingly urgent effort by the central bank to give the eurozone economy a decisive shove and to head off the threat of a destructive decline in prices known as deflation 这些行动远远超出了分析人士此前的预期 它们是一项越来越紧迫的行动的一部分 欧洲央行试图通过该行动大力提振欧元区经济 并防止出现物价的破坏性下跌 即通货紧 缩 But the moves are not without risks taking the central bank further into the relatively uncharted territory of so called negative interest rates 但这些举措并非没有风险 它们会让欧洲央行在所谓的负利率这个相对而言属于未知 的领域陷得更深 The central bank also said it would expand its purchases of government bonds and other assets to 80 billion euros or about 88 billion a month from 60 billion In another unprecedented step for the eurozone the central bank will also begin buying corporate bonds as part of the asset purchases 欧洲央行还表示将把每月购买政府债券和其他资产的规模从 600 亿欧元扩大到 800 亿 欧元 该行还将开始购买企业债券 将其作为资产购买行动的一部分 对欧元区来说 这 又是一项史无前例的举动 The announcement of the moves prompted an immediate plunge in the euro against the dollar which is good for European exporters while stocks rose But the unexpectedly forceful action could also be interpreted as a sign that the European Central Bank is more worried than analysts thought about the risk of deflation 这些举措的宣布促使欧元兑美元汇率立即大幅下跌 而这对欧洲出口商有利 与此同 时 股市上涨 但力度超出预期的行动也可能会被当做一个迹象 表明欧洲央行比分析人 士以为的更担心通货紧缩风险 This has all the hallmarks of the E C B having thrown the kitchen sink at the problem Patrick O Donnell an investment manager at Aberdeen Asset Management said in a statement 这完全是欧洲央行使出浑身解数解决这个问题的标志 安本资产管理 Aberdeen Asset Management 投资经理帕特里克 奥唐奈 Patrick O Donnell 在一份声明中表示 In a news conference Mario Draghi the central bank s president called the measures a comprehensive package meant to spur inflation and spur the eurozone economy 在新闻发布会上 欧洲央行行长马里奥 德拉吉 Mario Draghi 称这些措施是一项 全面方案 意在刺激通货膨胀和欧元区经济 In normal times commercial banks earn interest on money parked at the central bank But beginning in June 2014 the European Central Bank began effectively penalizing banks for doing so charging a negative interest rate on deposits 正常情况下 商业银行会从存放在欧洲央行的资金赚取利息 但从 2014 年 6 月开始 欧洲央行开始对存款实行负利率 这实际上是对银行此种做法的惩罚 In its first step on Thursday the European Central Bank said it would further cut the deposit rate the interest on commercial bank s holdings at the central bank to minus 0 4 percent That was down from minus 0 3 percent Some analysts had expected a bigger cut to minus 0 5 percent 周四当天 该行先是宣布将把存款利率 商业银行存放在该行的财产的利率 从 目前的 0 3 进一步下调至 0 4 一些分析人士本来预计下调幅度会更大 以为会降到 0 5 The moves signal the central bank s sense of urgency about the eurozone economy Despite the bank s stimulus measures to date inflation in the 19 countries of the eurozone has been stuck near or below zero for more than a year The inflation rate which had been slightly positive was minus 0 2 percent in February according to official figures Falling prices are a symptom of slow growth while a broad sustained decline in prices can undercut corporate profits and lead to job losses 这些举动标志着欧洲央行对欧元区经济有一种紧迫感 尽管该行迄今已出台多项刺激 措施 但一年多以来 欧元区 19 个国家的通货膨胀率一直徘徊在零附近或以下 官方数据 显示 2 月 曾经略高于零的通货膨胀率为 0 2 物价下跌是经济疲软的一个征兆 而物 价全面持续下跌则可能会削弱企业利润 导致失业 Deflation occurs when consumers delay purchases in anticipation of lower prices creating a circle of falling prices and demand Because retail sales have been growing slightly in the eurozone deflation has technically not begun But policy makers fear that it could set in knowing that deflation is a debilitating condition that is hard to cure 消费者因为预计会降价而推迟购买 由此产生通货紧缩 形成一个价格和需求不断下 降的循环 因为欧元区零售总额一直在小幅增加 所以严格来说通货紧缩尚未开始 但政 策制定者担心它可能会到来 他们知道 通货紧缩这种削弱经济的情况是种顽疾 Rekindling inflation is one of the central bank s main policy goals 重新让通货膨胀加速是欧洲央行的主要政策目标之一 Mr Draghi and his colleagues on the central bank s Governing Council have had to explore new frontiers of monetary policy as they try to push inflation back to the official target of close to but below 2 percent It is a goal the central bank has not been able to meet since 2013 在努力推动通货膨胀回到接近但不到 2 的官方目标时 德拉吉和他在欧洲央行管理委 员会 Governing Council 的同事不得不探索货币政策的新前沿 自 2013 年以来 欧洲央 行一直未能实现这个目标 Negative interest rates which have been adopted in some countries outside the eurozone including Denmark and Switzerland have upended many assumptions about how the financial system works In the eurozone the trend has led to negative rates on other assets such as German government bonds and recently even some bonds by commercial borrowers Investors who buy such bonds have in effect been willing to pay to store their money in a place they consider safe 负利率推翻了有关金融体系运行方式的很多假设 在欧元区 负利率趋势造成了其他 资产 如德国政府债券陷入了负利率 最近甚至商业债务人发行的债券也陷入了负利率 购买这类债券的投资者 实际是愿意支付费用 把资金存放在一个他们认为安全的地方 欧元区以外的一些国家 包括丹麦和瑞士也实行了负利率 On Tuesday Berlin Hyp a German bank issued 500 million in bonds with a negative interest rate of 0 162 percent The bank said that demand for the bonds mostly from other banks was three times the supply 周二 德国柏林房地产融资银行 Berlin Hyp 以负 0 162 的利率发行了 5 亿英镑债券 该银行称 对这些债券的需求是发行额的三倍 主要来自其他银行 There has been considerable debate among economists about whether the central bank measures have done any good There are also risks For example negative interest rates could hurt bank profits even as many banks are struggling with bad loans or other troubled assets 对于欧洲央行的措施是否起到了帮助作用 经济专家之间存在相当大的争议 这些举 措也存在风险 比如 负利率可能会削弱银行利润 而很多银行眼下正在艰难应对坏账和 其他不良资产 It was almost exactly a year ago that the European Central Bank set eurozone precedent by buying government bonds and other assets The program has essentially been one of printing money in hopes of stimulating the eurozone economy which has yet to recover fully from the global financial crisis of 2008 几乎就是在一年前 欧洲央行开欧元区之先河 开始购买政府债券和其他资产 该计 划本质上就是大印钞票 以期刺激欧元区经济 而欧元区经济尚未从 2008 年的全球金融危 机中完全恢复过来 The money printing program known as quantitative easing has helped keep the euro weak against the dollar which is good for European exporters And Mr Draghi has argued that it has made it easier for banks to lend 该印钞计划又叫量化宽松 帮助维持了欧元对美元的弱势地位 这有利于欧洲出口商 德拉吉称此举降低了银行放贷的难度 Whatever the potential pitfalls of the new measures the risks of doing too much are probably now less than the risks of doing too little economists at Oxford Economics said in a report 牛津经济顾问公司 Oxford Economics 的经济师们在一份报告中表示 不管新措施的 潜在隐患是什么 现在做的太多的风险可能低于做的太少 LawLaw GraduateGraduate GetsGets HerHer DayDay inin Court Court SuingSuing LawLaw SchoolSchool 法学院毕业生当不上律师 学校该负责吗法学院毕业生当不上律师 学校该负责吗 Nearly a decade has passed since an aspiring young lawyer in California Anna Alaburda graduated in the top tier of her class passed the state bar exam and set out to use the law degree she had spent about 150 000 to acquire 近十年前 加利福尼亚州怀有一腔抱负的年轻律师安娜 阿拉布尔达 Anna Alaburda 以在班上名列前茅的成绩毕业 并通过了州律师资格考试 开始要利用自己花了大约 15 万 美元换来的法律学位 But on Monday in a San Diego courtroom she will tell a story that has become all too familiar among law students in the United States Since graduating from the Thomas Jefferson School of Law in 2008 she has yet to find a full time salaried job as a lawyer 但周一 在圣地亚哥的一家法院 她将讲述一个对美国的法律专业学生来说再熟悉不 过的故事 自 2008 年从托马斯 杰斐逊法学院 Thomas Jefferson School of Law 毕业以 来 她尚未找到一份带薪的全职律师工作 From there though her story has taken an unusual twist Alaburda 37 is the first former law student whose case against a law school charging that it inflated the employment data for its graduates as a way to lure students to enroll will go to trial 但从这里开始 她的故事发生了一个不同寻常的转折 37 岁的阿拉布尔控告法律学校 夸大毕业生就业数据 以此诱骗学生入学 这也成为了首起即将开审的此类案件 Other disgruntled students have tried to do the same In the last several years 15 lawsuits have sought to hold various law schools accountable for publicly listing information critics say was used to pump up alumni job numbers by counting part time waitress and other similar full time jobs as employment Only one suit besides Alaburda s remains active 其他一些心怀不满的学生也试过这么做 过去几年里 共有 15 起诉讼案件试图追究各 种各样的法律学校公开发布不实就业信息的责任 批评人士称 这些学校通过把兼职服务 员及其他类似的全职工作算作就业的方式 抬高毕业生就业数据 除阿拉布尔达这起案件 外 只有一桩诉讼案仍在处理过程中 None of the other cases reached trial because judges in Illinois Michigan and New York where several cases were filed generally concluded that law students had opted for legal education at their own peril and were sophisticated enough to have known that employment as a lawyer was not guaranteed 其他案件无一走到审理环节 因为在出现了多起类似诉讼案件的伊利诺伊州 密西根 州和纽约州 法官普遍认为 法律专业的学生是自己冒险选择接受法律教育的 且他们足 够成熟 知道不一定能以律师的身份就业 But a California judge let Alaburda s suit proceed brushing aside efforts by the law school to derail her claims 但加利福尼亚州的一名法官不顾托马斯 杰斐逊法学院试图让阿拉布尔达的诉讼半途 而废而采取的行动 允许案件继续往前推进 It has taken five years said her lawyer Brian A Procel of Los Angeles But this will be the first time a law school will be on trial to defend its public employment figures 用了五年时间 阿拉布尔达的代理律师布莱恩 A 普罗塞尔 Brian A Procel 说 但这一次 法律学校将首次走上法庭 为自己对外公开的就业数据辩护 Alaburda s day in court will take on added meaning These will be her first public words after years of silence while she pursued a remedy for a legal education gone wrong 阿拉布尔达走上法庭还有另外一层意义 在经历了多年一言不发地寻求法律教育的补 救措施却无果后 这将是她首次公开发声 WithWith Humility Humility StarbucksStarbucks WillWill EnterEnter ItalianItalian MarketMarket 带着一颗谦卑的心 星巴克来到意大利带着一颗谦卑的心 星巴克来到意大利 MILAN Standing in the art soaked splendor of a Milanese parlor as an array of A list Italian business leaders listened intently Howard D Schultz chairman and chief executive of Starbucks recited a remarkable statistic on Friday Each week roughly 90 million people pass through a Starbucks somewhere on earth 米兰 周五 在一间充满艺术气息的米兰会客厅中 星巴克 Starbucks 董事长兼首 席执行官霍华德 D 舒尔茨 Howard D Schultz 向正在凝神聆听的意大利商界领袖列举 了一个惊人的数据 每个星期 大约有 9000 万人会经过地球上某个地方的星巴克 Equally remarkable given that Starbucks operates in 70 countries is this Not one of those people is in Italy a country where coffee culture is central to daily life and that represents something of a coffee holy grail to Schultz Italy land of the perfect espresso and the exquisitely frothy cappuccino is a Starbucks free nation 考虑到星巴克在 70 个国家开展业务 同样引人注意的一点是 那些人中没有一个在意 大利 尽管这个国家的咖啡文化是日常生活中极为重要的部分 在舒尔茨的心目中也有着 咖啡圣杯的意义 意大利 一个出产完美浓缩咖啡和铺着绵密奶泡的卡布奇诺的地方 没 有星巴克 Or it was Schultz swooped into Milan during Fashion Week to announce that Starbucks would open its first coffee shop in Italy early next year in Milan Given that Starbucks is opening 500 stores a year in China the Milan venture might seem like a nice little ornament But for Schultz coming to Italy is personal It is also delicate and a bit of a risk 或者说 曾经没有 舒尔茨在时装周期间赶到米兰 宣布星巴克将于明年年初在意大 利米兰开设第一家咖啡店 考虑到星巴克在中国一年就开设了 500 家门店 在米兰的投资 似乎只是一个不错的小点缀 但对于舒尔茨 来意大利是有个人感情因素 此外这也是件 需要小心应对的事 存在一定风险 There are very few markets and stores that I m as intimately involved in as this he said in an interview after the announcement He added We re going to come here with great humility 很少有市场和门店能像这家门店一样 让我亲身参与其中 他在宣布消息后接受采 访说 他还说 我们怀着万分谦卑的心来到这里 Starbucks has always been careful in Europe aware that the Continent s coffee aficionados have refined tastes and an abundance of good coffee shops and might take offense at the idea that an American company is needed for a better espresso Yet Starbucks has marched successfully into Britain France and Germany and it has even found success in Vienna the Austrian capital which gave birth to the coffeehouse 星巴克在欧洲一直小心翼翼 他们明白 这个大陆的咖啡爱好者都有高雅的品味 而 且有的是上好的咖啡馆 还有 要让一家美国公司来提供更好的意式咖啡 这想法本身 可能就会惹怒他们 然而 星巴克已成功进军英国 法国和德国 甚至在奥地利首都维也 纳 咖啡馆的诞生之地 也获得了成功 Italy though is Italy 但是 意大利是意大利 I think young people will try it out for curiosity said Orlando Chiari the 82 year old owner of Camparino a century old coffee bar in central Milan but I doubt it will become a major player in Italy 我觉得年轻人会出于好奇尝试一下 位于米兰市中心的百年咖啡吧 Camparino 的 82 岁老板奥兰多 基亚里 Orlando Chiari 说道 但我怀疑它能在意大利受到欢迎 Chiari impeccable in a gray suit and light blue shirt said that about 1 500 clients came to his bar every day and that few were titillated by new trends He decided against deliveries of the sports drink Red Bull because it simply would not sell at Camparino 穿着一身无可挑剔的灰色套装和浅蓝色衬衫的基亚里说 每天大约 1500 位客人来他的 咖啡吧 而很少有人会对 新潮流 感兴趣 他决定不提供运动饮料红牛 Red Bull 因 为在 Camparino 根本卖不出去 We worship coffee in Italy while Americans drink coffee on the go in large cups he elaborated It s two extremely different cultures 在意大利我们崇拜咖啡 而美国人拿着一个大杯子走着喝 他详细解释道 这是 两种截然不同的文化 Schultz credits Italy s distinct coffee culture for inspiring him to create the Starbucks of today In 1983 he visited Milan for a trade show and wandered into coffee bars in the city Then he was marketing director for Starbucks a chain of four stores in Seattle that sold coffee for people to make at home His visit to Milan s coffee bars convinced him that the coffee shop was an experience and culture that could work in the United States 舒尔茨认为正是意大利独特的咖啡文化启发他造就了今天的星巴克 1983 年 他去米 兰参加一个贸易展 并走进了市内的一家咖啡馆 那时他是星巴克的营销总监 而星巴克 是一家拥有四家门店的连锁企业 在西雅图出售供人们回家冲饮的咖啡 他对米兰咖啡吧 的造访 使他确信咖啡馆是一种可以被美国接受的体验和文化 Schultz has returned to Italy at least once a year since then befriending business leaders while studying the local market His lunchtime announcement ceremony held in the refined 19th century setting of an elegant apartment was an open embrace from Italy s business elite Brunello Cucinelli the fashion designer and cashmere specialist mingled with Nerio Alessandri founder and president of Technogym a maker of fitness equipment Cristina Nonino chief executive of one of Italy s most famous producers of grappa was there as was Renzo Rosso chairman of OTB Group parent company of Diesel and other clothing brands 从那以后 舒尔茨每年至少回一次意大利 结交商界领袖 同时研究本地市场 他在 午餐时间举行的发布仪式 选在了一间优雅精致的 19 世纪风格公寓中举行 得到了意大利 商界精英的欢迎 时装设计师和羊绒专家布鲁内洛 库奇内利 Brunello Cucinelli 与健 身器材制造商泰诺健 Technogym 的创始人和总裁内里奥 亚历山德里 Nerio Alessandri 相谈甚欢 意大利最著名的格拉巴酒生产商之一的首席执行官克里斯蒂娜 诺尼诺 Cristina Nonino 也在那里 还有迪赛 Diesel 和其他服装品牌的母公司 OTB 集团董事长 伦佐 罗索 Renzo Rosso Here he was inspired said Leonardo Ferragamo a director of the luxury Salvatore Ferragamo line who met Schultz for the first time on Friday He underst