美联储和欧洲央行光说不做刺激方案难产_时事

美联储和欧洲央行光说不做刺激方案难产

贝南克则苦于当下时机不利：三个月后美国就要举行大眩民主党人敦促他采取行动，而且要尽快，共和党人则相反。如果贝南克像许多投资者期待的那样，在9月12日至13日的美联储政策会议上拿出行动，共和党人必定会指责他刺激经济是为了帮助奥巴马获得连任。

As tough as U.S. politics are for the Fed, Mr. Draghi's are tougher. One taboo in economics is for a central bank to print money to finance government budget deficits, because doing so risks fueling fiscal profligacy and inflation. The ECB's charter forbids it and Germany's Bundesbank strongly opposes any move in that direction.

虽说美联储面临着政治上的严苛挑战，欧洲央行更是如此。央行通过印钱的方式减少政府预算赤字的做法在经济上是一个禁忌，因为这可能会加剧财政上的挥霍无度和通货膨胀。欧洲央行的章程禁止这种做法，德国央行也强烈反对在此方向上的任何行动。

Mr. Draghi's challenge is to preserve the euro without crossing the line into printing money to finance deficits. Both central bankers have already blurred those lines in their responses to financial crisis and recession. In this instance, Mr. Draghi is trying to emphasize that any ECB bond-buying would be aimed at maintaining financial stability and stable prices─not bailing anyone out. The solution he pointed to Thursday: The ECB will buy short-term government debt, but only after countries have asked for help from regional rescue programs that will come with strict conditions.