The European Central Bank has unleashed a bigger-than-expected package of measures to stimulate the eurozone economy, with expanded quantitative easing, incentives to banks to increase lending and further interest rate cuts.

欧洲央行(ECB)宣布了超出预期的一揽子措施来刺激欧元区经济，包括扩大量化宽松政策、激励银行增加放贷以及进一步降息。

The ECB cut its deposit rate by 10 basis points yesterday to minus 0.4 per cent but eased the impact on banks with cheaper short-term loans and longer-term liquidity at negative interest rates — essentially paying eurozone lenders to increase credit to households and companies.

昨日，欧洲央行将存款利率下调10个基点，至-0.4%，但同时以更廉价的短期贷款和更长期的负利率流动性缓解对银行造成的冲击——相当于出钱让欧元区银行增加对家庭和企业的信贷。

Mario Draghi, ECB president, said interest rates would stay low for “an extended period” and he kept open the option of a further cut. But he added his voice to growing unease about negative rates among top central bankers, saying he did not anticipate pushing deeper into negative territory, partly because of the impact on banks.

欧洲央行行长马里奥•德拉吉(Mario Draghi)表示，利率将在“较长时期”保持低位，而他手中还保留着进一步降息的选项。但他加入了那些对负利率日益感到不安的央行高官的行列，称自己并不预期在利率负值区域推进更深，一部分原因是考虑到对银行的冲击。

“Does it mean we can go as low as we want without having any consequences on the banking system? The answer is no,” the ECB president said.

德拉吉说：“这意味着我们可以随心所欲下调利率，而不对银行体系造成任何后果？答案是否定的。”

His comments on rates triggered a surge in the euro to $1.12, a near 2 per cent rise on the day, after it earlier plunged on the news of the ECB’s measures.

他对利率的评论引发欧元兑美元汇率上涨至1欧元兑1.12美元，当日涨幅接近2%。欧洲央行采取新措施的消息在早些时候曾导致欧元汇率大跌。

Analysts interpreted the measures as a recalibration of the ECB’s armoury, putting more ammunition into reinforcing the eurozone’s economy and less into weakening the currency.

分析师们对最新措施的解读是，欧洲央行调整了火力配置，把更多弹药投入加强欧元区的经济，而非压低欧元。

The ECB raised the amount of bonds the eurozone’s central bankers buy each month under QE from 60bn to 80bn — a greater amount than many analysts had expected. It also expanded the range of assets it will buy to include high quality corporate bonds.

欧洲央行将欧元区各国央行行长在量化宽松政策下每月可购入的债券额从600亿欧元上调至800亿欧元——超出许多分析师的预期。欧洲央行还将该行可购买的资产范围扩大到包括优质公司债券。