Mario Draghi backed a public bailout ofItaly’s troubled banks “in exceptional circumstances”, even as he hailedthe eurozone for its resilience in the aftermath of Britain’s decisionto quit the EU and left interest rates on hold.

马里奥•德拉吉(Mario Draghi)支持“在异常情况下”公开纾困意大利问题银行——尽管他也对欧元区近期的坚挺大加赞赏。最近，欧元区刚刚经历了英国决定退出欧盟(EU)并维持利率不变所造成的冲击。

The remarks by the president of theEuropean Central Bank, at his monthly press conference, helped alleviateconcerns about Italian lenders, which have been weighed down by a heavy burdenof bad debt and non-performing loans and whose shares have been depressed afterthe British referendum stoked fears about EU cohesion.

这位欧洲央行(ECB)行长是在其月度记者招待会上发布上述言论的。他的这番表态有助于缓解对意大利银行的担忧。目前，意大利银行正背负着沉重的坏债及不良贷款负担。而自英国退欧公投引发对欧盟凝聚力担忧以来，意大利银行的股价一直低迷不振。

But Mr Draghi also argued that it was tooearly for the ECB to give its full response to the Brexit vote.

不过，德拉吉也辩称，欧洲央行全面应对英国退欧公投还为时尚早。

European bank stocks, led by Italianlenders, rallied after he described a state backstop as a “very useful” way tohelp banks rid their books of non-performing loans — a problem the ECBpresident said was making his central bank’s policies less effective.

德拉吉表示银行不良贷款问题会降低其央行政策的效力，不过这位欧洲央行行长把政府提供最后担保称为“非常有用”的帮助银行消除不良贷款账目的方法。这一言论传出之后，以意大利银行为首的欧洲银行股股价应声上涨。

“We want to avoid fire sales,”he said, referringto the banks’forced sale of assets at too cheap a price because of a lack of afunctioning market. He added that there was room within existing EU rules toprovide state support.

他说：“我们希望避免出现大甩卖。”这句话是指银行由于市场功能失调而被迫以极低价格出售资产的现象。德拉吉还表示，在欧盟现有规则框架内，依然存在政府提供支持手段的空间。

To date, however, EU officials and Italianprime minister Matteo Renzi have failed to reach a deal on state help for thecountry’s lenders —notably for Monte dei Paschi di Siena, the country’sthird-largest bank.

不过，到目前为止，欧盟官员和意大利总理马泰奥•伦齐(Matteo Renzi)未能就政府为该国银行（尤其是该国第三大银行西雅那银行(Monte dei Paschi di Siena)）提供帮助的问题达成协议

Tougher rules on government bailouts haveput pressure on Rome to impose rescue costs on private investors in the banks,but such a move — which could hit small investors — might expose Mr Renzi topolitical pressure ahead of a crucial referendum on constitutional reform inOctober. The ECB would like to see a deal reached before new European bankstress test results are published on July 29.

对政府纾困规定趋严，加大了意大利政府将救援成本转嫁银行私人投资者的压力。不过，这种可能打击小规模投资者的举措，可能会在10月份就宪政改革举行的重要公投前，为伦齐带来政治上的压力。欧洲央行则希望在7月29日新一轮欧洲银行压力测试结果公布前达成协议。

“It’s quite clear in Draghi’s mind Italian banksmatter more than Brexit right now,”said Gilles Moec,European economist for Bank of America Merrill Lynch.

美银美林(Bank of America Merrill Lynch)欧洲经济学家吉尔斯•莫伊克(GillesMoec)表示：“很明显，在德拉吉心目中，目前意大利银行问题比英国退欧更重要。”

The rally in Italian bank stocks was led bya gain of 4.1 per cent for the shares of Banco Popolare. Shares in UniCredit,Italy’s largest bank, were 2.4 per cent higher. Monte dei Paschi shares rose1.6 per cent. The governing council kept its benchmark main refinancingrate at zero and the deposit rate at minus 0.4 per cent. The rate freezes werewidely expected, but analysts had hoped for more clues from Mr Draghi on howthe ECB could respond later in the year to the economic fallout from Brexit.

欧洲央行执委会将基准的主要再融资利率保持在零不变，存款利率也保持在负0.4%的水平。这一维持利率不变的举措并未出乎人们的普遍预期。不过，分析师曾希望能够从德拉吉处获得更多线索，了解欧洲央行会在今年下半年如何应对英国退欧的经济影响。

Instead, the ECB president told marketsthey would have to wait until the next policy vote in September, when newinflation and growth projections would shape the bank’s response.

与此相反，德拉吉却向市场表示，它们需要等到9月份下次政策投票，届时新的通缩和增长预期会左右欧洲央行的应对方式。