Mario Draghi has declared victory over deflation and moved a step towards winding down the European Central Bank’s ultra-loose monetary policy, sending the euro and German bond yields higher as investors bet on the end of crisis-era stimulus measures.
马里奥?德拉吉(Mario Draghi)宣告已战胜通缩，并朝着结束超级宽松货币政策迈出了一步，这推高了欧元汇率和德国债券收益率，投资者押注于危机时期的刺激举措将告一段落。
Facing growing pressure from monetary hawks in Germany, the ECB president said the bank decided to change its guidance to investors — omitting a reference to using all weapons in its policy arsenal — because of its success against a destabilising bout of falling prices.
面对来自德国货币鹰派日益上升的压力，欧洲央行(ECB)行长表示，欧洲央行决定修改其投资者指引，略去了提及动用现有政策中的所有工具的语句，因为这家央行已成功击退一轮有损稳定的物价下跌。

Though the ECB agreed to keep interest rates at record lows, Mr Draghi said the bank no longer had a “sense of urgency” to take further action on -monetary stimulus and that policymakers “do not anticipate that it will be necessary to lower rates further”.
尽管欧洲央行同意将利率保持在创纪录低位，但德拉吉表示，该银行对于在货币刺激方面采取进一步措施不再有“紧迫感”，而且政策制定者“不认为进一步降息是必要的”。
Investors viewed the remarks as a sign that Mr Draghi was preparing to pare back his historic bond-buying programme, begun two years ago to drive down borrowing costs across the EU and spark spending in the real economy.
投资者认为这些言论表明，德拉吉准备缩减其推出的历史性的债券购买计划。该计划始于两年前，目的是推低欧盟各国的借款成本，促进实体经济中的支出。
The euro rose 0.7 per cent to hit a weekly high of $1.0615 and the yield on the benchmark 10-year German Bund reached their highest levels since early February, at 0.42 per cent. Frederik Ducrozet, senior Europe economist at Pictet Wealth Management, said investors had been poised to react to any hints on tapering: “We know it’s coming but we don’t know when.”
欧元兑美元汇率上涨0.7%，至1欧元兑1.0615美元，为一周高位，基准的德国10年期国债收益率触及自2月初以来最高水平，为0.42%。百达资产管理(Pictet Wealth Management)欧洲高级经济学家弗雷德里克?杜克罗泽(Frederik Ducrozet)表示，投资者已准备好对任何缩减暗示做出反应：“我们知道这会出现，但不知道是在何时。”
The shift came as eurozone inflation rose above the ECB’s target of just under 2 per cent for the first time in four years, levels that increased pressure on the bank from German critics to tighten policy. Low interest rates have become politically toxic in Germany, where they are seen as helping struggling southern eurozone members at the expense of German savers.
欧洲央行改变口风之际，欧元区通胀率升至高于欧洲央行设定的略低于2%的目标水平，这是4年来首次，这加大了德国批评者向该银行施加的收紧政策的压力。低利率已变成德国的政治毒药，在德国，这些政策被视为以牺牲德国储户的利益为代价，帮助举步维艰的欧元区南部成员国。
In yesterday’s closed-door meeting, a group including members of the ECB’s executive board and heads of the German, Dutch, French and Spanish central banks called on Mr Draghi to focus less on the bank’s readiness to step in and offer more stimulus. They urged him to shy away from any remarks that would signal that he believed the recent rise of inflation might peter out.
在昨日的闭门会议上，包括欧洲央行执委会成员以及德国、荷兰、法国和西班牙央行的行长在内的人士，呼吁德拉吉减少对该银行愿意出手并提供更多刺激的关注。他们敦促他避免作出这样的表态，即暗示他认为最近的通胀率上升可能会失去后劲。
Speaking to the press after the meeting, Mr Draghi said the ECB was not planning to unleash another round of cheap bank loans and that, because of the improving economy, he had dropped a sentence from his remarks that referred to the ECB’s willingness “to use all the instruments available in its mandate”, if warranted.
德拉吉在会后向媒体发表讲话时表示，欧洲央行不计划释放另一轮廉价银行贷款，同时由于经济正在改善，他从他的讲话中删除了提到如果需要，欧洲央行愿意“动用现有授权中可用的所有工具”的字眼。
While this was a more subtle shift than council hawks wanted, it was more aggressive than markets expected.
尽管这番言论相比执委会鹰派人士的愿望是一个更加细腻的转变，但其激进程度仍超过市场预期。