歐洲央行行長德拉吉爲低利率辯護

Mario Draghi has hit back hard at German criticism of low interest rates, insisting the European Central Bank does not take orders from politicians.

馬里奧•德拉吉(Mario Draghi)強烈駁斥了德國方面對低利率政策的批評，堅稱歐洲央行(ECB)並不聽命於政客。

Speaking as the bank kept its benchmark interest rate at zero, the ECB president warned that challenges to its independence would dent confidence in the eurozone’s recovery and force policymakers to keep rates lower for longer.

在該行將基準利率維持在零不變之際發表講話時，歐洲央行行長警告稱，對該行獨立地位的挑戰將損害人們對歐元區復甦的信心，迫使政策制定者將利率在更低水平保持更長時間。

“We have a mandate to pursue price stability for the whole of the eurozone, not only for Germany,” he said. “We obey the law, not the politicians, because we are independent, as stated by the law.”

他說：“我們受命追求整個歐元區的價格穩定，而不僅僅是德國。我們遵守法律，而不聽命於政客，因爲我們是獨立的——這是法律規定的。”

Some of Germany’s top politicians, including Wolfgang Schäuble, finance minister, have partly blamed the rise of the rightwing Eurosceptic Alternative for Germany party on the ECB’s low interest rates — although Mr Schäuble later backtracked. Critics have accused the bank of expropriating savings.

包括德國財長沃爾夫岡•朔伊布勒(Wolfgang Schäuble)在內的德國部分高層政界人士，在一定程度上把反對歐盟的右翼政黨德國新選擇黨(Alternative für Deutschland)的崛起歸咎於歐洲央行實行低利率——儘管朔伊布勒後來撤回了這種說法。批評者指控歐洲央行在剝削人們的儲蓄。

In a swipe at eurozone politicians’ reluctance to undertake structural reforms and boost fiscal spending, Mr Draghi said: “With rare exceptions, monetary policy has been the only policy in the last four years to support growth.” He said eurozone growth would have been measurably less had it not been for his central bank’s actions over the past two years.

德拉吉抨擊歐元區政界人士不願推行結構性改革和增加財政開支，他說：“除了極少的例外情況，貨幣政策在過去四年裏一直是支持增長的唯一政策。”他說，若不是過去兩年裏他領導的央行採取行動，歐元區的增長將顯著更低。

Mr Draghi also said that the governing council was “unanimous in defending the independence of the ECB and the appropriateness of the current monetary policy stance” in a brief discussion at yesterday’s meeting.

德拉吉還表示，該行管理委員會在昨日會議的簡短討論中“一致維護歐洲央行的獨立性和當前貨幣政策立場的恰當性”。

The ECB council kept the deposit rate on lenders’ reserves parked at the central bank at minus 0.4 per cent.

歐洲央行管理委員會將各商業銀行存放在該行的儲備金的存款利率維持在-0.4%。

Low interest rate policies have hit savers in Germany, as well as the smaller German banks that rely heavily on interest income for profits. German life insurers, which guarantee minimum returns on investments, have also been hit. Mr Draghi said their business model and the regulatory environment were the prime cause of their troubles.

低利率政策打擊了德國儲戶以及在盈利上嚴重依賴利息收入的德國較小銀行。那些擔保投資最低迴報的德國壽險公司也受到了打擊。德拉吉則表示，它們的商業模式和監管環境是它們所處困境的主要原因。

Higher growth and inflation were, he said, “the necessary conditions for the return of interest rates to a higher level than today”.

他說，更高的增長速度和更高的通脹率“是利率重返比今日更高水平的必要條件”。

The rate hold was widely expected after the substantial stimulus the eurozone’s central bank unleashed in March. Mr Draghi said the stimulus was working, though risks to the economy remained “on the downside”.

在3月份這家歐元區央行推出大規模刺激舉措之後，人們普遍預計該行本月會維持利率不變。德拉吉表示，刺激舉措正在奏效，儘管經濟風險依然“以下行爲主”。