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Mario Draghi’s latest bid to revive the eurozone economy by extending unprecedented monetary easing yesterday failed to impress markets that had bet on even more.
马里奥德拉吉(Mario Draghi)通过延长空前的货币宽松来重振欧元区经济的最新努力，昨日未能打动此前押注更大政策力度的市场。
The European Central Bank pledged to continue its 60bn-a-month bond buying programme for another six months until March 2017 “or beyond”. Policymakers also cut a key interest rate to a historic low of minus 0.3 per cent and agreed to buy more assets with the proceeds of its existing bond purchases.
欧洲央行(ECB)承诺将延长每月600亿欧元的债券购买计划6个月，至2017年3月“或者更久”。政策制定者还将关键利率降至-0.3%的历史低点，并同意将现有债券购买的收益用来买入更多资产。
But these measures — supported by a decision to buy municipal bonds in addition to standard government debt — disappointed investors who had hoped for deeper rate cuts and more monthly bond purchases.
但这些措施——得到购买市政债券（而不只是标准的政府债务）的决定的支持——让投资者失望，后者曾希望欧洲央行进行更大幅度的降息，并扩大每月债券购买规模。
The announcement prompted a sell-off in equity and bond markets and the euro climbed to a one-month high against the US dollar.
这一消息在股票和债券市场引发抛售，欧元兑美元汇率升至一个月以来最高位。
“The ECB delivered at the very low end of expectations,” said Andrew Balls, chief officer for fixed income at Pimco. “There wasn’t much to get excited about... were expecting an increase in the monthly purchase size.”
“欧洲央行宣布的措施处于外界预期区间的最低端，”太平洋投资管理公司(Pimco)固定收益产品首席投资官安德鲁贠尔斯(Andrew Balls)表示。“没有太多让人振奋的内容……之前市场预计每月购买规模会增加。”
Some analysts were less critical. “The decisions reflect the desire to keep some powder dry in case more stimulus is needed down the road,” said Marco Valli, economist at UniCredit. “Keeping the big bazooka for another day may not be a bad strategy. It just needed better communication. ”
还有一些分析师的批评没有这么尖锐。“这些决定反映了欧洲央行希望保留一些弹药，以备下一阶段需要更多刺激措施，”意大利联合信贷银行(UniCredit)经济学家马可瓦利(Marco Valli)表示。“把火箭筒留到来日可能不是糟糕战略。欧洲央行只是需要更好的沟通。”
