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經濟學人:德國法院和歐洲央行 塵埃未定

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Finance and economics

財經商業
The German courts and the ECB
德國法院和歐洲央行
It isn't over
塵埃未定
European monetary policy has not been given the reprieve markets believe
市場相信:歐洲貨幣政策還未被宣布死緩
AS A working rule, the shorter a statement the more it says.
作為一項工作法則,言論越是短小精悍,越是意味無窮。
A commitment made by the European Central Bank in September 2012 runs to fewer than 500 words, but it was enough to send the bond vigilantes packing.
歐洲央行在2012年九月的一項承諾短短不過500字,卻足以讓那些債券治安員卷鋪蓋走人。
The ECB promised to make unlimited purchases of the sovereign debt of governments on the ropes.
歐洲央行承諾無限制購買那些陷于困境的政府的主權債務。

These Outright Monetary Transactions, whose dreary name disguises their punch, proved so potent a deterrent that they never had to be deployed.

這些直接貨幣交易的名字沉悶無趣,卻隱藏著強大的沖擊力。事實證明,OMT威懾力大到實質上從不需要被調配。
But if quiescent markets were to turn nasty again, requiring OMT to be fired, would the central bank be acting within its powers?
但如果目前晴空萬里的市場又要風波再起,以至于要發射OMT這枚炮彈,歐洲央行還能夠安于自司其職嗎?
For more than a year the German constitutional court in Karlsruhe has been contemplating this question.
一年多以來,在卡爾斯魯厄的德國憲法法院都對此問題苦思冥想。
Even though the place to decide whether a European body is abiding by European law is in Luxembourg at the European Court of Justice, the court in Karlsruhe insists on its right to examine whether the acts of a European institution are infringing the German constitution.
雖然只有位于盧森堡的歐洲法院才能決定歐體是否遵循歐洲法律,位于卡爾斯魯厄的德國法院仍堅持要審查歐洲央行的行為是否侵犯了德國的憲法。
The judges finally issued a ruling on February 7th.
法官們最終在二月七日作出裁決。
The judgment of the majority was far harsher than the yes, but verdict that had originally been expected.
除去八位中的兩位以此案不應被受理為由而有所反對外,多數裁決的結果可比人們原來預想中行倒是行,不過…的判決書嚴厲多了。
Instead the court found that the central bank had overstepped its mandate and that OMT was a backdoor to monetary financing of governments, outlawed under European treaties.
法院認為歐洲央行已經越位行職,OMT實際成為政府貨幣融資的后門,而后者已被被歐盟條約取締。
But the markets heaved a collective sigh of relief as they noted that in an unprecedented move the court had referred crucial points in the case to the ECJ.
不過,在得知德國法院史無前例的將此案中的關鍵點移交給了歐洲法院后,各大市場都松了口氣。
Since the European court is thought of as a champion of European integration, OMT should be safe in its hands.
由于歐洲法庭被公認為歐洲一體化的擁護者,在那里OMT應該會相當安全。
But referring points in the case to the ECJ does not mean deferring to it.
但是把案子要點交給歐洲法院并不代表讓它最后拍板。
The view that the constitutional court has thrown in the towel is incorrect, says Bruno de Witte, a professor of European Union law at Maastricht University; rather the German judges have given their interpretation and are asking the ECJ for its views.
憲法法院并沒有自認失敗,馬斯特里赫特大學的布魯諾·德維特如是說,這不過是德國的法官們在給出自己的解讀之后尋求歐洲法院的觀點而已。
They will take these into account when passing their final judgment, based as before on whether OMT infringes Germany's basic law.
他們會在達成最后判決之前把這些觀點加以考量,而判決仍舊同之前一樣會基于OMT是否違反了德國的基本法。
If the European court simply upholds the ECB's defence of bond buying, which is that it lies squarely within the central bank's monetary-policy mandate, then that could set the stage for a clash of the courts.
如果歐洲法院簡單粗暴的支持歐洲央行購買債券的辯解,聲稱這完全在央行的貨幣政策職責范圍內,那么這就為法院之間的沖突拉開了帷幕。
Given how harsh its ruling has been, the German court might insist that, notwithstanding a favourable judgment from the ECJ, OMT is incompatible with the constitution.
德國法院一向作風凌厲,即使歐洲央行做出對OMT有利的判決,它也許會堅稱OMT與憲法互不相容。
Though it could not prevail upon the central bank to revise OMT, the court could try to prevent the German Bundesbank from participating in it.
雖然德國法院不能夠凌駕于歐洲央行之上來修改OMT,法院依然能夠阻止德國央行參與其中。
Can such a battle between Karlsruhe and Luxembourg be avoided?
這場卡爾斯魯厄和盧森堡之間的沖突能夠被避免嗎?
In effect the German court sets out its terms for a compromise.
實際上德國法庭已經在法律條款上做出了讓步,
In the event of a restructuring, it does not want the ECB to be on an equal footing with private creditors, accepting losses like them on debt acquired through OMT.
在重組方面,它并不想讓歐洲央行像私人債權人一樣通過從OMT取得債款的方式接受損失。
The court also says that the policy should, where possible, avoid interfering with price formation which may refer to setting targets for bond yields.
法庭同時聲稱政策在可能的情況下都不應該干涉價格形成。
These demands could probably be met without defanging OMT.
這些要求都能夠在不削弱OMT的情況下被滿足。
The third stipulation—that purchases should not be unlimited—might castrate it.
第三個規定—不能無限制購買—可能使得OMT力量全失。
Yet even on this point there may be room for compromise by recognising that OMT does have effective limits since it would only target bonds between one and three years from maturity.
不過即使是在這一點上仍舊有回旋余地,因為OMT專門購買在一到三年之間到期的債券,因此實際上是有有效限制的。
At this level of judicial jousting, realpolitik rather than the strict letter of the law prevails.
這種水平的司法角逐之下,現實政治絕對勝過法律條文。
Though it might be tempting for the ECJ to slap down the constitutional court, Germany underpins the euro and the single currency is central to the integrationist project.
雖然歐洲法庭可能想借機打擊憲法法院,德國卻是支撐歐元的重要力量,而單一貨幣是歐洲一體化的核心。
A face-saving fudge seems the most likely outcome; the ECJ after all sits in the city that gave its name to a paragon of the genre, the Luxembourg compromise on EU members' voting rights.
一通顧全面子的謊話或許是最有可能的結果。畢竟歐洲法院位于盧森堡, 針對歐盟成員國投票權簽署的盧森堡協議,正是以這個城市命名的典型。
The ECB's formal commitment of September 2012 may have been short, but it was a good deal longer than the impromptu vow made by Mario Draghi six weeks earlier to do whatever it takes to save the euro, which turned out to be OMT.
歐洲央行 在2012年九月的承諾雖然簡短,但是比起馬里奧德拉基在六周前即興發表的竭盡所能救歐元的誓言可長多了,而那個誓言最后演變成了OMT。
In fact the ECB boss added a crucial and usually omitted rider to his pithy pledge: within our mandate.
實際上央行老大在他簡短誓詞中加了一個常常被忽略的關鍵詞語:在我們的職責范圍之內。
That qualification is now being spelt out by the judges.
這個條件現在被法官們重點強調。
When they have resolved the matter to their satisfaction it seems unlikely that OMT will be quite so mighty a weapon as it appeared to be when it was first unveiled.
在他們圓滿解決這個事情之后,OMT就不太可能像它初次露面時顯得那樣強大了。
重點單詞   查看全部解釋    
bond [bɔnd]

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n. 債券,結合,粘結劑,粘合劑
vt. 使結

 
reprieve [ri'pri:v]

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n. 緩刑,緩刑令 v. 暫緩處刑,暫時得救

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punch [pʌntʃ]

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n. 打洞器,鉆孔機,毆打
n. (酒、水、糖

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commitment [kə'mitmənt]

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n. 承諾,保證; 確定,實行

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compromise ['kɔmprəmaiz]

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n. 妥協,折衷,折衷案
vt. 妥協處理,危

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unprecedented [ʌn'presidəntid]

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adj. 空前的,前所未有的

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collective [kə'lektiv]

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adj. 集體的,共同的
n. 集體

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drain [drein]

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n. 下水道,排水溝,消耗
v. 耗盡,排出,

 
paragon ['pærəgən]

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n. 模范,典型 vt. 與 ... 比較,比得上

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quiescent [kwai'esnt]

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adj. 靜止的,不活動的

 
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