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Italy's domestic politics are also concerning.
意大利的國內政治也令人擔憂。
The government's row with the European Commission over its budget and ensuing market jitters are starting to weigh on sentiment and push up borrowing costs.
該國政府與歐洲委員會關于其預算的爭執和隨后引發的市場不安已經開始給人們的信心造成壓力使借貸成本增加。
The country's GDP shrank in the third quarter as consumption and investment fell.
第三季度，該國的GDP收縮，消費和投資下滑。
The purchasing managers' index, a closely watched survey, suggests that output also fell in October and November.
一項備受關注的調查—采購經理指數表明10月和11月的產出也下降了。
An official recession—two consecutive quarters of contraction—could be on the cards.
正式的經濟衰退—連續兩個季度的收縮—很有可能會發生。
Italy aside, economists are not predicting a sharp deceleration. Daniele Antonucci of Morgan Stanley,
除意大利外，經濟學家們預測不會出現急劇下降。摩根史坦利投資公司的丹尼爾·安托尼奇
a bank, expects euro-zone growth to slow from 1.9% this year to 1.5% by 2020, broadly in line with his estimate of its long-term growth potential.
預計歐元區的增長將從今年的1.9%降至2020年的1.5%，這明顯與他對其長期增長潛能的評估一致。
That might give the ECB some comfort: it means inflation is unlikely to fall.
這或許給了ECB一些安慰：這意味著通貨膨脹不太可能下降。
Even so, weak pricing pressure is testing the ECB's resolve.
即便如此，微弱的價格壓力正考驗著ECB的決心。
In recent months headline inflation has been a little higher than the ECB's target of "below, but close to" 2%.
在近幾個月中，整體通脹一直微高于ECB的“低于但接近”2%的目標。
But that largely reflects past rises in the oil prices; a recent tumble should drag it down.
但這極大反映出了石油價格過去的增長；近期的一次下跌拖了后腿。
Core inflation (excluding food and energy) has long confounded the bank's expectations of a rise. Since 2015 it has hovered at around 1%.
長期以來，核心通貨膨脹（除食品和能源以外）讓該行對增長的預期感到困惑。自2015年以來，核心通貨膨脹在約1%徘徊。
ECB officials are convinced that this time is different.
ECB官員們深信這一次情況不同。
Mario Draghi, its boss, is cheered by signs of a pickup in wage growth to 2.3% as unemployment has fallen.
失業率下降，工資增長至2.3%，這些好轉的跡象讓ECB行長馬里奧·德拉吉感到高興。
This is showing up in salaries rather than bonuses, signalling greater confidence in the economy.
這種跡象出現在工資而非紅利上，暗示著對經濟更有信心。
But even in Germany, where wage growth is particularly strong, inflation is low: in October core inflation there was around 1.5%.
但是即使是在德國這個工資增長尤為強勁，通貨膨脹低的國家，其十月的核心通貨膨脹約為1.5%。
That may partly reflect Germany's need for its many exports to stay affordable on global markets.
這或許部分反映了德國對保持全球市場價格優勢的眾多出口的需求。
Andrew Benito of Goldman Sachs, an investment bank, thinks that low German inflation limits price pressures across the currency area,
投資銀行高盛投資公司的安德魯·貝尼托認為德國的低通貨膨脹限制了貨幣區的物價壓力，
because southern countries are trying to regain competitiveness against Germany.
因為南部國家正試圖恢復與德國的競爭力。
That means euro-zone inflation could stay subdued for the next couple of years.
這意味著歐元區的通貨膨脹可能在未來幾年保持平緩。
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