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Some economists therefore expect attempts to mitigate the negative impact of rate cuts by excusing banks from negative rates on some excess reserves.
因此一些經濟學家預計，央行將試圖通過免除銀行對部分超額準備金的負利率，來減輕降息的負面影響。
Even then rates may be not far off the lower bound.
即使到那時，利率可能也離下限不遠了。
Analysts at BNP Paribas, a bank, think they can fall by at most 0.4 percentage points before that moment comes.
法國巴黎銀行的分析師認為，在那一刻到來之前，它們最多可以下跌0.4個百分點。
That limited space is why some economists also expect the bank to restart QE later in the year.
這一有限的空間也是一些經濟學家預計歐洲央行將在今年年末重啟量化寬松的原因。
Daniele Antonucci of Morgan Stanley, a Wall Street firm,
來自華爾街摩根士丹利公司的Daniele Antonucci
expects the bank to announce monthly purchases of government and corporate debt of 45bn euro.
預計央行將宣布每月購買450億歐元的政府和企業債券。
But the bank's self-imposed limit on the share of a country's sovereign debt it can own, of 33%,
但央行自行對一個國家的國債份額設限33%
means this pace probably cannot be sustained beyond a year.
這意味著這種速度可能維持不了一年以上。
This ceiling would need to be lifted if any expansion of QE is to seem credible to investors, reckons Spyros Andreopoulos of BNP Paribas.
法國巴黎銀行的Spyros Andreopoulos認為，要想讓投資者信任QE擴張，就需要提高上限。
Though QE's legality is questioned in Germany, in December the European Court of Justice ruled that the ECB was acting legally,
雖然QE的合法性在德國受到質疑，但今年212月，歐洲法院裁定ECB的行為合法，
appearing to give it room to raise its limit up to 50%.
這似乎給了它將上限提高到到50%的空間。
(The case returns to German courts at the end of the month, but judges are expected to bow to the ECJ.)
（該案在月末發回德國法庭，但法官可能會向歐洲法庭屈服。）
In any case the bank would need to rethink another self-imposed rule, says Mr Andreopoulos:
Andreopoulos表示，無論如何，歐洲央行都需要重新考慮另一條自我強加的規則：
that it avoid holding shares of individual securities large enough that it can sway the outcome of investor votes on any future debt restructuring.
避免持有足以影響投資者對未來任何債務重組投票結果的個別證券的股份。
Even with all this, the ECB's ability to cope alone with a serious downturn would be limited.
即便如此，ECB獨自應對嚴重經濟衰退的能力也將是有限的。
Even as Mr Draghi assured markets he had the firepower,
即使德拉吉向市場保證他有足夠的火力，
he warned that without fiscal support monetary easing risked being slow to boost the economy, with possible unwanted side-effects.
他警告稱，沒有財政支持，寬松的貨幣政策可能會有經濟增長緩慢的風險，還可能有不必要的副作用。
Negative borrowing costs across many member states make the case for dusting off fiscal tools even more obvious.
許多成員國的負借貸成本使得重啟財政工具的理由更加明顯。
But Europe's governments guard their ammunition more jealously than central bankers do.
但歐洲政府比央行總裁更加小心翼翼地守護著他們的彈藥。
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