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On October 2nd Jens Weidmann, the Bundesbank's hawkish head,
12月2日，德國中央銀行鷹派行長延斯·魏德曼
said he would oppose any effort to lift caps on bond-buying which the ECB will probably eventually hit.
表示他將反對任何旨在提高債券購買上限的努力，而歐洲央行很可能最終會觸及這一上限。
For his part Mr Draghi fears that airing dirty laundry damages the bank's credibility.
就德拉吉而言，他擔心公開丑事會損害歐洲央行的信譽。
Mr Draghi has consistently urged governments with fiscal space to relieve the pressure on the ECB by spending more.
德拉吉一直敦促擁有財政空間的政府通過增加支出來緩解歐洲央行的壓力。
In Germany public debt is low, borrowing costs are negative, investment needs are acute and recession appears imminent.
德國的公共債務較低，借貸成本為負，投資需求迫切，經濟衰退似乎迫在眉睫。
Yet the coalition clings to its "black zero" principle of no net borrowing.
但聯合政府堅持借款凈額的“黑零”原則。
A serious downturn would probably inspire some sort of stimulus, but it could come too late.
嚴重的經濟衰退可能會激發某種刺激，但可能為時已晚。
Henrik Enderlein of the Hertie School of Governance in Berlin
柏林赫爾梯行政學院的亨里克·恩德萊恩
fears that the ECB's stimulus gives Germany's politicians an excuse not to act.
害怕ECB的刺激會給德國政治家不作為的借口。
"It gives governments a signal that we are there to rescue you," he says.
“這給了政府一個信號—我們在那里拯救你，”他表示。
But Frederik Ducrozet, an ECB-watcher at Pictet Wealth Management, notes that lower interest payments make it easier to loosen fiscal policy.
但是百達資產管理的ECB觀察家Frederik Ducrozet注意到較低的利息支付使財政政策更容易放松。
The Bundesbank reckons low rates saved the German state 368bn euros ($402bn) in the decade to 2018.
德國中央銀行估計，在截至2018年的10年里，低利率為德國政府節省了3680億歐元（合4020億美元）。
Later this month the German finance ministry must name a replacement for Sabine Lautenschlager,
本月末，德國財政部長必須指定人選接替Sabine Lautenschlager
a monetary hawk who unexpectedly resigned from the ECB's executive board in September.
一位貨幣鷹派人士在9月出人意料地從歐洲央行執行委員會辭職。
One favourite is Isabel Schnabel, a member of Germany's advisory Council of Economic Experts.
最受歡迎的是伊莎貝爾·施納貝爾，德國經濟專家咨詢委員會的成員。
She has criticised the shrill tone of the country's monetary-policy debate.
她曾批評德國貨幣政策辯論的尖銳論調。
Such a choice would signal the German government's desire to cool the temperature.
這樣的一個選擇將表明德國政府想要降溫的愿望。
Christine Lagarde, who replaces Mr Draghi on November 1st, would surely be grateful;
即將在11月1日接替德拉吉的克里斯蒂娜·拉加德一定會很感激的；
three days after that, she gives her first speech as ECB president—in Berlin, at an event to honour Mr Sch?uble.
三天后，她將在柏林舉行的紀念朔伊布勒的活動中，發表就任歐洲央行行長以來的首次演講。
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