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Italy's membership of the euro means that tackling the epidemic depends not just on ministers in Rome.
意大利的歐元區成員國身份意味著，應對這一流行病不僅取決于羅馬的部長們。
The European Central Bank (ECB) could help lenders continue to provide liquidity.
歐洲央行（ECB）可以幫助放貸機構繼續提供流動性。
As this newspaper went to press, the ECB was expected to loosen policy,
本刊付印時，歐洲央行有望放松政策，
either by cutting interest rates or offering banks cheap funding to lend to companies.
要么降息，要么向銀行提供廉價資金，以便向企業放貸。
But, with its interest rates already at -0.5%, it cannot cut rates much further.
但是，由于它的利率已經降到了-0.5%，它不能再進一步降低利率了。
By contrast, both the Federal Reserve and the Bank of England have cut rates by 0.5 percentage points.
相比之下，美聯儲和英國央行都將利率下調了0.5個百分點。
That means fiscal policy in Europe will have to do more work. But here Italy's public finances pose a complication.
這意味著歐洲的財政政策將不得不做更多的工作。但在這方面，意大利的公共財政構成了一個難題。
Government debt is already high: in 2019 it exceeded 130% of GDP.
政府債務已經很高了:在2019年政府債務超過了GDP的130%。
The extra spending means that Italy seems likely to exceed the European Commission's deficit ceiling, of 3% of GDP, this year.
額外的支出意味著意大利今年的赤字很可能超過歐盟委員會的赤字上限，即GDP的3%。
In a sign that investors are fearing for the state of Italy's finances,
最近幾周，十年期主權債券收益率上升，而德國國債的收益率則有所下降，
and perhaps nervous of a row with Brussels, yields on ten-year sovereign bonds have risen in recent weeks,
這跡象表明投資者擔心意大利的財政狀況，
while those on German bunds have fallen. But if Mr Conte does not borrow more now,
也可能是擔心與歐盟發生爭吵。賈瓦齊警告稱，如果孔特現在不借更多的款，
the consequence will be a more prolonged downturn—and therefore a higher debt-to-GDP ratio in the long term, warns Mr Giavazzi.
其后果將是更長期的經濟衰退，因此從長遠來看，債務占GDP的比例會更高。
That is perhaps why the European Commission says it will allow Italy to break its fiscal rules.
這也許就是為什么歐盟委員會說它將允許意大利打破其財政規則的原因。
The commission plans to issue new guidelines on spending next week.
委員會計劃在下周發布新的支出指導方針。
Emmanuel Macron, France's president, wants bolder action.
法國總統埃馬紐埃爾·馬克龍希望采取更大膽的行動。
He is pressing for the rules to be suspended altogether, and for member states to co-ordinate spending increases;
他正在施壓暫停所有這些規定，并要求各成員國協調支出增長；
that could shore up confidence that Europe will do what it takes to cushion the economic blow from the virus.
這可能會提振人們的信心，即歐洲將采取一切措施來緩沖病毒對經濟的沖擊。
But Mr Macron's efforts have so far come to nothing,
但馬克龍的努力到目前為止毫無成果，
because his counterparts in Germany and other northern countries prefer a wait and-see approach.
因為德國和其他北部國家的領導人們更喜歡靜觀其變。
As the epidemic spreads, though, the advantages of a decisive response will only become clearer.
然而，隨著疫情的蔓延，果斷應對的好處只會越來越明顯。
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