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The decision could raise heckles in Germany, where the rule is seen as ensuring that the ECB's purchases do not monetise national debt.
這一決定可能會在德國引起爭議，因為該規定被視為確保ECB的購買不會將國家債務貨幣化。
The ECB is breaking more of its own rules. It is expanding the range of assets it will buy.
ECB正在打破更多自己的規則。它正在擴大它將購買的資產范圍。
The new scheme will cover Greek sovereign bonds; they had previously been deemed ineligible because of their low credit rating.
新計劃將覆蓋希臘主權債券；主權債券被認為是不合格的，因為他們的低信用評級。
And the ECB will start to buy assets with maturities of less than a year. That has a happy interaction with recent fiscal easing.
ECB將開始購買期限不到一年的資產。這與最近的財政寬松政策有著良好的互動。
On March 23rd the German government said that it would borrow 156bn euro in order to support its economy.
3月23日，德國政府宣布將借款1560億歐元以支持本國經濟。
Much of Germany's borrowing will take the form of short-term bills, says Frederik Ducrozet of Pictet, an asset manager.
資產管理公司Pictet的弗雷德里克·杜克澤特表示，德國的大部分借貸將以短期票據的形式進行。
Even with all this flexibility, there is still a question of whether the stimulus is sufficient.
即使有這些靈活性，刺激措施是否充分仍然是一個問題。
The extent of the economic damage done by the virus is slowly becoming clear.
這種病毒造成的經濟損失的程度正慢慢變得清晰起來。
On March 24th a survey of purchasing managers indicated the steepest drop in activity in its 22-year history.
3月24日，一項針對采購經理的調查顯示，經濟活動出現了其22年歷史中最大幅度的下降。
Investors' medium-term inflation expectations, as measured by the five-year forward swap rate, have fallen to 0.8%,
以五年遠期掉期利率衡量，投資者的中期通脹預期已降至0.8%，
well below the bank's target of inflation close to, but below 2%.
遠低于英國央行設定的接近但低于2%的通脹目標。
That suggests that investors think more easing is needed to ensure a healthy expansion after the epidemic ends.
這表明，投資者認為需要出臺更多的寬松政策，以確保疫情結束后經濟健康擴張。
One reason for investors' gloom may be that governments are still doing too little.
投資者悲觀的一個原因可能是政府仍然做得太少。
Even after Germany's splurge, new spending across the euro zone amounts to only 2% of GDP.
即使在德國大肆揮霍之后，整個歐元區的新支出也只占GDP的2%。
Economists at Citibank estimate that something nearer 5% is warranted.
花旗銀行的經濟學家估計，接近5%的利率是有保證的。
Leaders were set to consider whether to make cheap credit lines available to governments through the zone's bail-out fund after The Economist went to press.
本刊付印后，各國領導人將考慮是否通過歐元區援助資金向各國政府提供廉價信貸額度。
Such talks tend to become mired in arguments over what type of strings should be attached to the cash.
這類談判往往會陷入爭論之中——應該為這筆資金附加何種條件。
The pandemic means that a deal looks likelier than ever.
這場流行病意味著達成協議的可能性比以往任何時候都要大。
But central bankers are also well aware of another, less happy, link between monetary and coordinated fiscal policy.
但各國央行也很清楚，貨幣政策與協調的財政政策之間還有另一種不那么愉快的聯系。
The more the ECB does, the less governments feel they need to take action.
ECB做得越多，各國政府越覺得不需要采取行動。
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