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Emerging markets have long resented quantitative easing (QE).
新興市場長期以來都很討厭量化寬松政策（QE）。
When America's Federal Reserve began its third round of asset purchases in 2012,
2012年，當美聯儲開始第三輪資產購買計劃時，
Guido Mantega, then Brazil's finance minister, accused it of starting a "currency war".
時任巴西財政部長吉多·曼特加指責美國發動了一場“貨幣戰爭”。
In 2013 Raghuram Rajan, then the chief economic adviser to India's government, expressed his displeasure in the manner of Winston Churchill:
2013年，時任印度政府首席經濟顧問的拉格拉姆·拉揚以溫斯頓·丘吉爾的口吻表達了他的不滿：
"Never in the field of economic policy has so much been spent, with so little evidence, by so few."
“在經濟政策領域，這么少的人，依據這么少的證據，投放如此多的資金，這是從未有過的情況。”
In response to the covid-19 pandemic, much is being spent again. But not by so few.
為應對covid-19疫情，大量的資金再次被投入，但是這么做的人不少。
The central banks of America, the euro area, Britain and Japan are set to buy $6trn worth of assets between them this year, according to Fitch, a rating agency,
根據評級機構Fitch，美國、歐元區、英國和日本的央行今年將購買價值6萬億美元的資產，
three times what they bought in 2013, the previous peak. And emerging markets are no longer grumbling on the sidelines.
是2013年峰值時的三倍。并且新興市場也不再是旁觀者。
Monetary authorities in Chile, Colombia, Costa Rica, Croatia, Hungary, Indonesia, Poland, Romania,
智利、哥倫比亞、哥斯達黎加、克羅地亞、匈牙利、印度尼西亞、波蘭、羅馬尼亞、
South Africa and Turkey have prepared or begun purchases of bonds of various kinds.
南非和土耳其都已經準備或開始購買各種債券。
Still more are contemplating it. Even in Brazil, congress has passed what it calls the "war budget" law,
還有更多國家仍在觀望。即使是在巴西，國會已經通過了所謂的“戰爭預算”法，
amending the constitution to give the central bank more freedom to buy government bonds and other assets during this crisis.
修改了憲法，賦予中央銀行更多的自由，能夠在危機期間購買政府債券和其他資產。
The scale of emerging-market purchases is small so far in comparison with the Churchillian appetites of central banks in the rich world.
到目前為止，和發達國家央行的丘吉爾作風相比，新興市場購買的規模較小。
Bank Indonesia, which already owns about 15% of tradable government bonds, may end up adding significantly to its holdings.
印尼銀行已經持有約15%的可交易政府債券，最終可能會大幅增持。
The National Bank of Poland could end up owning bonds worth about 8.7% of GDP, according to UBS, a bank,
根據UBS銀行，如果波蘭央行買入該國經濟刺激計劃所需的全部額外債務，
if it buys all of the additional debt required to finance the country's stimulus plan.
那么該行最終可能會持有相當于GDP約8.7%的債券。
But no other central bank is poised to buy bonds worth more than 5% of GDP, UBS calculates.
但是據UBS銀行的計算，沒有其他央行會隨時準備著買入超過GDP 5%的債券。
By comparison, the Federal Reserve already held Treasuries equivalent to about 10% of GDP at the start of 2020,
相比之下，在2020年年初，美聯儲已經持有相當于GDP10%的國債，
and is expected to roughly double that percentage over the course of the year.
且預計今年這一比例將增長一倍左右。
Critics nonetheless worry that QE is both more dangerous and less necessary in emerging markets than it is elsewhere.
盡管如此，批評者仍擔心，與其它地區相比，QE在新興市場更危險，也更沒有必要。
It imperils the hard-won independence of monetary authorities that have struggled in the past to keep their distance from big-spending politicians.
這將危及金融當局來之不易的獨立性。過去，金融當局一直掙扎著與開銷過度的政客保持距離。
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