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Mario Draghi’s latest bid to revive the eurozone economy by extending unprecedented monetary easing yesterday failed to impress markets that had bet on even more.
馬里奧德拉吉(Mario Draghi)通過延長空前的貨幣寬鬆來重振歐元區經濟的最新努力，昨日未能打動此前押注更大政策力度的市場。
The European Central Bank pledged to continue its 60bn-a-month bond buying programme for another six months until March 2017 “or beyond”. Policymakers also cut a key interest rate to a historic low of minus 0.3 per cent and agreed to buy more assets with the proceeds of its existing bond purchases.
歐洲央行(ECB)承諾將延長每月600億歐元的債券購買計劃6個月，至2017年3月“或者更久”。政策制定者還將關鍵利率降至-0.3%的歷史低點，並同意將現有債券購買的收益用來買入更多資產。
But these measures — supported by a decision to buy municipal bonds in addition to standard government debt — disappointed investors who had hoped for deeper rate cuts and more monthly bond purchases.
但這些措施——得到購買市政債券（而不只是標準的政府債務）的決定的支持——讓投資者失望，後者曾希望歐洲央行進行更大幅度的降息，並擴大每月債券購買規模。
The announcement prompted a sell-off in equity and bond markets and the euro climbed to a one-month high against the US dollar.
這一消息在股票和債券市場引發拋售，歐元兌美元匯率升至一個月以來最高位。
“The ECB delivered at the very low end of expectations,” said Andrew Balls, chief officer for fixed income at Pimco. “There wasn’t much to get excited about... were expecting an increase in the monthly purchase size.”
“歐洲央行宣佈的措施處於外界預期區間的最低端，”太平洋投資管理公司(Pimco)固定收益產品首席投資官安德魯貟爾斯(Andrew Balls)表示。“沒有太多讓人振奮的內容……之前市場預計每月購買規模會增加。”
Some analysts were less critical. “The decisions reflect the desire to keep some powder dry in case more stimulus is needed down the road,” said Marco Valli, economist at UniCredit. “Keeping the big bazooka for another day may not be a bad strategy. It just needed better communication. ”
還有一些分析師的批評沒有這麼尖銳。“這些決定反映了歐洲央行希望保留一些彈藥，以備下一階段需要更多刺激措施，”意大利聯合信貸銀行(UniCredit)經濟學家馬可瓦利(Marco Valli)表示。“把火箭筒留到來日可能不是糟糕戰略。歐洲央行只是需要更好的溝通。”
