威廉·霍罗宾报道 欧洲央行管委会成员、法国央行行长埃马纽埃尔·穆兰周三在法国国际广播电台表示，法国债券市场的局势复杂且严峻，但不足以引发法兰克福总部的干预。
Central Bank Governing Council member Emmanuel Moulin said the situation on France’s bond market is complicated and serious, but doesn’t warrant intervention from Frankfurt.
“欧洲央行的职责不是处理各国的财政问题，而是对抗通胀，使通胀率维持在2%左右，”穆兰说。“因此，目前不具备欧洲央行干预的条件。” 近日，随着市场担忧少数派政府能否兑现削减开支和增税承诺，将明年赤字从2026年的5.4%降至经济产出的5%，法国遭遇债券市场抛售潮。
“The ECB is not there to deal with the fiscal problems of countries — it is there to fight inflation and have inflation around 2%,” the Bank of France Governor said on Wednesday on France Inter radio. “So the conditions are not met today for an intervention from the ECB.”France has been hit by a rout on bond markets in recent days as concerns mount over whether the minority government can deliver the spending cuts and tax increases to bring down the deficit to 5% of economic output next year from 5.4% in 2026.
周二，法国债券反弹，这是欧洲政府债券市场普遍上涨的一部分。10年期法国国债与德国国债的收益率利差约为127个基点，低于近期接近160个基点的峰值，抛售开始吸引投资者回归。
French bonds rallied on Tuesday, part of broader gains across the European government bond market. The 10-year yield spread over German bonds was around 127 basis points, down from a recent peak near 160 as the selloff starts to tempt investors back.
穆兰表示：“局势很严峻，但我们可以通过投票通过预算、承诺赤字不超过5%来采取行动。” 投资者还担忧法国长期债务前景，尤其是在5月大选前夕。法国央行已卷入竞选漩涡，候选人承诺采取侵犯央行独立性的措施。
“The situation is serious,” Moulin said. “But we can take action by voting a budget and committing to not having a deficit above 5%.”Investors are also concerned over France’s longer-term debt outlook ahead of presidential elections in May. The country’s central bank has become embroiled in campaigning as candidates pledge measures that would infringe independence.
极左翼激进政治家让-吕克·梅朗雄提出取消或冻结法兰克福欧洲央行和法国央行持有的债务，主导了早期经济政策辩论。与此同时，民调领跑的极右翼领袖玛丽娜·勒庞表示，欧洲央行必须干预以减轻利息负担。
Far-left firebrand Jean-Luc Mélenchon’s proposal to cancel or freeze debts held by the Frankfurt-based ECB and Bank of France has dominated early debates on economic policy. Meanwhile far-right leader Marine Le Pen, who is leading the polls, has said the ECB must intervene to ease the burden of interest.
上个月，法国央行罕见地发表声明，否认在梅朗雄政党批评后出售债务持仓。争端不断升级，梅朗雄在X平台发文称，若他在2027年获胜，将以鼓励针对法国的投机行为为由，指控穆兰犯有叛国罪。穆兰周三表示，如果梅朗雄当选，他不会辞职。
Last month, the Bank of France took the unusual step of issuing a statement to deny it sold debt holdings following criticism from Mélenchon’s party. The spat has escalated, with the far-left politician saying in a post on X that if he wins in 2027 he would charge Moulin with treason for encouraging speculation against France. Moulin said on Wednesday he wouldn’t resign if Mélenchon were elected.
“到目前为止，我只知道有一个国家的人试图恐吓中央银行家，那就是特朗普领导的美国，当时杰罗姆·鲍威尔就是那个受到恐吓的中央银行家，”穆兰说，“我拒绝被吓倒。我将继续在职责范围内说出自己的想法，并捍卫我所领导的这个机构。”
“Until now, I only knew of one country where people tried to intimidate a central banker, and that’s Trump’s America with Jerome Powell,” Moulin said. “I refuse to be intimidated. I will continue to say what I think within the framework of my mandate, and to defend the institution that I preside.”