根据欧洲央行理事会成员普里莫兹·多伦茨的说法，金融状况的收紧可能会限制欧洲央行货币政策行动的必要性。
A tightening in financial conditions may limit the need for European Central Bank monetary policy action, according to Governing Council member Primoz Dolenc.
“我们看到市场出现了相当程度的重新定价，”多伦茨在曼谷接受彭博电视台采访时表示，他正在那里参加国际货币基金组织的年度会议。“如果金融市场出现收紧，那么也许我们不必像否则那样采取那么多行动。”在两次加息之后，政策制定者正在争论利率还需要上升多少才能将接近4%的通胀率恢复到目标水平。9月份的价格压力被证明比预期更强，而经济则比人们之前认为的更具韧性。
“We’ve seen quite a bit of repricing in the markets,” Dolenc told Bloomberg Television in Bangkok, where he’s attending the International Monetary Fund’s annual meetings. “If the there is a tightening on the financial market, then maybe we don’t have to do as much as we would otherwise.”After two hikes, policymakers are debating how much further interest rates will have to rise to return an inflation rate approaching 4% back to their target. Price pressures turned out stronger than expected in September, while the economy has proven more resilient than thought.
经济学家预计将在12月采取最后一步行动，这将使存款利率达到2.75%——一些人估计这一水平将开始抑制经济活动。
Economists are anticipating a final move in December, which would take the deposit rate to 2.75% — a level estimated by some to start restraining economic activity.
被问及这一前景时，多伦茨表示，欧洲央行“正在接近限制性区域——可能我们还没有达到那里，但我们正处于边界上。”理事会成员皮埃尔·温希和格迪米纳斯·西姆库斯——分别来自比利时和立陶宛——在各自接受彭博采访时，均强调了最新的通胀数据，认为可能还需要进一步收紧。虽然12月的行动将基于更多数据，但西姆库斯表示，本月采取行动也不能被排除。
Asked about that prospect, Dolenc said that the ECB is “approaching the restrictive area — probably we are still not there, but we are on the limits.”Governing Council members Pierre Wunsch and Gediminas Simkus — from Belgium and Lithuania, respectively — both highlighted the latest inflation data when arguing in separate Bloomberg interviews that more tightening will probably be needed. While a move in December would be based on more data, action this month can’t be excluded, the latter said.
“我们目前的情况是，第二轮效应尚未显现或尚未可见，”多伦茨说道，呼应了本周早些时候西姆库斯和欧洲央行总裁克里斯蒂娜·拉加德的类似言论。
“We have the situation that second-round effects are not visible or not visible yet,” Dolenc said, echoing similar comments from Simkus and ECB President Christine Lagarde earlier this week.
任何决定都将受到投资者对法国及其他欧元区21国中高度负债成员国财政状况担忧的复杂影响。该国近期主导了债券市场抛售，导致10年期收益率升至近四分之一世纪未见的高点。
Any decision will be complicated by investor concerns about the fiscal situation in France and other highly indebted members of the 21-nation euro zone. The country led a recent bond-market selloff that propelled the 10-year yield to highs not seen in almost a quarter century.
法国央行行长埃马纽埃尔·穆兰认为，主权借贷成本上升正在对金融状况造成压力，可能抑制需求 — — 以及通胀。
Bank of France Governor Emmanuel Moulin argued that higher sovereign borrowing costs are putting pressure on financial conditions, potentially damping demand — as well as inflation.
与此同时，经济学家和投资者正在猜测，市场情况需要恶化到何种程度，欧洲央行才会愿意介入。
Meantime, economists and investors are speculating how much worse the market situation needs to get before the ECB would be willing to step in.
“我们的工具箱里有不同的货币政策措施，甚至包括TPI，”多伦茨说。“如果条件具备，这些措施将会被使用，或者在必要时会被使用。目前很难猜测何时、如何以及为何会使用不同种类的工具。”作为法国人的拉加德将球踢到了法国总统埃马纽埃尔·马克龙政府这边，鼓励政客们致力于减少已经膨胀至欧洲规则允许上限近两倍的赤字。但她最近也对一群财政部长表示，如果有必要，欧洲央行拥有应对这种情况的工具。
“We have different monetary policy measures in our toolkit, even TPI,” Dolenc said. “They will be used or they would be used if necessary if the conditions are met. It’s really difficult to speculate right now when, how, and why different kind of tools will be used.”Lagarde, a Frenchwoman herself, put the ball in the court of President Emmanuel Macron’s government, encouraging politicians to work on reducing a deficit that’s spiraled to nearly twice the ceiling allowed by European rules. But she also told a group of finance ministers recently that the ECB has the instruments to deal with the situation if needed.
欧洲、美国及其他地区发达经济体政府借贷成本上升，是全球金融官员在曼谷聚会时的一个主要议题。国际货币基金组织总裁克里斯塔利娜·格奥尔基耶娃上周呼吁政策制定者采取紧急行动，以减少高债务和预算赤字。
Rising government borrowing costs across developed economies in Europe, America and elsewhere are a major theme at the Bangkok gathering of global finance officials. IMF chief Kristalina Georgieva called on policymakers last week to take urgent action to reduce high debts and budget deficits.