欧洲央行管理委员会成员法比奥·帕内塔表示，欧洲央行可能不得不进一步加息以遏制通胀。
The European Central Bank may have to deliver more increases in interest rates to contain inflation, Governing Council member Fabio Panetta said.
这位意大利央行行长周五在罗马发表讲话，就在几分钟前，数据显示该国消费者价格涨幅超出预期。他表示，通胀前景“正在恶化”，而经济仍在继续增长，尽管并非没有风险。
Speaking in Rome on Friday just minutes after data showed a bigger-than-expected spike in national consumer prices, the Bank of Italy governor said that the outlook for that “is worsening” while economies are continuing to grow, albeit not without risks.
帕内塔表示：“预计通胀将在几个季度内保持在2%以上，而核心通胀的上升可能会变得更加明显。鉴于通胀将在较长一段时间内保持在目标之上，且风险偏向上行，进一步上调政策利率可能是必要的。”知情人士周四表示，在政策制定者维持欧元区借贷成本不变后，如果通胀前景没有改善，官员们准备在12月加息。
“Inflation is expected to remain above 2% for several quarters, while the increase in core inflation could become more pronounced,” Panetta said. “With inflation set to remain above target for an extended period and risks skewed to the upside, further increases in the policy rates could prove necessary.”Officials are prepared to hike in December if the inflation outlook doesn’t improve, people familiar with the situation said on Thursday after policymakers kept euro-zone borrowing costs unchanged.
帕内塔的观点是在行长克里斯蒂娜·拉加德确认适度鹰派立场之后发表的，甚至暗示再加息一次可能仍被证明是不够的。由于通胀几乎是欧洲央行2%目标的两倍，政策制定者希望防止能源冲击嵌入经济。
Panetta’s perspective, following President Christine Lagarde’s affirmation of a measured hawkish stance, even suggests that one more rate increase might as yet prove insufficient. With inflation almost double the ECB’s 2% target, policymakers want to prevent the energy shock from becoming embedded in the economy.
周五早些时候公布的欧洲央行调查显示，专业预测者的通胀预期在第四季度大幅上升，2026年达到3%，明年达到2.6%。然而，对长期价格的预期稳定在2%。
An ECB survey published earlier Friday revealed that inflation expectations among professional forecasters rose sharply in the fourth quarter, to 3% in 2026 and 2.6% next year. Expectations for prices in the longer term, however, remained steady at 2%.
在意大利，10月份通胀率飙升至5.6%，远高于经济学家预测的4.6%中值。
In Italy, inflation surged to 5.6% in October, far more than the 4.6% median forecast of economists.
这位意大利央行行长被广泛认为是较为鸽派的政策制定者之一，他确实警告称，背景条件可能仍会缓和局势。
The Italian governor, who is widely seen to be one of the more dovish policymakers, did caution that background conditions might still temper the situation.
帕内塔表示：“长期收益率的上升主要由全球性因素导致，正在使金融环境趋紧。在逐步校准货币政策时也必须考虑到这一点。”帕内塔在讲话中还指出，人工智能热潮虽然有利于欧洲及其他地区的经济扩张，但也可能出问题。
“The rise in long-term yields, mainly due to global factors, is making financial conditions tighter,” Panetta said. “This must also be considered when gradually calibrating monetary policy.”In his speech, Panetta also noted that the artificial intelligence boom, while beneficial to economic expansion both in Europe an elsewhere, could yet go awry.
他说：“这一增长引擎同时也是一个重大风险来源。近期科技公司股价的回调表明，市场对人工智能投资盈利能力的预期可以多么迅速地发生变化。缩减这些预期可能会对全球经济产生连锁反应。”这位行长还强调了债券收益率上升对增长构成的风险，并指出日本的事态尤其值得关注。
“This engine of growth is also a significant source of risk,” he said. “Recent corrections in the equity prices of tech companies show just how rapidly expectations about the profitability of investment in AI can change. Scaling them back could have ripple effects across the global economy.”The governor highlighted the risk to growth too from rising bond yields, and noted how events in Japan in particular are worth watching.
他说：“日元计价证券收益率的急剧上升以及汇率可能升值，可能促使日本投资者将资本汇回国内，从而减少对外国证券的需求，并进一步推高全球利率。”
“The sharp increase in yields on yen-denominated securities and the potential appreciation of the exchange rate could encourage Japanese investors to repatriate capital, reducing demand for foreign securities and pushing global rates further upwards,” he said.
帕内塔在罗马向意大利银行基金会和储蓄银行协会发表了讲话。他的讲话很大一部分聚焦于储蓄，并重申了他对区域一体化的呼吁。
Panetta delivered his speech to the Italian Association of Banking Foundations and Savings Banks in Rome. He focused much of his remarks on savings, and reiterated his call for regional integration.
他说：“现在是兑现欧洲长期承诺、建设真正一体化资本市场的时候了。”
“The time has come to deliver on the long-standing European commitment to building a truly integrated capital market,” he said.