The continent's central bankers have sent mixed messages about when qt will arrive.

关于 qt 何时到来，欧洲大陆的央行行长发出了不同的信息。

And qt is particularly difficult for the ecb.

而且qt对ecb来说特别难。

Five days later, Joachim Nagel of the Bundesbank said that Germany expected qt in early 2023.

五天后，德国央行的 Joachim Nagel 表示，德国预计 qt 将于 2023 年初实现。

In parts of Europe's financial system, qt looks increasingly urgent.

在欧洲的部分金融体系中，qt 看起来越来越紧迫。

Experiments with qt have gone wrong in the past, as in 2019 when the Fed roiled the Treasury market.

qt 的实验过去曾出错，就像 2019 年美联储扰乱国债市场一样。

Rapid qt would release short-term German bunds from its balance-sheet, ease Europe's shortage of collateral and placate inflation hawks.

快速量化宽松将从其资产负债表中释放短期德国国债，缓解欧洲抵押品短缺问题并安抚通胀鹰派。

But in Europe, where officials have flirted with qt for months, the European Central Bank (ecb) is yet to let go of a single bond.

但在欧洲，官员们几个月来一直在与 qt 调情，欧洲中央银行 (ecb) 尚未放弃单一债券。