Mario and the ECB helped stabilize the European economy.

马里奥和欧洲央行帮助欧洲稳定了经济。

The ECB faces an unenviable dilemma.

欧洲央行面临着危险的两难境地。

The ECB has now hiked rates three times since July.

自 7 月以来，欧洲央行已经三次加息。

The ECB is wary of policies that help one economy more than others.

政策对经济体的帮助有偏颇，欧洲央行对于这种情况很谨慎。

The ECB rate has been 0.75%; firms have been paying around 3.5% to borrow.

欧洲央行额利率是0.75%，公司借款要付约3.5%。

The ECB is expected to lift rates at its next meeting on September 8th.

预计欧洲央行将在9月8日的下一次会议上提高利率。

The poor GDP figures will intensify pressure on the ECB to do more.

低靡的GDP数据将迫使欧洲央行采取更多的措施。

But there is no one European government that issues bonds for the ECB to buy.

但是欧洲政府并没有发行欧洲央行可以购买的这类债券。

But the return of inflation to the ECB's 2% target remains some way off.

但要想通胀率重返欧洲央行制定的2%的目标，仍有一段路要走。

There are mechanisms for the ECB to try to lower bank-lending rates in the periphery.

ECB中存在相关机制，可以试着降低边缘国家的银行贷款利率。

The problem is that the ECB risks crashing the plane.

问题是这样的话欧洲央行面临着让飞机坠毁的风险。

At the ECB, a moderate like Finland's Olli Rehn would be better than Mr Weidmann.

在欧洲央行，像芬兰的奥利·雷恩这样的温和派会比魏德曼做得更好。

The ECB's cuts to three main interest rates it controls take effect on March 16.

欧洲央行下调的三大主要利率将于3月16日正式生效。

Projections of the ecb's policy rate at the end of the year have barely changed.

人们对欧洲央行年底政策利率的预测几乎没有改变。

And so the ECB feels it needs to be hawkish and raise interest rates.

因此，欧洲央行认为它需要采取鹰派立场，提高利率。

If it does decide to loosen policy, the ECB will not find it easy to extend quantitative-easing.

如果ECB确要决定放松政策，那么它将发现扩展量化宽松并不容易。

That would mean helping some countries more than others, something that makes the ECB uneasy.

如此一来，部分国家得到的帮助会多一些，如果出现这种情况，ECB会十分担忧。

In fact, the ECB and a couple of other European central banks are trying negative interest rates.

实际上，欧洲央行和其他欧洲的中央银行正试图将利率下调至负利率。

Thanks to the ECB, long-term bond yields have fallen back to pre-crisis levels.

多亏欧洲央行，长期债券利率已经跌回危机前的水平。

The Italian prime minister Mario Monti welcomed the ECB's announcement as an important step forward. Allan Jonstan reports.

意大利总理马里奥·蒙蒂对欧洲央行的宣布表示欢迎，称这是向前进的一大步。Allan Jonstan报道。