Finance and Economics；German macroprudential reforms；Beware Teutonic caution；
财经； 德国宏观审慎监管改革；当心条顿的警示；

The Bundesbank should not exert its new clout too zealously；
德国央行不应如此热情的展现其新的影响力；

The European Central Bank (ECB) decided a year ago to hold this week’s monetary-policy meeting in Barcelona, but the timing turned out to be perfect. Spain is in the crosshairs of the markets, not least because of budgetary overruns by regional governments such as Catalonia’s. And the contrasting economic fortunes of beaten-up Spain, where the jobless rate has reached 24%, and resilient Germany, where it is below 6%, exemplify the difficulty of finding the right monetary policy in a currency union of 17 members.
一年前，欧洲央行便以决定这周在巴塞罗那举行货币政策会议，且时机证明是相当成熟。西班牙现是市场的交叉点，至少不是因为类似于加泰罗尼亚地方政府的预算超支。而与之形成鲜明对比的是遭受重创的西班牙经济时运，其失业率已达24%，恢复力强的德国经济也不到6%,也反映出在货币联盟的十七个成员国中很难找到合适的货币政策。

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