Mario Draghi has warned central banks to beware of the risk that aggressive monetary easing, including mass bond buying, could lead to financial instability and worsen income inequality.
马里奥•德拉吉(Mario Draghi)警告欧洲各国央行，大规模债券购买等激进货币宽松措施可能引发金融不稳定，加剧收入不平等。
The European Central Bank president said the apparent success of policies such as the ECB’s landmark 1.1tn quantitative easing package should not “blind” policy makers to the potential consequences of their actions on risk-taking in financial markets and in exacerbating wealth disparities.
欧洲央行(ECB)行长表示，欧洲央行具有里程碑意义的1.1万亿欧元一揽子量化宽松计划等政策取得的明显成效，不应使政策制定者变得“盲目”，无视其行动对金融市场冒险行为和加剧贫富差距的潜在后果。
“Because the use of these new instruments can have different consequences than conventional monetary policy, in particular with respect to the distribution of wealth and the allocation of resources, it has become more important that those consequences are identified, weighed and where necessary mitigated,” Mr Draghi said at the International Monetary Fund in Washington.
“由于使用这些新手段可能带来与常规货币政策不同的后果，尤其是在财富分配和资源配置方面，确定、权衡并在必要时缓解这些后果变得更为重要，”德拉吉在位于华盛顿的国际货币基金组织(IMF)表示。
Central banks have faced criticism that their response to the financial crisis is stoking asset-price bubbles and increasing inequality. But this was the first time Mr Draghi has spoken in depth of concerns about aggressive action by central banks. He defended the decision to launch QE and other easing measures unleashed over the past year and claimed there was little to suggest imbalances in the financial system had already emerged. He also noted that all monetary policies had effects on wealth distribution and inaction by the ECB would have penalised young people.
外界批评各国央行对金融危机的回应加剧了资产价格泡沫和不平等。但德拉吉深入表达对央行激进措施的担忧尚属首次。他为启动量化宽松的决定和过去一年推行的其他宽松措施辩护，称当初没有什么证据表明金融体系出现失衡。他还指出，所有货币政策都会影响财富分配，而欧洲央行如果不作为，只会使年轻人遭受损失。
Mr Draghi argued that while the impact of QE on asset prices and economic confidence had been substantial, what ultimately mattered was what happened to investment, consumption and inflation in the eurozone.
德拉吉主张，尽管量化宽松对资产价格和经济信心影响较大，但最终重要的是欧元区的投资、消费和通胀走势如何。
In an attempt to play down talk that the ECB could slow the pace of its 60bn per month asset purchase plan before the planned cut-off point of September 2016, he said: “We will implement in full our purchase programme as announced and, in any case, until we see a sustained adjustment in the path of inflation.”
有传言称，欧洲央行将在2016年9月的预定结束时间之前放慢每月投入600亿欧元进行资产购买的步调。德拉吉淡化了这种可能性，称：“我们将像之前宣布的那样全盘执行购买计划，再说无论如何我们都得先看到通胀走势出现持续的调整。”
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