The ECB faces an unenviable dilemma.

欧洲央行面临着危险的两难境地。

Mario and the ECB helped stabilize the European economy.

马里奥和欧洲央行帮助欧洲稳定了济。

The ECB gets into bond spread management.

欧洲央行开始进行债券差管理。

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。

The ECB has now hiked rates three times since July.

自 7 月以来，欧洲央行已三加息。

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

政策对济体的帮助有偏颇，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日的下一会议上提高率。

Why would the ECB consider pausing interest rates at this point?

为什么欧洲央行会考虑在此时率呢？

The ECB had suspended this requirement during the pandemic, but that reprieve has now ended.

欧洲央行在疫情期间曾这一要求，但这一缓和措施现在已结束。

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。

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率将于3月16日正式生效。

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。

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

多亏欧洲央行，长期债券率已跌回危机前的水平。

That's because the ECB has been struggling to boost prices.

那是因为欧洲央行一直在努力提高价格。

The European Central Bank, or ECB, cut all three of its main interest rates.

欧洲中央银行（ECB）宣布三大主要率全线下调。

Right now, the ECB's key deposit rate is at half per cent below zero.

目前，欧洲央行的主要存款率一直是负百分之零点五。

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率。

Higher interest rates have also started to affect the European economy, as intended by the ECB's policymakers.

正如欧洲央行政策制定者所希望的那样，更高的率也开始影响欧洲济。