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西方决策者就何时终止经济刺激产生分歧

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Stark divisions are emerging among economic policymakers about how quickly governments and central banks should withdraw emergency support measures, with Dominique Strauss-Kahn, the managing director of International Monetary Fund, warning yesterday about the risks of early exit.
随着国际货币基金组织(IMF)总裁多米尼克•斯特劳斯-卡恩(Dominique Strauss-Kahn)昨日对过早终止经济刺激的风险提出警告,在各国政府和央行应该多快撤销紧急支持措施的问题上,经济政策制定者之间的分歧趋于明显。

In a speech in London, Mr Strauss-Kahn said the global economy stood at the cusp of recovery but remained highly vulnerable to shocks and policy mis-steps. Economic stimulus programmes should not be stopped too soon.
卡恩在伦敦的一次演讲中表示,全球经济处于复苏前夕,但仍非常容易受到冲击和政策失误的影响,不应过早终止经济刺激方案。

Mr Strauss-Kahn stressed the importance of waiting for a sustained recovery in demand, as well as clear indications of financial stability, before accommodative measures were withdrawn. “It is too early for a general exit. We recommend erring on the side of caution, as exiting too early is costlier than exiting too late,” he said.
卡恩强调了在撤销宽松措施前,等待需求持续复苏和金融稳定明确迹象的重要性。他表示:“全面退出为时尚早。我们的建议是谨慎为上,因为过早退出比过迟退出的代价更大。”

Mr Strauss-Kahn's stance contrasted with warnings from the European Central Bank that delays in unwinding exceptional measures taken to combat the economic crisis could backfire.
卡恩的立场与欧洲央行(ECB)的警告形成对比。欧央行称,拖延撤销为应对经济危机而采取的不寻常措施,可能会产生事与愿违的后果。

On Friday, Lorenzo Bini Smaghi, an ECB executive board member, said history showed that the late implementation of “exit strategies” could cause future crises.
欧央行执委会委员洛伦佐•比尼•斯马吉(Lorenzo Bini Smaghi)上周五表示,历史表明,过迟实施“退出战略”,可能导致未来的危机。

“In my view, the ‘err on the side of being late' paradigm is potentially as dangerous as the ‘productivity growth' paradigm of the late 1990s and the ‘fear of deflation' paradigm of the early 2000s, which led some advanced economies to implement policy stimuli for too long, sowing the seeds of the subsequent crisis,” Mr Bini Smaghi said in Paris.
斯马吉在巴黎表示:“在我看来,‘宁迟勿早'理念可能与上世纪90年代末的‘生产率增长'理念,以及本十年初期的‘通缩担忧'理念一样危险。它们导致某些发达经济体过久实施政策刺激,为以后的危机播下种子。”

Speaking in Madrid yesterday, Jean-Claude Trichet, ECB president, said the threats to public finances posed by stimulus packages meant there was “an increasingly pressing need for ambitious and realistic fiscal exit strategies and for fiscal consolidation”.
欧央行行长让-克劳德•特里谢(Jean-Claude Trichet)昨日在马德里表示,经济刺激方案对公共财政构成的威胁意味着,“就出台雄心勃勃而又现实的财政退出战略以及财政巩固而言,必要性日益紧迫”。

Mr Trichet said it was “still premature to declare the financial crisis over. But when the appropriate time comes, there should be no concern about the ECB's determination and ability to exit.” ECB measures to provide extra liquidity to eurozone banks would be phased out in a “timely and gradual” fashion “to counter effectively any threat to price stability over the medium to longer term”.
特里谢表示,“宣布金融危机结束仍为时尚早,但一旦时机合适,人们无需担忧欧央行退出的决心与能力”。欧央行将“及时而逐步”取消为欧元区银行提供额外流动性的措施,“以有效反制中长期价格稳定所面临的任何威胁”。

Mr. Strauss-Kahn said the old paradigm of growth based on US household demand was dead and the surplus countries needed to step into the breach. “China and other emerging Asian economies are shifting from exports to domestic demand. But they have some way to go.”
卡恩表示,依赖美国家庭需求的旧增长范式已经过时,盈余国家需要填补需求空缺。“中国和其它亚洲新兴经济体正从出口导向的经济增长转向国内需求。但它们还有很长一段路要走。”

标签:决策者 分歧
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2009-11-24 16:55 编辑:kuaileyingyu
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