Quantitative easing

量化宽松

Central banks will be a major topic of conversation in the meeting rooms, coffee shops and bars of Davos this week, as monetary policy in Europe and the US continues to diverge and inflation falls across the global economy.

欧洲和美国继续采用相悖的货币政策，而全球通货膨胀率持续下降。在这种背景下，央行政策将会成为本周达沃斯论坛的一个重要话题，无论是在会议上被正式提起，还是在咖啡馆和酒吧的闲聊间被谈及。

The shock abolition of Switzerland’s currency gap last week has left many financial firms nursing losses, and reminded us all that 2015 could be a turbulent year in the markets. Thomas Jordan, the Swiss central bank chief who sparked the turmoil, can expect a lively reception. At least seven other central bank chiefs are also attending, including the Bank of England governor, Mark Carney.

近日，瑞士央行出乎意料地宣布取消瑞士法郎挂钩欧元的汇率下限，使得许多金融公司蒙受了巨大的损失。这告诉我们，2015年将会是市场动荡的一年。瑞士央行行长托马斯·乔丹的出现很可能会引起现场巨大的反响，因为正是他的决定引发了这一场混乱。至少有七位其他央行行长将会出席此次年会，其中包括英格兰银行主席马克·卡尼。

The European Central Bank (ECB) president Mario Draghiisn’t attending this year. He will be stuck in Frankfurt handling the ECB’s meeting on Thursday, where a big quantitative easing (QE) programme could be announced.

欧洲中央银行行长马里奥·德拉吉将不会出席本次年会。他将于周四主持欧洲央行的货币政策会议，并可能在会后召开的新闻发布会上公布量化宽松政策的路线图。

Earlier that day a debate will take place on the prospect of higher interest rates in the US. Delegates from emerging markets will be pushing American officials to handle the ending of the QE programme responsibly, after seeing “hot money” pour into their economies. They don’t want a repeat of the currency crisis that struck Argentina during last year’s meeting.

当天，在会议开始之前，欧洲央行会举行一次辩论会，主题是美国利率能否有望上升。来自新兴市场国家的代表们将会向美国政府施压，迫使它承担责任，在“热钱”进入美国市场后谨慎停止量化宽松政策。去年会议召开期间，阿根廷受到了一场货币危机的重创。而新兴国家的代表们希望这一事件不再重演。