The ECB faces an unenviable dilemma.

欧洲央面临着危险的两难境地。

Mario and the ECB helped stabilize the European economy.

马里奥和欧洲央帮助欧洲稳定了经济。

The ECB gets into bond spread management.

欧洲央开始券利差管理。

The problem is that the ECB risks crashing the plane.

问题是这样的话欧洲央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，欧洲央已经三加息。

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

政策对经济体的帮助有偏颇，欧洲央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.

欧洲央额利率是0.75%，公司借约3.5%。

The ECB is expected to lift rates at its next meeting on September 8th.

预计欧洲央将在9月8日的下一会议上提高利率。

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

为什么欧洲央会考虑在此时暂停利率呢？

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

欧洲央在疫情期间曾暂停这一求，但这一缓和措施现在已经结束。

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欧洲央可以购买的这类券。

But the return of inflation to the ECB's 2% target remains some way off.

但想通胀率重返欧洲央制定的2%的目标，仍有一段路走。

The ECB's cuts to three main interest rates it controls take effect on March 16.

欧洲央下调的三大主利率将于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，长期券利率已经跌回危机前的水平。

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（ECB）宣布三大主利率全线下调。

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

目前，欧洲央的主存利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贷利率。

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

正如欧洲央政策制定者所希望的那样，更高的利率也开始影响欧洲经济。