On monetary policy, the European Central Bank’s forward guidance – the commitment to keep interest rates at a low level for a long time – is too little too late and has not prevented a rise in short- and long-term borrowing costs, which could stifle the eurozone’s already-anemic economic recovery. Whether the ECB will ease policy more aggressively is also uncertain.
在货币政策方面，欧洲央行的前瞻性指引——在长期内保持低利率水平的承诺——来得太晚，力度也太小，没能阻止短期和长期借贷成本升高，而这可能扼杀原本就十分孱弱的欧元区经济复苏。欧洲央行是否会更积极地放松政策也是个不确定因素。