Eurozone leaders in push for fiscal crackdown amid debt fight
德法意領導人承諾加強財政治理
The leaders of Germany, France and Italy, the eurozone’s three biggest powers, made tougher fiscal governance a top priority in their battle to stem the sovereign debt crisis but offered no immediate concessions to calls for intervention by the European Central Bank.
歐元區三大經濟體德國、法國和意大利的領導人把加強財政治理作為遏制主權債務危機努力中的第一要務，但沒有立即對要求歐洲央行乾預的呼聲作出妥協。
Their emphasis on structural change to stabilise economic performance left markets unimpressed. The euro fell from $1.338 against the dollar at the start of the leaders’ press conference to a low of $1.332, while stock markets across Europe gave up earlier gains.
他們強調要推動結構改革，以穩定經濟形勢，但市場沒有被這些言論打動。歐元對美元匯率從三位首腦剛召開新聞發布
會之時的1歐元兌1.338美元跌至1歐元兌1.332美元，歐洲各地股市回吐之前漲幅。
German chancellor Angela Merkel and Mario Monti, the new Italian prime minister, spoke of creating a “fiscal union” to drive economic integration and enforce budgetary discipline. Ms Merkel made clear that she wanted ambitious steps enshrined in treaty before contemplating the issuance of commonly backed eurobonds, any early discussion of which she has dismissed as “inappropriate” in a crisis.
德國總理安格拉•默克爾(Angela Merkel)和意大利新任總理馬里奧•蒙蒂(Mario Monti)談到了創建“財政聯盟”，以促進經濟一體化和加強財政紀律。默克爾明確表示，只有在相關條約納入雄心勃勃的步驟後，她才會考慮發行共同擔保的歐元債券。她認為在危機期間過早討論此事是“不妥的”。
When we take a first step towards fiscal union, for example by reinforcing the Stability and Growth Pact via automatic sanctions, it will be a step forwards but it won’t be grounds for me to change the opinion I expressed yesterday.”
當我們朝著財政聯盟邁出第一步時，例如通過自動製裁機制來強化《穩定與增長條約》，那將是前進的一步，但我不會因此改變我昨天表達的觀點。”
Sally Wang: President Nicolas Sarkozy of France said he and Ms Merkel would shortly propose changes to European Union treaties to improve economic governance and deepen integration among the 17 eurozone members – although he did not use the phrase fiscal union. The treaty changes will be discussed at an EU summit on December 9.
法國總統尼古拉•薩科齊(Nicolas Sarkozy)表示，他和默克爾不久將提出有關修訂歐盟條約的意見，以改善經濟治理和加深歐元區17個成員國的融合。但他沒有用到“財政聯盟”這一詞語。條約修訂意見將於12月9日由歐盟峰會討論。
The three leaders steered around calls, strongly resisted by Germany, for the European Central Bank to intervene decisively on international bond markets to relieve the pressure building on countries such as Italy and France and even beginning to touch Germany, which had difficulty completing a bond auction on Wednesday.
對於要求歐洲央行大力乾預國際債市、為意大利和法國等國家減壓的呼聲，三位領導人採取了迴避的態度。這些呼聲招致德國的強烈反對。但德國也已開始感受到壓力，周三該國舉行的一次債券拍賣就遭到了冷遇。
In a further sign of Germany losing some of its safe haven lustre, the UK’s cost of borrowing benchmark 10-year debt fell below that of Germany on Thursday for the first time since March 2009.
還有一個跡象表明德國的避風港光環正趨於暗淡：周四英國基準10年期國債的收益率自2009年3月以來首次低於德國。
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