金融穩定委員會：歐元區危機將拖累全球

Eurozone woes cast worldwide shadow

The eurozone crisis threatens to generate a global wave of instability by sucking liquidity out of financial markets worldwide, according to leading policymakers and financiers.	一些重要的政策制定者和金融家稱，歐元區危機可能會吞噬全球金融市場的流動性，從而在全球引發一波不穩定。
Mark Carney, the new chairman of the Financial Stability Board, the international association of regulators, told an audience in London on Tuesday that the stresses in the eurozone were creating financial volatility around the world that would soon start dragging down global economic growth.	國際監管機構協會——金融穩定委員會(Financial Stability Board)新任主席馬克•卡尼(Mark Carney)周二在倫敦對聽眾表示，歐元區內部的種種壓力正在全球製造金融動盪，很快會開始拖累全球經濟增長。
“As global liquidity recedes, volatility is increasing and activity falling. The effect on the real economy will soon be felt,” said Mr Carney, who is also governor of the Bank of Canada.	同時擔任加拿大央行(Bank of Canada)行長的卡尼表示：“隨著全球流動性的消退，動盪日漸加劇，經濟活動不斷下降。實體經濟很快會感受到影響。”
Mr Carney’s concerns that the eurozone turbulence would hit emerging market economies were echoed on Tuesday by Guido Mantega, Brazilian finance minister, and Stuart Gulliver, chief executive of HSBC, the international bank.	卡尼擔心歐元區動盪會危及新興市場經濟體，這一點在周二得到巴西財長吉多•曼特加(Guido Mantega)和跨國銀行匯豐首席執行官歐智華(Stuart Gulliver)的呼應。
Mr Mantega, who has criticised US and European economic policy for creating destabilising flows of capital, said: “We have to be worried about this because if it hits emerging nations then the international situation will get worse.”	曼特加表示：“我們必須擔心這種情況，因為如果危及新興國家，那麽國際形勢會進一步惡化。”他曾批評美歐經濟政策引發了破壞穩定的資本流動。
Mr Gulliver said that the strong increases in credit availability in Asia “cannot continue indefinitely”.	歐智華表示，亞洲信貸供應量的強勁增長“不可能無限期持續”。
Mr Gulliver said: “We need to be careful to monitor the risk of a sharp withdrawal of credit by European banks.”	他表示：“我們必須註意監測歐洲各銀行突然撤回信貸的風險。”
Financial markets and the global economy appear to be repeating the pattern of the first stage of the financial crisis in 2008, in which middle-income economies were eventually dragged down by turmoil in rich nations after initially appearing to decouple from the US and Europe. Emerging market equity prices have fallen sharply since mid-year, and some currencies such as the Brazilian real have retreated against the dollar.	金融市場與全球經濟似乎正在重復2008年金融危機第一階段的模式：起初似乎已與美歐脫鉤的中等收入經濟體，最終還是被富國的動盪拖下水。自今年年中以來，新興市場的股價大幅下滑，巴西雷亞爾等一些貨幣兌美元匯率有所下跌。
Many Asian nations depend on foreign banks for much of their funding, raising the prospect of a credit crunch as cash-starved foreign banks either retrench or raise the price of their loans. Continental European banks were responsible for 21 per cent of the $2,520bn of international bank loans outstanding in Asia, excluding Japan, as of the second quarter of 2011, according to the Bank for International Settlements.	許多亞洲國家在很大程度上依靠外資銀行進行融資，隨著現金匱乏的外資銀行要麽削減放貸，要麽提高貸款價格，就會有發生信貸危機的可能。根據國際清算銀行(BIS)的數據，目前跨國銀行在亞洲（不包括日本）有2.52萬億美元的未償付貸款，其中21%來自歐洲大陸的銀行。
Mr Carney said that US and Asian policymakers should stand ready to mitigate the effects through dollar swap lines and looser monetary policy.	卡尼表示，美國和亞洲的政策制定者應做好準備，通過美元互換安排和更寬松的貨幣政策來緩解歐元區危機的影響。