相较于里拉来说，加入欧元体系或许可以让意大利以更低的利率借贷，但也同样对罗马通过出口和旅游业来增加收入的通货紧缩政策表示拒绝。
Joining the euro may have allowed Italy to borrow at lower rates than under the lira, but it also denied Rome the deflationary options to raise earnings though exports and tourism.
许多经济学家担心的恰恰相反：假如政策偏紧而通货紧缩，通过削减利率来促进消费将更加困难。
Many economists fear the opposite: if policy is kept too tight and deflation takes hold it will become harder to induce spending by cutting rates.
出于对通货紧缩的过度担忧，美联储正在执行会导致通胀的政策。
The Federal Reserve is pursuing a policy of inflation out of an erroneous fear of deflation.
财务大臣谴责日本银行未能解决通货紧缩，而央行则怪罪针对国家负债的宽松财政政策。
The finance ministry blames the bank of Japan for failing to tackle deflation. The central bank blames lax fiscal policy for the country's debt.
已经实施了几十年的遏制燃料消耗的政策，日本还遭受了长期的通货紧缩，它们几乎已没有进一步削减的余地了。
Having enacted policies to curb fuel consumption for decades — and suffered long-running deflation in Japan's case — they have little fat left to cut.
具体来说，要实现通货紧缩的日本经济其居民价格指数的年增长维持在0%-2%之间（非官方的目标为1%），零利率的政策才有可能改变。
Until deflationary Japan sees consumer prices rise by between 0% and 2% a year (with an unofficial aim of 1%), the long-standing near-zero policy rate will remain.
在通货紧缩的日本能够目睹消费者价格上升比率在0%到2%之间(非官方的目标是1%)之前，接近零利率的政策将不会有所松动(就像它一直以来一样)。
Until deflationary Japan sees consumer prices rise between 0% and 2% (with an unofficial aim of 1%), the near-zero policy rate will remain (as it has done for ages).
它们可能在面对政策压力或是一个明确的决定时犹豫，而这个决定错误的倒向通货膨胀这边而不是通货紧缩。
They may hesitate in the face of political pressure or an explicit decision to err on the side of inflation rather than deflation.
通货紧缩已经变成比通货膨胀更危险的敌人；随着很多国家的利率都达到或接近于零，各国央行已经不得不另寻其它政策工具。
Deflation has become a more dangerous enemy than inflation; with interest rates in many countries at or close to zero, central Banks have had to reach for other tools.
央行新政策的支持者认为，将利率保持在零或接近于零是保持信贷流动性和抑制通货紧缩的明智方法。
Proponents argue that with interest rates at or near zero, it is a sensible way of keeping credit flowing and preventing deflation.
日本在2001年至2006年期间面临着通货紧缩——即价格普遍下跌——的时候使用过量化宽松这一政策。
Quantitative easing was used by Japan when it faced deflation - a period of falling prices - from 2001 until 2006.
他们的政策总是关于控制通货膨胀和防止通货紧缩，然而最后的结果却总是通货膨胀。
Their policy is always talking about controlling inflation or preventing deflation, but it is always inflationary.
2006年物价上涨的时候，日本政策决定者曾经表示，通货紧缩威胁似乎消退。
When prices rose in 2006, Japanese policy makers had signaled that deflation appeared to be tamed.
银行可能会选择死抱住自己的准备金不放，从而削弱了该政策的效力——如同八九年前，日本实行定量宽松政策以对抗通货紧缩时遇到的情况。
Banks may choose to cling on to their reserves, thus undermining the effectiveness of the policy-as happened when Japan used quantitative easing earlier this decade to fight deflation.
该政策可能牵动人们对通货膨胀的担心，但事实上这是用来抵御通货紧缩的，通货紧缩是一个新的威胁。
The policy may jangle inflationary nerves but it is in fact designed to combat deflation, the new bogeyman.
财政紧缩政策会剥夺政策制定者应对大规模通货紧缩的一剂猛药：并行的财政货币扩张政策。
Fiscal austerity robs policymakers of a potent antidote to a deflationary slump: simultaneous fiscal and monetary expansion.
7月以来，随着美国日益严重的财政拖累，预期的经济增速放缓，美联储表示采取更简易的定量宽松政策，以平稳遏止通货紧缩。
Since July, as the US growth outlook slowed with a more intense fiscal drag, the Fed has signalled easier policy with quantitative easing proposed to stem steady disinflation.
从1998年开始，为了应对亚洲金融危机的冲击和国内出现的通货紧缩趋势，我国实行了积极的财政政策。
It has been five years from the just beginning of the Asian finance Crisis in 1998 till now, while China has tried the active financial policy to fight against the deflation.
以扩张性财政政策为主的扩大内需虽起了一定的积极作用，但并没有从根本上改变通货紧缩的局面。
Though enlarging domestic demand mainly dependent on the expansive fiscal policy plays a positive role. if does not change the deflation situation fundamentally.
2006年物价上涨的时候，日本政策决定者曾经表示，通货紧缩威胁似乎消退。现在看来，当时日本物价上涨很大程度上是受到大宗商品价格不断上扬的推动。
When prices rose in 2006, Japanese policy makers had signaled that deflation appeared to be tamed. Much of that growth is now attributed to then-rising commodities prices.
但政策制定者担心它可能会到来。他们知道，通货紧缩这种削弱经济的情况是种顽疾。
But policy makers fear that it could set in, knowing that deflation is a debilitating condition that is hard to cure.
此外，如果不采取大规模货币宽松政策以防止英镑升值35%，我们就会看到英国陷入通货紧缩，这将使还债变得更加困难。
Moreover in the absence of massive monetary easing to prevent sterling from rising by upwards of 35%, we see the UK slipping into deflation, which would make servicing its debt even harder.
在通货膨胀和通货紧缩环境下，宏观经济政策具有不同的作用效果。
Under the environment of inflation or deflation, the macroeconomic policies will have different effects.
因此 ，忽视通货紧缩的微观基础而完全依赖于凯恩斯主义宏观经济政策的做法是不能持续的。
This reveals that it cannot be sustainable to rely completely upon Keynesian Macro-Economic Policy while ignoring micro-basis for deflation.
我从来没见过一个政客干涉央行政策而导致通货紧缩的。
I've never known a politician who's meddled in central bank policy to cause deflation.
因此，在通货紧缩的情况下，选择合适的预算政策显得尤为重要和迫切。
As a result, deflation in the circumstances, to choose the right budget policy is particularly important and urgent.
一些专家建议：中国正在摆脱通货紧缩的压力，因此，决策者应创造更好的政策搭配，以应对新的经济环境。
China is shrugging off deflationary pressure and the country's policy-makers should create a better policy mix to cope with the new economic environment, some experts suggest.
一些专家建议：中国正在摆脱通货紧缩的压力，因此，决策者应创造更好的政策搭配，以应对新的经济环境。
China is shrugging off deflationary pressure and the country's policy-makers should create a better policy mix to cope with the new economic environment, some experts suggest.
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