In practice, this could be hard to achieve, but he has identified one principle. Central Banks' credibility should be focused where it is most needed, on controlling inflation.

实际上，这可能很难做到，但是他指明了一个原则：中央银行的信用要最需要的时候才能用，而不是在控制通货膨胀的时候用。

youdao

They build domestic credibility by talking tough about bailouts to Euro-strugglers while insulating their banks (and the electorate) from further pain.

他们通过对欧洲救援的强硬打造国内信誉，使本国银行和全体选民远离更多的痛苦。

youdao

Lithuania has dodgy Banks and spiralling debts; Latvia has lost credibility among outsiders because of its failure earlier this year to cut spending as promised.

立陶宛银行业风险重重，债务在螺旋式上升。而由于今年早些时候未能按照承诺削减开支，拉脱维亚已经丧失其国际信用。

youdao

There actually is some credibility to banks improperly making money from LIBOR manipulation.

FORBES: LIBOR Liabilities: How litigation will drive down banks profitability for years to come...

Now, it is true that the European Central Bank's deeds and words over the past year - the provision of emergency longer-term loans to eurozone banks and an offer of support to governments with clear plans to restore financial credibility - has staunched the worrying drain of funds out of Spanish and Italian banks.

BBC: Why Cyprus's rescue matters to us

There is certainly a concern that central banks in the region lack the credibility to enforce tough monetary policies without some external constraint.

ECONOMIST: Getting out of a fix