The debt crisis has pushed the ECB a long way from its original role as a Bundesbank-like guarantor of price stability above all else.

债务危机使得欧洲中央银行远远超出了最初设定的德国联邦银行那种首先是价格稳定担保者的角色。

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So far the ECB has been going far beyond its mandate of maintaining price stability, with the grudging assent of the Germans, to buy Italian and Spanish bonds.

迄今为止，欧洲央行已经远远超出了其维护价格稳定的权限。德国心不甘，情不愿地投了赞成票之后，欧洲央行开始购买意大利和西班牙债券。

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This has created stability but at the price of a reign of fear.

这在创造稳定的同时，却使这一时期充满畏惧。

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"Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be more modest in the near term than had been anticipated, " the FOMC says.

FORBES

All this clearly goes far beyond the issue of price stability, which is the limit of the Bank's legal responsibility.

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"To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities, " the FOMC says, adding it will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.

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