本期《经济学家》7月2日付印的时候，欧洲央行有望将其主要的再融资利率保持在1%不变。

As the Economist went to press on July 2nd, the European Central Bank (ECB) was expected to keep its main "refi" interest rate unchanged, at 1%.

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危机发生之前，欧洲央行本想将隔夜利率保持在接近再融资利率的水平。

Before the crisis, the ECB would aim to keep overnight interest rates close to the refi rate.

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有了央行撒的这么多钱，银行对隔夜贷款收取的利率一直远远低于再融资利率，偶尔有几次猛涨(参见图表)。

With so much cash splashing around, the charge that Banks make for overnight loans has stayed well below the refi rate, with some occasional spikes (see chart).

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