星期四早上欧洲股市下跌，大体因为担心欧洲银行机构的财务状况。
European stock markets fell in early trading Thursday, largely on concerns about the fiscal health of the continent's Banks.
这个事件将会给任何持有该国国债的机构带来巨大损失。多数欧洲银行都持有希腊，西班牙和葡萄牙国债。
Such an event would cause losses for any institution holding that country's bonds, and many European Banks own bonds issued by countries like Greece, Spain and Portugal.
亚洲市场出现大幅下挫后，欧洲市场随之下跌，表明亚洲银行和金融机构也受到了始于美国市场的这次危机的影响。
The dramatic falls in Asia, which triggered subsequent declines in Europe, underline doubts over the exposure of Asian Banks and financial institutions to a crisis that began in the US.
评级机构菲奇估计，美国大型金融市场基金中受托的资金大约有一半借给了欧洲的银行。
Fitch, a ratings agency, reckons that roughly half the cash entrusted to big American money-market funds is lent on to European Banks.
上个月，欧盟对银行进行压力测试，这似乎也为了让市场信服，欧洲的金融机构没有隐藏了数十亿欧元的有毒债务。
And last month, the E.U. conducted stress tests on Banks, which seem to have done the trick of convincing markets that Europe's financial institutions are not hiding billions of euros of toxic debts.
在欧洲，情况也差不多。政策制定者们刚刚决定成立三个具有更大权力的跨国机构，针对银行、市场和保险公司分别进行监管。
It is a similar story in Europe, where policymakers have just agreed on the creation of three beefed-up supranational bodies to look after Banks, markets and insurers respectively.
欧元的到来使人对金融城的前景不乐观，人们推测灵活的金融机构因此将背离伦敦而转向法兰克福，这个欧洲中央银行总部的所在地。
Ahead loomed the euro. The risk was that footloose financial firms might forsake the City and cluster instead in Frankfurt, home of the new European Central Bank.
欧洲金融稳定机构，欧元的应急基金，必须尽可能快的同时注入资金给地区银行。
The European Financial Stability Facility (EFSF), the euro zone's bail-out fund, must carry out simultaneous injections of capital into the region's banks as soon as it can.
竞争监管机构成为欧洲银行的新主人。
Competition watchdogs are the new masters of European banking.
这家德国最大的银行是首家利用这一机会，避免不得不以严重缩水的市场价值计入某些资产的大型欧洲金融机构。
Germany's largest bank is the first big European institution to use the opportunity to avoid having to account for some of its assets at their severely impaired market value.
因此，当意大利和西班牙的债券收益再次上涨(见图表)，只有一个机构有能力购买：欧洲中央银行。
So when Italian and Spanish bond yields jumped up again (see chart right) there was only one institution with the capacity to act: the ECB.
一些新机构比另一些的重要性低一些，就比如说欧洲银行业的新监管机构比起市场监管者来说就没那么多可做的。
Some of the new institutions will be less important than others-europe's new banking watchdog will have less to do than the markets supervisor, for instance.
世界银行的预测假定国际货币基金组织和欧洲各机构的努力将会防止出现债务违约或欧洲主权债务的重大重组。
The World Bank's projections assume that efforts by the IMF and European institutions will stave off a default or major European sovereign debt restructuring.
国际货币基金组织，欧洲中央银行和其他的机构催促各国放松刺激方案。
The IMF, European Central Bank and others urged countries to take steps to unwind their stimulus schemes.
欧洲不需要强迫债权人，就可以通过最终要求监管机构在进行银行压力测试时对主权债务按市价计值，来增强债务回购的激励。
Without forcibly cramming down the creditors, Europe could improve the incentives for debt buy-backs by finally instructing regulators to mark sovereign debt to market in bank stress tests.
当银行面临循环流动性危机时，管理机构和会计师可以松口气了——正如在2002年欧洲，那时保险公司面临股价下跌的清偿能力风险一样。
And regulators and accountants could ease up when Banks risk a liquidity spiral-as in Europe in 2002, when insurers faced a solvency crisis over falling share prices.
英国和欧洲的金融管理机构正在推动设立银行限薪的新法规。
Financial authorities in Britain and Europe are pushing for new regulations to cap bankers' pay.
其中一个危险是欧洲的各国监管者最后会忽略新的监管机构，取而代之的是对国外银行设立壁垒。
The danger is that national supervisors in Europe could well end up ignoring the new authorities and erecting barriers to foreign Banks instead.
在欧洲的其他地方，瑞士国家银行正在为与国家银行监督机构分担监管瑞士信贷和瑞士联合银行这两家最大的银行的任务而感到焦虑。
Elsewhere in Europe, the Swiss National bank is agitating to share oversight of Credit Suisse and UBS, Switzerland's two biggest Banks, with the country's banking supervisor.
责任完全在欧洲银行业和它们的监管机构身上。
That responsibility rests squarely with European Banks and their regulators.
在欧洲金融稳定机构(EFSF)借贷范围扩大并运转之前，欧洲中央银行(ecb)将购买西班牙和意大利国债的最近决定视为权宜之计。
The European Central Bank (ECB) regards its recent decision to buy Spanish and Italian bonds as a stopgap until the expanded EFSF is up and running.
这些资金好像大多数都进入了这些欧洲小额信贷机构在美国的银行账户中。
It seems that much of that money has recently found its way into the bank accounts that European MFIs keep in US Banks.
这会给希腊在恢复财政状况上以喘息之机，并且可能使评级机构进退两难，甚至可能让欧洲中央银行(ecb)满意这一结果。
That would give Greece more time to fix its finances, might keep the ratings agencies at bay, and perhaps even satisfy the ECB.
欧洲银行监管委员会和国际监管机构将于布鲁塞尔时间今天下午6点公布测试结果。
The results will be published by CEBS and national regulators from 6 p.m. Brussels time today.
相较之下，欧洲中央银行则是一个超越国界的机构，虽然它最早是由一个旧时的法德条约演化而来。
The ECB, by contrast, is a supranational institution, although it emerged from an old-fashioned Franco-German deal.
这个新组建的管理机构继承了三个负责对欧洲各大银行，保险公司，养老金基金以及证券公司的监管进行协调的委员会的职能。
The new bodies succeed three committees that previously tried to co-ordinate the supervision of European Banks, insurers, pension funds and securities.
同样的，欧洲中央银行早该禁止商业银行进入充满风险的风险互换市场，但是，在互换市场上商业银行已经被评级机构的具体评级结果绑架-评级机构的评级结果决定了“信用事件”的内容。
Likewise, the ECB should have barred banks from the risky CDS market, where they are heldhostage to ratings agencies’ decisions about what constitutes a “credit event.
同样的，欧洲中央银行早该禁止商业银行进入充满风险的风险互换市场，但是，在互换市场上商业银行已经被评级机构的具体评级结果绑架-评级机构的评级结果决定了“信用事件”的内容。
Likewise, the ECB should have barred banks from the risky CDS market, where they are heldhostage to ratings agencies’ decisions about what constitutes a “credit event.
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