靠限制放出流动性，欧洲央行就能够引导隔夜利率向1%上扬，而无需改动政策利率。

By restricting its liquidity support, the ECB will be able to guide overnight interest rates towards 1% without having to alter its policy rate.

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自从欧洲央行转而提供无限制的固定利率贷款，它就满足于让隔夜利率走软，远低于政策利率。

Since it moved to unlimited fixed-rate funding, the central bank has been content to allow the overnight rate to drift much lower than the policy rate.

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欧洲央行提供给商业银行的存款利率低于其政策利率1个百分点，并提供了一个隔夜利率的最低额。

The deposit rate it pays to Banks on their excess cash is one percentage point below its policy rate, and provides a floor for overnight interest rates.

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