immediately across the Trichet)表示，工业化国家必
industrialised world as evidence 须立刻削减公共开支、增加税of a healthy European recovery
收。目前有越来越多证据证
mounts, according to Jean-Claude 明，欧洲经济正实现健康复
Trichet, president of the European Central Bank. In a strident article for the Financial Times, Mr Trichet
argues that policymakers who want to prolong the stimulus are mistaken and that cutting -borrowing would have “very limited” effects on growth. The view from Europe's senior
economic policymaker contrasts with continued US demands for
fiscal tightening to be delayed at least until 2011 and suggests there is still little agreement over the best way to foster a
strong global recovery.
苏。
在为英国《金融时报》撰写的一篇尖锐的文章中，特里
谢指出，希望延续经济刺激计划的政策制定者犯了个错误，削减信贷对经济增长的效应
将“非常有限”。
这位欧洲资深经济政策制定者的观点，与美国要求将财政紧缩政策至少延期至2011
年执行的观点形成了对比，表明在促进全球经济强劲复苏的最佳方法上，大西洋两岸仍然缺乏共识。
“We have to avoid an asymmetry between bold, if
“我们必须避免政策不对称的现象，一边是尽管合理但
justified, loosening and unduly 大胆的宽松政策，一边是过于hesitant retrenchment,” Mr Trichet says in his article.
Firing a shot at the US administration and the International Monetary Fund, Mr Trichet criticises last year's global push for budgetary
stimulus. “With the benefit of
hindsight, we see how unfortunate was the oversimplified message of fiscal stimulus given to all
industrial economies under the motto: ‘stimulate', ‘activate',
‘spend'.” The US view in favour of continued short-term stimulus was repeated by Ben Bernanke,
犹豫不决的紧缩政策，”特里
谢在文章中表示。 特里谢对去年全球推动的预算刺激措施提出了批评，这无疑是在针对奥巴马政府及国际货币组织(IMF)。
“事后看来，我们可以看出，财政刺激措施以‘刺激'、‘激活'、‘消费'为座右铭，向工业化经济体传递了一个
过于简单化的信息，这是多么不幸的一件事。”
美联储(Fed)主席本?伯南克(Ben Bernanke)昨日重申了美国偏向于继续采取短期刺
chairman of the Federal Reserve, 激措施的立场。在向国会作证yesterday. Giving evidence to
时，伯南克表示支持在美国启
Congress, Mr Bernanke supported 动一套“管控良好”的长期赤fiscal efforts to boost demand 字缩减计划之前，以财政手段before the US embarked on a “well 提振需求。
controlled” longer-term deficit
reduction plan. The differences over the
timing of budget cuts reflects in part the different fortunes of
the economies on either side of the Atlantic. US data yesterday were mixed, with existing home sales falling less than had been expected but initial jobless claims higher than forecast.
After his remarks on
Wednesday that US prospects were “unusually uncertain”, Mr
Bernanke made clear that the Fed was considering setting
在预算缩减措施实施时机
问题上的分歧，在一定程度上反映了大西洋两岸经济体的
不同命运。美国昨日发布的经济数据好坏参半，现房销售的下降少于预期，但初次申领失业金的人数高于预期。
伯南克曾于周三表示，美国的经济前景“非常不确定”，昨日他又明确表示，美联储正
在考虑设定若干前提条件，只
有这些条件得到满足时才会
conditions to be met before it would consider raising interest
rates.
2010年08月05日 06:22 AM
考虑加息。
美国增加长期国债比重引发担忧 US move to long-term debt sparks concerns
英国《金融时报》 迈克尔?麦肯兹 纽约报道
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A split is emerging among 在美国国债市场上，对于
investors and dealers in the US 美国财政部应如何满足其创纪government bond market over how 录的借款需求，投资者和交易the US Treasury should finance 员的意见正分成两派。30年期its record borrowing needs with 国债发行的规模正引起争执。 the scale of 30-year debt sales
causing friction. At a time of record debt
在美欧各国政府以创纪录
issuance by governments in the US 规模发行债券之际，迫切需要
and Europe, there is an acute 维持债券投资者的信心。美国
need to maintain the confidence 未清偿债券的平均期限为58of bond investors. In the US, the 个月，维持在1980年以来的平
average maturity of its outstanding debt is 58 months and 均水平，但明显短于英国等其
它国家。
in line with the average since 1980. But it is much lower than
countries such as the UK. The US Treasury is seeking to
extend the life of its debt in order to lessen any future
refinancing problems. Recently, it has cut the size of short-term debt sales, while maintaining
those of 30-year bonds. This issue, which has
energised traders and investors in the bond market, sparked a
“lively debate” according to the minutes of this week's meeting of the Treasury
为缓解未来再融资问题，美国财政部正寻求延长债券期限。该机构近期削减了短期债
券的发行规模，而30年期债券的发行规模则保持不变。
这一问题已在债券市场引发交易员和投资者热议。根据财政部借款顾问委员会(TBAC)
本周会议纪要，各方就这一问题展开了“激烈辩论”。TBAC由投资基金、银行和美国财政