en-us	EU Fails to Agree on Virus Response as Old Divisions Persist
zh-cn	欧盟未能就病毒应对达成一致，旧分歧依然存在

en-us	European Union finance ministers failed to agree on a strategy to mitigate the economic impact of the pandemic, prolonging a paralysis that casts doubt over the bloc’s ability to weather the crisis.
zh-cn	欧盟各国财长未能就减轻疫情经济影响的战略达成一致，延长了令人怀疑欧盟是否有能力度过危机的瘫痪状态。

en-us	Italian bonds fell.
zh-cn	意大利公债下跌。

en-us	In an emergency teleconference that lasted more than 16 hours, finance chiefs couldn’t reconcile their contrasting visions for the steps needed to help European economies recover,
zh-cn	在长达16个多小时的紧急电话会议上，财政部长们无法调和他们对帮助欧洲经济复苏所需步骤的截然不同的愿景，

en-us	as countries in the continent’s hardest-hit south were pitted against hawkish northern states over sharing the costs of the looming recession.
zh-cn	因为欧洲大陆受灾最严重的南部国家与北方鹰派国家就分担迫在眉睫的经济衰退的成本展开了争执。

en-us	Faced with what could be the deepest recession on record, the acrimony highlights how Europe is mired in the same old divisions that almost tore it apart during the sovereign debt crisis almost a decade ago.
zh-cn	面对可能是有记录以来最严重的衰退，这种尖刻的言辞突显出欧洲如何深陷近10年前主权债务危机期间几乎将其撕裂的旧分歧的泥潭。

en-us	A new call is scheduled for Thursday, though it’s unclear what could push countries to move from their red lines, not least because a massive intervention by the European Central Bank has taken off some of the market pressure to strike a compromise.
zh-cn	新的电话会议定于周四举行，尽管尚不清楚是什么因素可能推动各国摆脱红线，尤其是因为欧洲央行的大规模干预减轻了一些达成妥协的市场压力。

en-us	Two officials familiar with the discussion said the main reason for the breakdown was a dispute between the Netherlands and Italy over the conditions attached to the potential use of credit lines from the euro area’s bailout fund to finance the spending spree needed to cushion the blow from the pandemic.
zh-cn	两名熟悉讨论情况的官员表示，谈判破裂的主要原因是荷兰和意大利之间存在争议，双方就可能使用欧元区救助基金的信贷额度为缓冲疫情打击所需的支出狂潮提供资金的附加条件存在争议。

en-us	Ministers also sparred over the wording of a joint statement hinting at the possible issuance of joint debt to finance the response.
zh-cn	部长们还就一份联合声明的措辞争论不休，该声明暗示可能发行联合债券为应对措施提供资金。

en-us	Italian bonds fell, with 10-year yields climbing 16 basis points to 1.77%, the highest level since March 19.
zh-cn	意大利债券下跌，10年期国债收益率攀升16个基点，至1.77%，为3月19日以来的最高水平。

en-us	The euro fell against most of its group-of-10 peers, dropping 0.4% to $1.0853.
zh-cn	欧元兑大多数10国集团(G10)债券下跌0.4%，至1欧元兑1.0853美元。

en-us	French Finance Minister Bruno Le Maire and his German counterpart Olaf Scholz sent tweets after the meeting broke down, saying they would work with one another and calling on all European nations to rise to the “exceptional challenge” to reach an ambitious accord.
zh-cn	法国财政部长布鲁诺·勒梅尔(Bruno Le Maire)和德国财政部长奥拉夫·朔尔茨(Olaf Scholz)在会议破裂后发推文称，他们将相互合作，并呼吁所有欧洲国家迎接“特殊挑战”，达成一项雄心勃勃的协议。

en-us	The ministers had been tasked by EU leaders to come up with a toolkit of measures to address the economic impact of the pandemic by the end of this week.
zh-cn	欧盟领导人要求部长们在本周末之前拿出一套措施工具包，以应对流感大流行的经济影响。

en-us	But even as the virus continued to engulf their economies and medical systems they were unable to move past traditional dividing lines, putting in question the next steps in the continent’s efforts to manage the economic downturn.
zh-cn	但是，即使病毒继续吞噬他们的经济和医疗系统，他们也无法越过传统的分界线，这让人们对非洲大陆管理经济低迷的下一步努力产生了疑问。

en-us	Three main proposals are being discussed to weather the crisis:
zh-cn	为了安然度过这场危机，目前正在讨论三项主要建议：

en-us	employing the European Stability Mechanism, the euro-area’s bailout fund, to offer credit lines worth up to 2% of output of the bloc’s members;
zh-cn	利用欧元区救助基金欧洲稳定机制(European Stability Mechanism)提供最高相当于欧元区成员国产出2%的信贷额度；

en-us	the creation of a pan-European Guarantee Fund to be managed by the European Investment Bank that could mobilize more than 200 billion euros ($217 billion) in liquidity for companies;
zh-cn	创建一个由欧洲投资银行(European Investment Bank)管理的泛欧洲担保基金，该基金可以为企业调动超过2，000亿欧元(合2，170亿美元)的流动性；

en-us	as well as an employment reinsurance scheme worth 100 billion euros.
zh-cn	以及一个价值1，000亿欧元的就业再保险计划。

en-us	The French government also put forward a plan that would create a temporary reserve worth 3% of EU gross domestic output, have a lifetime of as long as 10 years, and would be funded by the joint issuance of debt to mutualize the cost of the crisis.
zh-cn	法国政府还提出了一项计划，将创建一项相当于欧盟国内生产总值3%的临时储备，有效期长达10年，资金将来自联合发行债券，以共同分担危机的成本。

en-us	The plan is controversial as it resembles an idea backed by several euro-area countries for so-called coronabonds -- joint debt instruments that would ease pressure on highly indebted countries like Italy and, to a lesser extent, Spain and France.
zh-cn	该计划备受争议，因为它类似于几个欧元区国家支持的所谓冠状债券(Coronabond)的想法，联合债务工具将缓解意大利等高负债国家的压力，并在较小程度上缓解西班牙和法国的压力。

en-us	While Germany has said that it supports measures to bolster an economic recovery, it has balked at any proposals that would see member states sharing debt.
zh-cn	虽然德国表示支持支持经济复苏的措施，但它对任何让成员国分担债务的提议都犹豫不决。

en-us	Other countries such as the Netherlands and Austria also oppose joint issuance, wary that they could end up on the hook for spending in the poorer south.
zh-cn	荷兰和奥地利等其他国家也反对联合发行，担心它们最终可能会在较贫穷的南部地区消费。

en-us	“The Netherlands was, is and remains against #eurobonds because this increases risks in Europe instead of reducing them,” Dutch Finance Minister Wopke Hoekstra tweeted on Wednesday,
zh-cn	荷兰财政部长沃普克·胡克斯特拉(Wopke Hoekstra)周三在Twitter上发帖称：“荷兰过去、现在和现在都反对#欧元债券，因为这增加了欧洲的风险，而不是降低了风险。”

en-us	adding that countries couldn’t agree on attaching conditionality to the ESM lines of credit.
zh-cn	他补充说，各国无法就ESM信贷额度附加条件达成一致。

en-us	“To the extent that the ESM is used for economic support, we think it wise to link it to taking economic measures.”
zh-cn	“就ESM用于经济支持的程度而言，我们认为将其与采取经济措施挂钩是明智的.”

en-us	The new EU package comes on top of measures taken by the European Central Bank to shore up the bloc’s economy.
zh-cn	在新的欧盟一揽子计划之前，欧洲中央银行(European Central Bank)采取了支持欧盟经济的措施。

en-us	The ECB was slower to react to the coronavirus than its major peers but eventually stepped in with a 750 billion euro bond-buying program announced on March 18.
zh-cn	与主要同业相比，欧洲央行对冠状病毒的反应较慢，但最终还是介入，在3月18日宣布了7，500亿欧元的债券购买计划，

en-us	Policy makers exempted those purchases from most of the rules that constrain earlier programs, allowing them to better help stressed economies such as Italy and Greece.
zh-cn	政策制定者免除了这些购买计划的大部分规则，这些规则限制了早先的计划，使他们能够更好地帮助意大利和希腊等压力较大的经济体。

en-us	Combined with other measures, the ECB will spend more than a trillion euros on a wide range of public and private debt this year to push down borrowing costs and help governments finance any fiscal response.
zh-cn	结合其他措施，欧洲央行今年将在广泛的公共和民间债务上支出超过1万亿欧元，以压低借贷成本，并帮助各国政府为任何财政应对措施提供资金。

en-us	It has also offered banks ultra-cheap funding on the proviso they lend it on to virus-hit companies.
zh-cn	它还向银行提供超廉价资金，条件是它们将资金借给遭受病毒袭击的公司。

en-us	“We will need a big investment program to encourage the recovery and get back to our long-term priorities such as fighting climate change,” Bank of France Governor Francois Villeroy de Galhau said on Wednesday after the finance ministers’ meeting.
zh-cn	法国央行总裁维勒罗伊·德加洛周三在财长会议后表示，“我们将需要一个大型投资计划来鼓励经济复苏，并回到抗击气候变化等长期优先事项上来。“

en-us	“Europe is doing a lot for financial solidarity in Europe. Europe should also do a lot for reconstruction afterwards.”
zh-cn	“欧洲正在为欧洲的金融团结做很多工作。欧洲也应该为事后的重建做很多工作。”