The European Central Bank cut its main interest rate yesterday, but opposition from a German representative in the bank’s inner sanctum highlighted the constraints to further action. 欧洲央行(ECB)昨天调低其主导利率，但该行内部一位德国代表的反对突显采取进一步行动将面临的制约。

Facing diminished prospects for an economic recovery in the recession-bound bloc, the ECB cut its main refinancing rate by a quarter point to 0.50 per cent and Mario Draghi, ECB president, said the bank remained “ready to act if needed”. 欧元区深陷衰退泥潭，经济复苏前景堪忧，欧洲央行决定将其主要再融资利率下调四分之一点，至0.5%。欧洲央行行长马里奥•德拉吉(Mario Draghi)表示，“如果需要的话，欧洲央行准备继续采取行动”。

In further dovish comments, Mr Draghi added that he kept an “open mind” about imposing negative interest rates, under which commercial banks would, in effect, be charged for depositing money at the central bank. The ECB president had previously expressed caution about the unforeseen consequences of such a move. The euro fell 1 per cent against the dollar to below $1.31. 德拉吉发表了更多鸽派观点，表示他对实施负利率抱有“开放心态”。在这种情况下，商业银行在央行存款实际上要付钱。欧洲央行行长此前曾告诫，这一举措可能带来不可预测的结果。欧元兑美元汇率降至1欧元兑1.31美元以下，降幅为1%。

The cut in interest rates was the ECB’s first in 10 months and was made by “a very, very strong prevailing consensus”, Mr Draghi said. “Within that there was a prevailing consensus for a cut of only 25 basis points,” he added. 这是欧洲央行10个月以来首次下调利率。德拉吉表示，这一决定获得“非常强大的主流共识”。他补充说：“在这一共识以内，主流共识是只下调25个基点。”

Mr Draghi’s comments indicated that some on the 23-strong council, which prefers to act unanimously, wanted to go further with a 50 basis point cut, while at least one member was opposed to any action. 德拉吉的评论暗示，23名成员构成的委员会（通常更希望在意见一致的情况下采取行动）中有一些成员希望走得更远，将利率下调50个基点，而至少有一个成员反对采取任何行动。

Jörg Asmussen, who also sits on the ECB’s six-person executive board and is usually a staunch Draghi ally, voted against the cut, according to people familiar with the deliberations. Mr Asmussen had publicly questioned the efficacy of a cut ahead of the vote. 消息人士指出，欧洲央行六人执委会委员、通常是德拉吉盟友的约克•阿斯穆森(Jörg Asmussen)投了反对票。投票之前阿斯穆森曾公开质疑降息的效用。

Bundesbank president Jens Weidmann, the only other German on the ECB governing council, voted for the cut. 欧洲央行管理委员会唯一的另外一名德国成员、德国央行(Bundesbank)行长延斯•魏德曼(Jens Weidmann)投了赞成票。

But the Bundesbank shared Mr Asmussen’s scepticism that the cut would have any effect on market interest rates. 但与阿斯穆森一样，德国央行也表达了对降息能否对市场利率产生任何效果的质疑。