The European Central Bank opened the door Thursday to the kind of dramatic stimulus measures it has long resisted, even as its counterparts in the U.S. and elsewhere are winding theirs down, reflecting mounting fears about threats to Europe's economic recovery.

欧洲央行周四为它一直抵制的大规模刺激政策可能性松了口。在美国等其他国家纷纷缩减刺激计划之际，此举反映出围绕欧洲复苏威胁的担忧越来越盛。

President Mario Draghi's indication that the central bank discussed negative interest rates and large-scale bond purchases--if needed to keep persistently low inflation from undermining growth--caught financial markets by surprise.

欧洲央行行长德拉吉(Mario Draghi)暗示说，为了防止持续低通胀损害经济增长，央行讨论了必要时实行负利率和大规模购买债券的可能。这令金融市场大为惊讶。

The ECB, as expected, held its main lending rate at the record low of 0.25%, where it has been since November. But the euro weakened at the ratcheting up of the rhetoric concerning the possibility of action as early as next month.

正如市场预期的那样，欧洲央行将主要借贷利率维持在0.25%不变，去年11月以来该利率一直保持在这一纪录低点。不过由于央行最早可能于下个月采取行动的可能性升温，欧元因而走低。

Mr. Draghi said officials had discussed asset purchases, known as quantitative easing, as well as setting a negative rate on bank deposits parked at the ECB--moves that could help bolster the economic recovery and combat worryingly low inflation in the euro zone. The annual rate is just 0.5%, far below the bank's target of just under 2%.

德拉吉说，官员们讨论过资产购买事宜，还探讨了对存入欧洲央行的银行存款执行负利率的可能性。负利率或许有助于振兴经济复苏、抗击欧元区令人担忧的低通胀。现如今欧洲央行的年度通货膨胀率仅有0.5%，远远不及央行所定下的略低于2%的目标。

'We don't exclude further monetary-policy easing,' Mr. Draghi said at his monthly news conference. He also peppered his comments with much more aggressive language than he has used in recent months.

德拉吉在月度新闻发布会上说：我们不排除进一步放松货币政策的可能性。他此次所使用的措辞比起近几个月都要激进得多。

The ECB is 'resolute' in its determination to keep its easy-money policies in place, he said, and 'to act swiftly if required.'

他说，欧洲央行坚决要将宽松货币政策维持到位，如有必要，将迅速行动。

The ECB's 24-member rate-setting board, which includes Germany's conservative Bundesbank chief, was 'unanimous in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too-prolonged period of low inflation,' he said.

德拉吉还表示，央行货币政策委员会的24位成员一致承诺，将在其权限范围内动用包括非常规工具在内的措施，旨在有效对抗低通胀持续过久的风险。该委员会成员中包括保守派的德国央行(Bundesbank)行长。

Mr. Draghi 'has elevated the threat level about further action,' said Nick Matthews, economist at Nomura International. 'I don't think you can be any more dovish without actually doing something,' he said. 'Dovish' is used to describe central bankers who are more worried about weak growth than they are about inflation.

野村国际(Nomura International)的经济学家马修斯(Nick Matthews)表示，德拉吉已抬高了采取进一步行动的可能性。马修斯说，他认为德拉吉立场的偏宽松程度已经达到极点，下一步只能是真的采取一些措施了。“偏宽松”一词用于描述央行官员相对于通货膨胀而言更加担心疲软的经济增长。

Mr. Draghi's comments suggest reducing interest rates would be a first step.

德拉吉的言论表明降息将是该行采取的第一步措施。

Quantitative easing is more complicated in the euro zone than in the U.S., where the Federal Reserve has deployed the policy and continues to do so, albeit at a scaled-back pace. Asset purchases in the U.S. filter quickly to its economy because relatively more borrowing there is done through the capital markets, Mr. Draghi noted.

在欧元区实施定量宽松措施的复杂程度要大于美国。美国联邦储备委员会(Federal Reserve, 简称：美联储)已实施了定量宽松政策，而且仍在实施该政策，但规模有所缩减。德拉吉说，在美国，资产购买计划的影响能很快传导至经济，因为相对于欧元区而言，美国的借贷更多是通过资本市场实现的。

Still, ECB had a 'rich and ample discussion' on quantitative easing and other measures, Mr. Draghi said, and will continue to study it.

但德拉吉也说，欧洲央行仍对定量宽松和其他措施进行了“详细、充分的讨论”，而且还会继续对此进行研究。

Mr. Draghi rejected, as he has numerous times before, fears of deflation in Europe. Still, even too-low inflation carries risks. The closer inflation is to zero, the easier it is for an adverse shock from the economy or geopolitical uncertainty to push the rate into negative territory.

如同之前很多次一样，德拉吉否认欧元区存在通货紧缩风险。不过，过低的通货膨胀率也伴随着风险。通货膨胀率越接近零，来自经济或地缘政治不确定性的负面冲击导致利率出现负值的可能性就越大。

Still, Mr. Draghi cited the economy as his biggest fear, and emphasized the need for government efforts to make labor markets more flexible. The longer high unemployment persists, the greater the chances that it will become structural rather than temporary, he said.

德拉吉仍表示他最担心的是经济，并强调了政府采取措施增强就业市场弹性的必要性。高失业率持续的时间越长，其演变为结构性失业而非暂时性失业的可能性就越大。

'The protracted stagnation...even right now it's pretty severe,' he said.

他说，目前来看经济长期停滞的问题相当严重。