Mario Draghi’s latest bid to revive the eurozone economy by extending unprecedented¹ monetary² easing yesterday failed to impress markets that had bet on even more.

马里奥德拉吉(Mario Draghi)通过延长空前的货币宽松来重振欧元区经济的最新努力，昨日未能打动此前押注更大政策力度的市场。

The European Central Bank pledged to continue its 60bn-a-month bond buying programme for another six months until March 2017 “or beyond”. Policymakers also cut a key interest rate to a historic low of minus 0.3 per cent and agreed to buy more assets with the proceeds of its existing bond purchases.

欧洲央行(ECB)承诺将延长每月600亿欧元的债券购买计划6个月，至2017年3月“或者更久”。政策制定者还将关键利率降至-0.3%的历史低点，并同意将现有债券购买的收益用来买入更多资产。

But these measures — supported by a decision to buy municipal bonds in addition to standard government debt — disappointed investors³ who had hoped for deeper rate cuts and more monthly bond purchases.

但这些措施——得到购买市政债券（而不只是标准的政府债务）的决定的支持——让投资者失望，后者曾希望欧洲央行进行更大幅度的降息，并扩大每月债券购买规模。

The announcement prompted a sell-off in equity⁴ and bond markets and the euro climbed to a one-month high against the US dollar.

这一消息在股票和债券市场引发抛售，欧元兑美元汇率升至一个月以来最高位。

“The ECB delivered at the very low end of expectations,” said Andrew Balls, chief officer for fixed⁵ income at Pimco. “There wasn’t much to get excited about...洠愀爀欀攀琀猀 were expecting an increase in the monthly purchase size.”

“欧洲央行宣布的措施处于外界预期区间的最低端，”太平洋投资管理公司(Pimco)固定收益产品首席投资官安德鲁贠尔斯(Andrew Balls)表示。“没有太多让人振奋的内容……之前市场预计每月购买规模会增加。”

Some analysts⁶ were less critical. “The decisions reflect the desire to keep some powder dry in case more stimulus⁷ is needed down the road,” said Marco Valli, economist⁸ at UniCredit. “Keeping the big bazooka for another day may not be a bad strategy. It just needed better communication. ”

还有一些分析师的批评没有这么尖锐。“这些决定反映了欧洲央行希望保留一些弹药，以备下一阶段需要更多刺激措施，”意大利联合信贷银行(UniCredit)经济学家马可瓦利(Marco Valli)表示。“把火箭筒留到来日可能不是糟糕战略。欧洲央行只是需要更好的沟通。”