2014.03.19【英译汉】The departure of Cyprus's central-bank governor

ydyinglluk (Erin) 译坛新秀
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发表于:2014-03-19 15:32 [只看楼主] [划词开启]

The departure of Cyprus's central-bank governor

塞浦路斯中央银行行长辞职

A blow against independence

银行独立的巨大冲击

Mar 10th 2014, 22:24 by P.W. |LONDON

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TODAY’s resignation by Panicos Demetriades, the governor ofCyprus’s central bank, sets a worrying precedent in the euro zone. The Central Bank of Cyprus (CBC) has not issued a statement explaining the decision but it was no secret that relations between Mr Demetriades and the country’s president, Nicos Anastasiades, after he came to power early last year were not just poor but non-existent. When things go as badly wrong as they have done inCyprus, the blame game gets going in earnest and the governor came in for his share of it.

今天,塞浦路斯央行行长潘尼克斯·季里特里阿迪斯辞职,此举在欧元区无疑创下了令人担忧的先例。塞浦路斯中央银行(CBC)并没有发表任何声明解释这一决议,但是自新总统上台以来,季里特里阿迪斯和塞浦路斯总统尼克斯·阿纳斯塔夏季斯之间的关系恶化到水火不容的地步早已不是秘密。就像他们在塞浦路斯所作出的政绩一样,当情况恶化到糟糕透顶的地步,这场相互推诿的游戏就正儿八经的开始了,最后行长也加入进来,承担了自己应该承担的责任。

Mr Demetriades may have made mistakes but the real damage to the Cypriot banks through their exposure toGreeceincluding heavy losses on Greek government debt when it was restructured in early 2012 predated Mr Demetriades’s arrival since he took office in May 2012. So did the attendant failure of supervisory judgment on the part of the CBC. An independent commission that examined the causes of the Cypriot banking crisis said last year: “Although many of the necessary powers and processes existed in the CBC to supervise the banks and ensure that they were operating prudently, the record shows that banks were able to proceed without serious regulatory challenge until it was too late.”

Even so the Cypriot central bank was not alone in doing a poor job as supervisor in the period before the financial crisis. There were also spectacular misjudgments elsewhere, notably inBritain(by the now abolished Financial Services Authority) and in theUnited States.

季里特里阿迪斯可能确实犯了错,但是真正对银行造成实质性损害的是塞浦路斯银行在面对希腊时表现的脆弱不堪(受到希腊的影响),包括希腊政府重组时希腊政府债券贬值带来的严重损失,而这些发生在2012年年初,也就是季里特里阿迪斯2012年5月上台之前。同样伴随着的,塞浦路斯银行(CBC)方面在监管判断上的失误也是如此。去年,一个调查塞浦路斯银行危机的独立委员会如此评价:“尽管CBC存在着许多必要的权利和程序,用以监管银行并确保银行能够审慎运营,但是记录显示银行在缺少严格的监管的情况下能运营,直到有一天一切已经难以挽回。”尽管如此,塞浦路斯央行也不是在前金融危机时期唯一一家监管不力的银行。监管判断失误的情况在世界上大量存在。特别是英国(即现在以已经废除的金融服务管理局)和美国。

The fact that Mr Demetriades is leaving almost exactly a year after the disastrous events of March 2013 may or may not be a coincidence. Those events saw banks closed for nearly two weeks and the imposition of capital controls after the controversial decision to raid big deposits to meet banking losses and to stump up for recapitalisation (and the even more controversial but quickly dropped idea of raiding small deposits as well). 支付资本重组的费用(还有更受争议但很快被叫停的小额存款税的计划They continue to reverberate as Bank of Cyprus, the country’s biggest bank, remains in a dire state, which in turn casts a shadow overCyprusmanaging to find a way out of a wrenching recession.

事实上季里特里阿迪斯在2013年3月发生的那些灾难性的事件大约一年后辞职可能是也可能不是一种巧合。当时,为了弥补银行损失和实施银行资本重组计划,银行出台了备受争议的存款税政策(可能这一重组计划更能引人争议,但是就像小额存款税政策,这一争议很快被忘诸脑后),随后银行关闭了近两周的时间并实行了资本管制。这些事件造成的反响仍然持续不断,就像塞浦路斯银行,这个该国最大的银行一样,仍然在困境之中挣扎,反过来又为塞浦路斯试图跳出衰退之途蒙上了一层阴影。

Cyprus’s continuing plight may have contributed to Mr Demetriades’s early departure, but it is nonetheless a brutal reminder of the realities of power. Central banks are supposed to be independent inEuropeand the European Central Bank (ECB) prides itself on its extraordinary autonomy. When the ECB’s 24-strong governing council meets, the 18 central-bank governors as well as the six-strong executive board are supposed to eschew national interests and to determine monetary policy for the euro zone as a whole. And, from November, when the ECB takes formal control of euro-zone supervision, the council will also have the final say on supervisory judgments about national banks that may have big fiscal consequences for the states in which they are based, if they require recapitalisation.对那些可能对所在成员国有重大财务影响的国内银行,如果他们要求资本重组的话,欧洲央行理事会同样拥有最终的监管话语权。

可能塞浦路斯困境的持续应当归于季里特里阿迪斯的过早离开,然而这也是在野蛮地提醒我们权力的实质到底是什么。在欧洲,中央银行的地位应当是独立的,欧洲中央银行(ECB)也常常以高度自主自居。当欧洲中央银行24强理事会召开时,18国的中央银行行长也罢,六强执行委员会也罢,都应该放下自己的本国利益,而将欧元区作为一个整体来制定货币政策。并且自从十一月起,当欧洲中央银行正式控制欧元区的监督权时,如果有银行要求重组,理事会也将对重组基于的重大财政方面的原因进行监管判断,并对其拥有最终发言权。

But, whatever their notional independence, central-bank governors are appointed by national governments. And if tensions turn into outright conflict, the position of governors can become untenable. The fact that this appears to have happened in Cyprus, even though in many ways it is a special case, will raise concern that similar pressures may be exerted elsewhere, not only damaging the image of the ECB but also undermining its capacity to act in the interests in the euro zone as a whole.

但是无论他们如何标榜,只要中央银行的行长是由一国的政府任命,这样的独立都无异于纸上谈兵。如果它们之间的紧张关系变成直接冲突,行长的位子怕就岌岌可危了。无论塞浦路斯的例子如何特别,最近在塞浦路斯发生的事,可能使人们更加关注这一问题,即这样的压力可能在其他国家一样存在,这不仅仅在会欧洲中央银行的形象抹黑,同时也会削弱欧洲央行为欧元区整体利益而运行的能力。

请指正。。求挑刺。。。。来吧小伙伴们。。



@heyjude1943 @如雪肃杀 @myAnne123 @Medical20 @指尖流苏 @me陈丽雯 @孤单羽毛 @ziquan50 




最后编辑于:2014-03-21 09:07
分类: 英语
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