And this was largely expected but it does amount to an extension of quantitive easing for a further 9 months.

這是普遍預期的決定，但它確實等同於延長了 9 個月的量化寬鬆政策

Another 270 billion of assets being purchased.

另外還有 2700 億美元的資產被購買

Draghi referred to this in his press conference as a "downsize" rather than an explicit tapering.

歐洲央行行長德拉吉在記者會表示，這樣的改變不是「逐步縮減」，而是「減小規模」

So, it's interesting the language that's being used here.

因此，如此說詞在這確實顯得很有趣

Perhaps more important than the asset purchase decision is the clarity around long-term interest rates.

也許比資產購買決定更重要的是長期利率水準的走向

So, the ECB has made it clear that interest rates will remain at their current levels for well beyond the horizon of these net asset purchases.

因此，歐洲央行明確表示，利率將長時間保持在目前的水平，遠遠超出凈資產購買計劃的持續期間

And that has been reflected in markets immediately after the meeting.

而那於會後立即反映在市場上

The German 10-year bond yield is down 5 basis points, Spanish, Italian yields are down 10 basis points.

德國 10 年期國債的收益率下降 5 個基點，西班牙、義大利則是單日下跌 10 個基點

So we've had a reasonable move in the markets given that this was broadly expected by pretty much everyone—this 30 billion cut.

有鑑於幾乎每個人都普遍預期到此縮減措施，我們已經在市場上做出合理的舉動

The Euro has fallen half a percentage, so again, you know, a similarly muted move, but probably linked to this clarity around interest rates.

歐元下跌了一半，再次顯示這是一個相似的走勢，但可能與利率走勢的明朗化有關

We've also seen an uptick in European stocks.

歐洲股市也有所上漲

The final important thing from the meeting today really was the clarity around reinvesting maturities of bonds the ECB already holds,

今天會議中最後一件重要的事情是關於歐洲央行對於其所持有的到期債券進行再投資

bearing in mind Draghi did point to this in December 2015.

切記德拉吉在 2015 年 12 月已確實指出了這一點

At that point, no one really took much notice of it,

但當時幾乎沒有人特別去注意

but now they have over 2 trillion of assets, and these are maturing on a weekly basis.

但現在他們有超過 2 兆的資產，而這些資產每週都在到期

The ECB is committed to reinvesting the proceeds of those maturing bonds.

歐洲央行致力於對這些到期債券的收益進行再投資

Analysts and EBS estimate that this could amount to another 100 billion of effected purchases next year.

分析師和歐洲央行估計，這在明年可能達成另外 1000 億的有效購買

180 billion, in 2019.

2019 年則可望達到 1 兆 8 千億

So, aside from the cut in purchases that's been announced,

因此，除了已宣布的購債縮減措施之外

30 billion is also this silent additional contribution to the market that's gonna be going on in the background.

那 300 億美元也算是檯面下對於市場的額外貢獻