On October 2nd Jens Weidmann, the Bundesbank's hawkish head,
12月2日，德国中央银行鹰派行长延斯·魏德曼
said he would oppose any effort to lift caps on bond-buying which the ECB will probably eventually hit.
表示他将反对任何旨在提高债券购买上限的努力，而欧洲央行很可能最终会触及这一上限。
For his part Mr Draghi fears that airing dirty laundry damages the bank's credibility.
就德拉吉而言，他担心公开丑事会损害欧洲央行的信誉。
Mr Draghi has consistently urged governments with fiscal space to relieve the pressure on the ECB by spending more.
德拉吉一直敦促拥有财政空间的政府通过增加支出来缓解欧洲央行的压力。
In Germany public debt is low, borrowing costs are negative, investment needs are acute and recession appears imminent.
德国的公共债务较低，借贷成本为负，投资需求迫切，经济衰退似乎迫在眉睫。
Yet the coalition clings to its "black zero" principle of no net borrowing.
但联合政府坚持借款净额的“黑零”原则。
A serious downturn would probably inspire some sort of stimulus, but it could come too late.
严重的经济衰退可能会激发某种刺激，但可能为时已晚。
Henrik Enderlein of the Hertie School of Governance in Berlin
柏林赫尔梯行政学院的亨里克·恩德莱恩

fears that the ECB's stimulus gives Germany's politicians an excuse not to act.
害怕ECB的刺激会给德国政治家不作为的借口。
"It gives governments a signal that we are there to rescue you," he says.
“这给了政府一个信号—我们在那里拯救你，”他表示。
But Frederik Ducrozet, an ECB-watcher at Pictet Wealth Management, notes that lower interest payments make it easier to loosen fiscal policy.
但是百达资产管理的ECB观察家Frederik Ducrozet注意到较低的利息支付使财政政策更容易放松。
The Bundesbank reckons low rates saved the German state 368bn euros ($402bn) in the decade to 2018.
德国中央银行估计，在截至2018年的10年里，低利率为德国政府节省了3680亿欧元（合4020亿美元）。
Later this month the German finance ministry must name a replacement for Sabine Lautenschlager,
本月末，德国财政部长必须指定人选接替Sabine Lautenschlager
a monetary hawk who unexpectedly resigned from the ECB's executive board in September.
一位货币鹰派人士在9月出人意料地从欧洲央行执行委员会辞职。
One favourite is Isabel Schnabel, a member of Germany's advisory Council of Economic Experts.
最受欢迎的是伊莎贝尔·施纳贝尔，德国经济专家咨询委员会的成员。
She has criticised the shrill tone of the country's monetary-policy debate.
她曾批评德国货币政策辩论的尖锐论调。
Such a choice would signal the German government's desire to cool the temperature.
这样的一个选择将表明德国政府想要降温的愿望。
Christine Lagarde, who replaces Mr Draghi on November 1st, would surely be grateful;
即将在11月1日接替德拉吉的克里斯蒂娜·拉加德一定会很感激的；
three days after that, she gives her first speech as ECB president—in Berlin, at an event to honour Mr Sch?uble.