欧元债券

另外又有些人警告进入市场的资本需要有一个集成的保险体系才可以，例如以欧元债券的形式。

Still others warn that access to market capital requires a form of collective insurance , preferably in the form of a euro bond .

在过去的、一年的欧债危机中，德国其主权债息差进一步收窄，成为欧元债券市场的安全港。

In the Europe debt crisis of the past year , the German whose sovereign debt spreads narrowed further as the euro bond market , the safe harbor .

如果与欧元债券相伴的，是一个更加自由化的欧洲央行（ECB），那么我会。

If there are eurobonds coupled with a much more liberal European Central Bank , then yes .

欧元债券一经推出，就只需要将EFSF债务转换为欧元债券。

Once the Eurobonds are in place , EFSF liabilities would simply be transformed into Eurobonds .

杠杆化的efsf将产生最不可取的欧元债券：一种有毒债务证券。

A leveraged EFSF would have the worst kind of Eurobond : a tranche in a toxic debt security .

上周，英国投行巴克莱资本（BarclaysCapital）发表了对日本债券投资者一历时很长的调查的最新部分。该调查试图确定这些投资者对美元及欧元债券的态度。

Last week Barclays Capital , the British investment bank , produced the latest part of a long-running survey of Japanese bond investors , which tries to determine attitudes towards dollar and euro bonds .

需要欧元债券的第二个原因是，将efsf杠杆化的愚蠢想法实际上已经流产了。

The second reason you need a Eurobond is the effective collapse of the silly idea of leveraging the EFSF .

德格劳威提出的建议之一，是以每个成员国gdp的60%为上限，发行共同的欧元债券，共同监管金融过度行为。

Prof de GRAUWE recommends , among other things , the collective issuance of Euro bonds , up to 60 per cent of the GDP of each member , and collective supervision of financial excesses .

2011年，在欧洲金融稳定安排（efsf）所发行的160亿欧元债券中，亚洲投资者购买的比例占到了差不多20%。

In 2011 , Asia-based investors bought roughly 20 per cent of the 16bn of bonds issued by the European financial stability facility .

瑞士信贷（CS）称，欧洲稳定金融机制将创造一个新的“欧元债券”，以帮助融资赎回由私人投资者所持有的周边国家几十亿欧元的主权债务。

The EFSF would create a new " Eurobond ," as Credit Suisse ( CS ) is calling it , to help finance the acquisition of billions of euros worth of peripheral sovereign debt held by private investors .

布鲁塞尔智库Bruegel提出，欧元债券规模应占到欧元区成员国未偿付外债余额的60%。

Bruegel , the Brussels-based think-tank , has proposed that eurobonds constitute 60 per cent of eurozone members ' outstanding external debt .

德国和法国排除把发行欧元债券（eurobond）作为欧元区债务危机的解决方案，尽管在德国总理安格拉默克尔（AngelaMerkel）和法国总统尼古拉萨科齐（NicolasSarkozy）本周二在巴黎会晤前，两国面临新的压力。

Germany and France are ruling out eurobonds as a solution to the eurozone debt crisis , despite renewed pressure before a meeting between chancellor Angela Merkel and president Nicolas Sarkozy in Paris on Tuesday .

和联合担保的欧元债券不一样，欧洲金融稳定基金（EFSF）是各国共同出资建立，在欧元区经济体内很重要，一旦其资金有问题，各国会承担很大风险。

Unlike jointly underwritten Eurobonds , the national guarantees backing the EFSF puts each state on the line for only a share of it , broadly in line with its weight in the euro-area economy .

推出新的ecu，将有助于促进许多工具的有序重估，比如根据英国法律发行的欧元债券、全球各银行发放的欧元贷款以及欧元计价的互换和外汇远期合约。

Introducing a new ECU would help to facilitate an orderly redenomination of a host of instruments such as debt issued in euros under English law , euro-denominated loans extended by global banks , and euro-denominated swaps and foreign exchange forward contracts .

要实现这一点，可以将大多数主权债务转化为欧元债券；这样一来，各国将不得不发行自己的附带集体行动条款的债券，仅对超过《马斯特里赫特条约》（maastricht）标准的债务支付风险溢价。

That could be accomplished by converting most sovereign debt into Eurobonds ; countries would then have to issue their own bonds with collective action clauses and pay the risk premium only on the amounts exceeding the Maastricht criteria .

当然，欧盟不可能一夜之间就引入欧元债券。

Of course , the EU cannot introduce a Eurobond overnight .

但他们并不支持发行欧元债券的想法。

But they did not support the idea of euro bonds .

在投票决定欧元债券的发行总量时，可以设定一个合适的超级多数要求。

Total Eurobond issuance could be decided by a suitable supermajority .

欧元债券大概会由欧元区各国财政部长来管理。

Presumably the eurobonds would be under eurozone finance ministers ' control .

这将有利于培育一个活跃的欧元债券市场。

This would have the advantage of developing an active Eurobond market .

实际上，欧洲理事会需要一种规模相当大的欧元债券。

Actually , they need a very large Eurobond .

欧元债券可用于为交易筹资、或用于外汇管理。

Euro bonds can be used for deal financing or for currency management .

可以用各国宪法确定欧元债券的优先偿还义务。

National constitutions could enshrine priority of Eurobond obligations .

欧洲金融稳定机构可与欧洲投资银行一起，管理纯粹的欧元债券发行及联合融资项目。

The EFSF could conduct net Eurobond issues and co-finance projects with the EIB .

新欧元债券的利息可以用这类联合融资项目的收入来支付。

The new Eurobonds could be serviced by revenues from such co-finance of projects .

相比之下，欧元债券只有在7年之后才可赎回。

The euro bonds , by contrast , are redeemable only after seven years .

通过发行欧元债券来包销这些债务，可以打消金融市场的恐慌。

Underwriting the debt by issuing Eurobonds would end the panic in financial markets .

德国和法国一直反对欧元债券。

Germany and France have opposed Eurobonds .

其中一人表示，发行欧元债券将要求更加坚决的预算政策一体化。

Eurobonds would require a much more determined integration of budgetary policy , one said .

同样，欧盟也无须为了发行欧元债券这么做。

In the same way , the EU need not do so to issue Eurobonds .