欧洲各央行本周已做好筹备，将采取手段抑制货币和信贷市场的动荡局势。上周五，美联储采取行动，以打折条件直接向银行提供贷款，并暗示可能降息。
European central banks are standing1 ready this week to stem the turmoil2 in money and credit markets after the US Federal Reserve moved on Friday to make direct loans available to banks on favourable3 terms and hinted at an interest rate cut.
在美联储改变方案后，金融市场大幅反弹。假如美联储此举本周可以平定美国投资者的情绪，那样，欧洲各央行可能也会仿效该做法，确保减轻欧洲投资者的担心。 Financial markets rallied after the Feds change of course and, if the move calms US nerves this week, European central bankers are likely to follow to ensure anxieties are soothed4 there as well.
上周末时，欧元区银行间货币市场隔夜拆息（代表银行同业之间拆借隔夜贷款的本钱）已回归正常，仅略高于欧洲央行4%的政策利率水平。但3个月期利率仍高于正常水平，为4.65%。
At the end of last week, overnight interbank money market interest rates in the eurozone the cosplayt to banks of borrowing overnight from their counterparts had returned to normal at just above the European Central Banks 4 per cent policy rate. But three-month rates stayed higher than normal at 4.65 per cent.
伦敦银行间隔夜拆息为6.3%，3个月期利率为6.7%，远高于英国央行设定的5.75%的主导利率。
London interbank rates were 6.3 per cent overnight and 6.7 per cent at a three-month maturity5, well above the bank of Englands 5.75 per cent main rate of interest.
在金融市场迄今远未恢复正常的状况下，各国央行行长表示，假如状况需要，他们将采取进一步手段。
With normality far from being restored yet, central bankers insist that they can take further action if circumstances merit.
除去调整利率以外，欧洲央行还可向银行发放期限较长的贷款，以降低银行向市场借入较昂贵资金的需要。
Short of changing rates, the European Central Bank can lend at longer maturities6, reducing the need for its banks to access more expensive funds in the markets.
尽管英国央行一直努力防止成为银行的第一贷款人，但假如市场利率继续处于不正常水平，它将采取行动，确保达到银行间隔夜拆息与官方利率相符的目的。
Although the Bank of England is trying to avoid being the first port of call for banks, if unusual market rates persist, it would act to secure its objective for overnight market interest rates to be in line with the Banks official rate.
3周前，因为心怀恐惧的投资者拒绝贷款，全球不少国家的金融体系失灵，致使金融市场陷入动荡。
Central banks willingness to act follows three weeks of turmoil in which much of the financial system has become gummed up as fearful investors7 have refused to lend.
美联储将密切关注市场征兆，看看其举措是不是阻止了危机蔓延。官员们不指望信贷市场情况或广大投资者的信心会飞速复苏。
The Fed will look for signs that its moves have sTOPped the contagion8. Officials are not expecting any quick recovery in credit market conditions, or in broad market confidence.
各国央行还担忧他们解决这场信心危机的能力有限，由于即使是优质的信贷也找不到想购买的买主。有人指出，一位市场察看人士说了一句大实话：在这样的情况下，央行采取的任何举措都解决不了实质问题。
Central bankers are also nervous that their powers to stem this crisis of confidence are limited, since even good quality credit cannot find ready purchasers. One noted9 the veracity10 of a market observer who said that in these circumstances, any action taken by a central bank was immaterial.
