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9 13德国法院批准欧洲纾困基金 German backing for ESM fund lifts stocks Risk assets enjoyed another positive session after Germany’s highest court gave the go-ahead for Europe’s new bailout fund, removing a significant obstacle to efforts to resolve the region’s debt crisis. 德国最高法院批准欧洲新纾困基金，消除了解决欧债危机道路上的一大障碍，带动风险资产经历又一个价格上涨的交易日。 But the initial wave of buying that followed the news – which sent European stocks to a 14-month high and the euro to a four-month peak above $1.29 – subsequently showed signs of fizzling out as the grim economic reality facing the region continued to cast a shadow over the markets. 但是，由于欧元区严峻的经济现实继续给市场蒙上阴影，上述消息传出后的最初一波买入潮——将欧洲股市推高至14个月高位，亦将欧元汇率推高至1欧元兑1.29美元的四个月高位——随后显示消退迹象。 Nevertheless, there was a palpable sense of relief at the decision by Germany’s constitutional court to reject a petition to prevent the country from signing up to the European Stability Mechanism, the region’s permanent financial rescue fund. 然而，对于德国宪法法院驳回有关阻止该国参与欧洲稳定机制(ESM)的请愿的判决，各方明显松了一口气。ESM是欧元区永久性的金融救助基金。 The court imposed conditions that were less onerous than many had feared. 法院提出的条件不如很多人此前担心的那么苛刻。 The news came less than a week after the European Central Bank triggered a strong risk rally after announcing plans for unlimited purchases of eurozone countries’ short-term bonds – a programme dubbed outright monetary transactions (OMT). 不到一周前，欧洲央行(ECB)曾引发一轮强劲的风险资产涨势。当时该机构宣布相关计划，拟无限度购买欧元区国家的短期债券，该计划称为“直接货币交易”(OMT)。 “We think this [court ruling] could prove to be a turning point for the debt crisis,” said Frank ?land Hansen, senior economist at Danske Bank. “我们认为这（法庭裁决）有望成为欧债危机的转折点，”丹麦丹斯克银行(Danske Bank)高级经济学家弗兰克?厄兰德?汉森(Frank ?land Hansen)表示。 “The ESM and the ECB’s OMT are seen as a reliable and sufficient safety net. If investors see no need to test the safety net, the ECB may never even have to activate the OMT programme. The ball is now in Spain’s and Italy’s courts. “ESM和欧洲央行的OMT被视为可靠且充足的安全网。如果投资者看不到有必要去考验这个安全网，欧洲央行可能永远都不需要启动OMT计划。现在球在西班牙和意大利脚下。 “If they deliver the planned fisca