警惕各国货币政策分化的风险

Since the global financial crisis, mankind has learnt to live with a third certainty along with death and taxes — monetary loosening.

自全球金融危机以来，人类已学会接受除死亡和税收之外第三件肯定躲不掉的事情——货币放松。

Central banks have slashed interest rates to record lows and embarked upon unprecedented programmes of asset purchases in an attempt to lift inflation and restart economic growth.

央行已把利率大幅下调至创纪录的低位，并实施了前所未有的资产购买计划，以求提振通胀和重启经济增长。

The common path on which monetary policy makers have strolled, however, is expected to diverge this year. The timing of the partition and the way in which its side-effects are managed hold big implications for financial stability and the global recovery.

然而，踏上这条共同道路的货币政策制定者，预计今年将分道扬镳。选择哪个时机分道扬镳以及采取何种方式应对其副作用，会对金融稳定和全球复苏产生重大影响。

After years of respectable growth and sizeable falls in unemployment, the US Federal Reserve and the Bank of England have ceased to expand their quantitative easing programmes and are eyeing a first rise in interest rates in nearly 10 years.

经历了数年的可观增长和失业率显著下降后，美联储(Fed)和英国央行(BoE)都不再扩大量化宽松计划，并着眼于将近10年来的首次加息。