10 月 29 日决定：三项关键利率维持不变（存款便利 2.50%、主要再融资 2.65%、边际贷款 2.90%）
和 9 月 10 日声明相比：改写 4 句 / 新增 4 句 / 删去 9 句
9 月 10 日声明附带欧洲央行工作人员的经济预测；这类预测每年 3、6、9、12 月发布，10 月会议没有。 说明 ↗
9 月 10 日
管理委员会今天决定将欧洲央行三项关键利率上调 25 个基点。
The Governing Council today decided to raise the three key ECB interest rates by 25 basis points.
10 月 29 日
管理委员会今天决定维持欧洲央行三项关键利率不变。
The Governing Council today decided to keep the three key ECB interest rates unchanged.
9 月 10 日
中东冲突继续带来通胀压力，通胀将在较长时间内保持在远高于目标的水平。
The conflict in the Middle East continues to generate inflation pressures, and inflation is set to remain well above target for an extended period.
10 月 29 日
能源价格继续上涨，给通胀前景带来上行风险，给增长前景带来下行风险。
Energy prices have continued to rise, posing upside risks to the inflation outlook and downside risks to the growth outlook.
能源冲击的全部影响仍在显现，但到目前为止，基础通胀大体保持稳定，工资现阶段也没有明显反应。
While the full effects of the energy shock are still unfolding, underlying inflation has remained broadly stable so far and wages do not show a material response at this stage.
能源冲击的幅度加大、持续时间延长，加上间接效应和第二轮效应，可能推高通胀、压低增长。
The increased magnitude and duration of the energy shock, as well as the implications for indirect and second-round effects, are likely to drive up inflation and lower growth.
自管理委员会上次会议以来，融资条件有所收紧，这可能抑制通胀和增长。
Financing conditions have tightened since the Governing Council’s last meeting, which is likely to weigh on inflation and growth.
9 月 10 日
今天的决定体现了管理委员会制定货币政策、确保通胀在中期稳定在 2% 目标的决心。
Today’s decision underscores the Governing Council’s commitment to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term.
10 月 29 日
管理委员会致力于制定货币政策，确保通胀在中期稳定在 2% 的目标。
The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term.
9 月 10 日
欧洲央行工作人员新预测的基准情形显示，整体通胀 2026 年平均为 3.0%，2027 年为 2.5%，2028 年为 2.1%。
The baseline of the new ECB staff projections sees headline inflation averaging 3.0% in 2026, 2.5% in 2027 and 2.1% in 2028.
剔除能源和食品的通胀，基准情形预计 2026 年为 2.5%，2027 年为 2.6%，2028 年为 2.3%。
For inflation excluding energy and food, the baseline foresees 2.5% in 2026, 2.6% in 2027 and 2.3% in 2028.
与 6 月相比，2026 年通胀的基准预测不变，2027 年和 2028 年的预测上调。
Compared with June, the baseline projection for inflation in 2026 is unchanged, while it has been revised up for 2027 and 2028.
经济增长的基准预测为 2026 年 0.9%、2027 年 1.4%、2028 年 1.5%。
The baseline projection for economic growth is 0.9% for 2026, 1.4% for 2027 and 1.5% for 2028.
2026 年和 2027 年的增长预测均上调，主要反映欧元区经济的韧性强于预期。
This is an upward revision for both 2026 and 2027, mainly reflecting the greater than expected resilience of the euro area economy.
前景仍高度不确定，通胀面临上行风险，经济增长面临下行风险。
The outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth.
关于能源冲击，工作人员更新的情景分析显示，在对冲击强度、持续时间及其间接效应和第二轮效应的不同假设下，增长和通胀的演变可能差别很大。
In relation to the energy shock, the updated scenarios put together by staff illustrate the broad range of outcomes for how growth and inflation would evolve under different assumptions about its intensity and duration, as well as its indirect and second-round effects.
9 月 10 日
作出今天的决定后，管理委员会仍处于有利位置，能够应对冲突带来的不确定性。
With today’s decision, the Governing Council remains well positioned to navigate the uncertainty caused by the conflict.
10 月 29 日
管理委员会仍处于有利位置，能够应对当前较高的不确定性。
The Governing Council remains well positioned to navigate the current elevated uncertainty.
9 月 10 日
管理委员会决定将欧洲央行三项关键利率上调 25 个基点。
The Governing Council decided to raise the three key ECB interest rates by 25 basis points.
9 月 10 日
因此，存款便利利率、主要再融资操作利率和边际贷款便利利率将分别上调至 2.50%、2.65% 和 2.90%，自 2026 年 9 月 16 日起生效。
Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be increased to 2.50%, 2.65% and 2.90% respectively, with effect from 16 September 2026.
10 月 29 日
存款便利利率、主要再融资操作利率和边际贷款便利利率将分别维持在 2.50%、2.65% 和 2.90% 不变。
The interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will remain unchanged at 2.50%, 2.65% and 2.90% respectively.
委员会将坚持依据数据、逐次会议决策的方式，确定合适的货币政策立场。
It will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance.
具体而言，管理委员会的利率决定将基于其对通胀前景及相关风险的评估，并结合新公布的经济和金融数据、基础通胀的动态以及货币政策传导的力度。
In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission.
管理委员会不预先承诺特定的利率路径。
The Governing Council is not pre-committing to a particular rate path.
由于欧元体系不再将到期证券的本金用于再投资，资产购买计划（APP）和疫情紧急购买计划（PEPP）的持仓正以有节制、可预期的速度下降。
The APP and PEPP portfolios are declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.
管理委员会随时准备在职责范围内调整所有工具，以确保通胀在中期稳定在 2% 的目标，并维护货币政策传导的顺畅。
The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises at its 2% target in the medium term and to preserve the smooth functioning of monetary policy transmission.
此外，传导保护工具（TPI）可用于应对无正当理由的无序市场动态——这类动态会严重威胁货币政策在所有欧元区国家的传导——从而使管理委员会能够更有效地履行维护价格稳定的职责。
Moreover, the Transmission Protection Instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the Governing Council to more effectively deliver on its price stability mandate.
欧洲央行行长将在今天欧洲中部时间 14:45 开始的新闻发布会上，说明作出这些决定的考虑。
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today.
来源：10 月 29 日 ↗ · 9 月 10 日 ↗ · 声明原文来自欧洲央行官网（注明出处即可转载）；本站只按句拆分，未改动原文措辞。 · 中文为本站翻译，以英文原文为准。 · 本站核对 2026-10-31
引用：Heron Atlas，《欧洲央行声明逐句对比》，https://heronatlas.com/central-banks/ecb/2026-10-29/，核对于 2026-10-31