10 月 29 日決定：三項關鍵利率維持不變（存款便利 2.50%、主要再融資 2.65%、邊際貸款 2.90%）
和 9 月 10 日聲明相比：改寫 4 句 / 新增 4 句 / 刪去 9 句
9 月 10 日聲明附帶歐洲央行工作人員的經濟預測；這類預測每年 3、6、9、12 月發布，10 月會議沒有。 說明 ↗
9 月 10 日
管理委員會今天決定將歐洲央行三項關鍵利率上調 25 個基點。
The Governing Council today decided to raise the three key ECB interest rates by 25 basis points.
10 月 29 日
管理委員會今天決定維持歐洲央行三項關鍵利率不變。
The Governing Council today decided to keep the three key ECB interest rates unchanged.
9 月 10 日
中東衝突繼續帶來通膨壓力，通膨將在較長時間內保持在遠高於目標的水平。
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
能源價格繼續上漲，給通膨前景帶來上行風險，給增長前景帶來下行風險。
Energy prices have continued to rise, posing upside risks to the inflation outlook and downside risks to the growth outlook.
能源衝擊的全部影響仍在顯現，但到目前為止，基礎通膨大體保持穩定，工資現階段也沒有明顯反應。
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.
能源衝擊的幅度加大、持續時間延長，加上間接效應和第二輪效應，可能推高通膨、壓低增長。
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.
自管理委員會上次會議以來，融資條件有所收緊，這可能抑制通膨和增長。
Financing conditions have tightened since the Governing Council’s last meeting, which is likely to weigh on inflation and growth.
9 月 10 日
今天的決定體現了管理委員會制定貨幣政策、確保通膨在中期穩定在 2% 目標的決心。
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
管理委員會致力於制定貨幣政策，確保通膨在中期穩定在 2% 的目標。
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
歐洲央行工作人員新預測的基準情形顯示，整體通膨 2026 年平均為 3.0%，2027 年為 2.5%，2028 年為 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膨，基準情形預計 2026 年為 2.5%，2027 年為 2.6%，2028 年為 2.3%。
For inflation excluding energy and food, the baseline foresees 2.5% in 2026, 2.6% in 2027 and 2.3% in 2028.
與 6 月相比，2026 年通膨的基準預測不變，2027 年和 2028 年的預測上調。
Compared with June, the baseline projection for inflation in 2026 is unchanged, while it has been revised up for 2027 and 2028.
經濟增長的基準預測為 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 年的增長預測均上調，主要反映歐元區經濟的韌性強於預期。
This is an upward revision for both 2026 and 2027, mainly reflecting the greater than expected resilience of the euro area economy.
前景仍高度不確定，通膨面臨上行風險，經濟增長面臨下行風險。
The outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth.
關於能源衝擊，工作人員更新的情景分析顯示，在對沖擊強度、持續時間及其間接效應和第二輪效應的不同假設下，增長和通膨的演變可能差別很大。
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
作出今天的決定後，管理委員會仍處於有利位置，能夠應對沖突帶來的不確定性。
With today’s decision, the Governing Council remains well positioned to navigate the uncertainty caused by the conflict.
10 月 29 日
管理委員會仍處於有利位置，能夠應對當前較高的不確定性。
The Governing Council remains well positioned to navigate the current elevated uncertainty.
9 月 10 日
管理委員會決定將歐洲央行三項關鍵利率上調 25 個基點。
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、主要再融資操作利率和邊際貸款便利利率將分別上調至 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、主要再融資操作利率和邊際貸款便利利率將分別維持在 2.50%、2.65% 和 2.90% 不變。
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.
委員會將堅持依據數據、逐次會議決策的方式，確定合適的貨幣政策立場。
It will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance.
具體而言，管理委員會的利率決定將基於其對通膨前景及相關風險的評估，並結合新公布的經濟和金融數據、基礎通膨的動態以及貨幣政策傳導的力度。
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.
管理委員會不預先承諾特定的利率路徑。
The Governing Council is not pre-committing to a particular rate path.
由於歐元體系不再將到期證券的本金用於再投資，資產購買計劃（APP）和疫情緊急購買計劃（PEPP）的持倉正以有節制、可預期的速度下降。
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.
管理委員會隨時準備在職責範圍內調整所有工具，以確保通膨在中期穩定在 2% 的目標，並維護貨幣政策傳導的順暢。
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，傳導保護工具（TPI）可用於應對無正當理由的無序市場動態——這類動態會嚴重威脅貨幣政策在所有歐元區國家的傳導——從而使管理委員會能夠更有效地履行維護價格穩定的職責。
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.
歐洲央行行長將在今天歐洲中部時間 14:45 開始的記者會上，說明作出這些決定的考慮。
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today.
來源：10 月 29 日 ↗ · 9 月 10 日 ↗ · 聲明原文來自歐洲央行官網（註明出處即可轉載）；本站只按句拆分，未改動原文措辭。 · 中文為本站翻譯，以英文原文為準。 · 本站核對 2026-10-31
引用：Heron Atlas，《歐洲央行聲明逐句對比》，https://heronatlas.com/zh-hant/central-banks/ecb/2026-10-29/，核對於 2026-10-31