German and French businesses will see borrowing costs tumble by tens of billions of euros over the coming years thanks to aggressive central bank action to lower the cost of funding.

由于央行积极采取行动压低融资成本，德国和法国企业的借贷成本在未来几年将下降数百亿欧元。

Countries in the credit-starved periphery – the main target of easy monetary policy – will benefit far less from a projected €42bn reduction in debt payments over the next five years, according to an FT analysis of European Central Bank data.

而英国《金融时报》对欧洲央行(ECB)数据的分析表明，信贷吃紧的欧元区外围国家（即宽松货币政策的主要目标国家）将很难从未来5年削减420亿欧元偿债负担的计划中受益。

German groups are set to see total interest payments decline by €14bn, assuming all loans are eventually refinanced at the current loan rate of 2 per cent. French companies would pay €9bn less. By contrast, Italian borrowing costs are set to see a fall of just €2.3bn, while Spain and Portugal are likely to see a slight increase.

假设所有贷款最终以目前2%的贷款利率完成再融资，德国企业支付的利息总额将减少140亿欧元。法国企业将少支付90亿欧元的利息。相比之下，意大利企业的借贷成本仅仅将下降23亿欧元，而西班牙和葡萄牙企业的借贷成本反而将略有上升。

Julian Callow, chief international economist at Barclays, said: “German and French companies seem to have benefited disproportionately from ECB action.”

巴克莱(Barclays)首席国际经济学家朱利安•卡洛(Julian Callow)表示：“德国和法国公司似乎过多地从欧洲央行的行动中受益。”

Companies based in the eurozone pay about €167bn gross in interest to banks every year, representing 15 per cent of their annual pre-tax profits. This is set to fall by €42bn over roughly five years as companies gradually refinance at lower rates.

欧元区企业每年向银行支付约1670亿欧元的总利息，相当于这些公司税前年利润的15%。随着各个企业逐渐以较低的利率再融资，这一数字将在5年左右的时间内下降420亿欧元。

The divergence of funding costs for companies in the core and periphery will stoke fears of “financial fragmentation” – the differences in financial conditions that have plagued the eurozone for the past two years.

欧元区核心和外围国家融资成本的差距将引发对“金融割裂”的担忧。金融割裂指的是欧元区各国金融状况的差异，这在过去两年内严重影响了欧元区。

The fall in total interest payments comes as companies roll over their €4.7tn worth of total outstanding debt from 3.29 per cent a year as of April to the new lower average interest rate of 2.68 per cent.

各企业以目前较低的2.68%平均利率借入新债，偿还总值4.7万亿欧元、利率为3.29%（截至4月份）的未偿付贷款，将使总利息偿付金额下降。

Some countries will refinance debt at the new rate quicker than others, however, and interest rates could move higher or lower.

但在新利率下，一些国家进行债务再融资的速度会快于其他国家，而且利率可能上扬或下跌。