Central banking is broadly profitable in normal times , largely due to seignorage income the yield differential between notes and coins in circulation and the returns received from the fixed-income securities every central bank retains against these liabilities .

在正常时期，央行业务总体上是盈利的，主要来自铸币税收入流通中的纸币和硬币与各央行针对这些债务留存的固定收益证券的回报率之间的收益差。

The second flaw or the euro as a monetary union , which has received less media attention , is the absence of an integrated banking system backed by a credible lender of last resort ( with the power of seignorage ) .

第二个缺陷或者说欧洲作为一个货币联盟，只得到少数媒体的关注，缺少一个有可信的最后贷款人（铸币税的权力）支持的综合银行体系。

Central banks or their government shareholders enjoy a steady stream of profit from the issue of currency in the form of notes and coin the so-called seignorage .

中央银行或作为中央银行股东的政府，可从发行纸币及硬币获得源源不绝的稳定盈利，即所谓造币收益。