Much of that ECB liquidity is meant to find its way into the real economy, of course. But thethird precautionary technique, for both lenders and borrowers, is to hang fire whileuncertainty is so high. The Economist has compiled credit-crunch index, comprising anumber of measures on everything from bank lending to the cost of buying insuranceagainst default for banks, firms and sovereigns in the euro zone. A single index disguises bigdifferences between weaker and stronger states, but it shows that credit is crunchier nowthan it was at the height of the banking crisis in 2008 .
ECB当然想要把大部分流动资金投入到实体经济中。但是,借贷双方保护措施第三步,就是在极其不确定的情况下,按兵不动。《经济学家》编辑了一份信贷紧缩指数,其中包含若干各种数据,从银行贷款额,到防止欧元区银行、公司和国家违约而投入的保险费。区区一个指数掩饰了强弱国家之间不小的差距,然而,这组数据却显示出,当下的信贷危机比08年银行危机最严重时更严重。
Much economic activity is being strangled as a result. In Spain firms have put bond issuesand asset sales on hold. Volatility makes it almost impossible to value an asset, bankerssay. The Catalan government failed to sell 26 buildings in Barcelona earlier this year for about450m Euro because one of the bidders wanted to introduce a clause that said rents would bepaid in dollars in the event of a euro break-up; the other bidder pulled out because it hadbeen told by headquarters to hold off on deals in southern Europe.
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