Many Europeans were furious at Ms Lagardes comments, denying any serious capitalshortage and arguing instead that if there is a problem, it is one of attracting funding fromskittish wholesale markets. Jean-Claude Trichet, the ECBs president, tried to damp downeven that concern, pointing out that banks could tap unlimited liquidity at the ECB and thatthey had ample collateral left to post in return.
很多欧洲人对拉加德的评论大为光火,他们否认存在任何严重的资本短缺,同时争论如果存在问题的话,那也是如何从活跃的批发市场吸引资金的问题。欧洲中央银行行长让克罗德特里谢试图消除这样的担心,他指出各银行能够从欧洲中央银行取得无限制的流动资金,反过来,欧洲中央银行则可以获得足够的保证金。
Mr Trichet is right, but only up to a point. The sheer scale of European banks funding needs is daunting: an ideafrom Morgan Stanley, to use the EFSF to offer European guarantees on new bank debt, hasgained traction recently. And illiquidity is a symptom of concerns about solvency. So MsLagarde is right that strengthening banks buffers is important. The July stress tests, whichdid not allow for sovereign defaults, offer scant guidance. Using the market price ofsovereign bonds, the IMF thinks that European banks could have unrecognised losses ofEuro200 billion, meaning lots more capital would be needed. The EFSF is one sensiblesource.
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