欧洲央行救得了欧元吗？_时事_双语阅读-查字典英语网

欧洲央行救得了欧元吗？

In its “Article IV consultation with the eurozone, published in July, the staff of the International Monetary Fund argues that despite the low policy rates, credit conditions are extremely tight in some member countries. This, it argues, is due to divergent perceptions of the interlinked sovereign and banking risks, as well as a shrinkage in cross-border lending, as efforts are made to increase capital and liquidity buffers at home and place overnight deposits at the ECB. Today, in consequence, “financing conditions are the least supportive in countries where the crisis is the most acute. This dire situation gives a strong rationale for the new policy. (See charts.)

在7月公布的与欧元区“第四条(Article IV)磋商中，国际货币基金组织(IMF)员工认为，尽管政策利率较低，但部分欧元区成员国的信贷环境仍然极为紧张。IMF认为，这是因为各方对互相关联的主权和银行业风险存在认识分歧，以及跨境放贷缩减（原因是各机构忙于增加国内资本和流动性缓冲，并将隔夜存款放在欧洲央行）。结果是如今“危机最紧迫国家的融资环境最缺乏支持。这种糟糕状况为出台新政策提供了有力依据。

Yet the ECB will not intervene unconditionally. It will, instead, intervene if and only if countries meet specific conditions. The precise conditions will not be set by the ECB. Mr Draghi said that it was up to the governments, the EU, the European Commission and the IMF to decide on the precise nature of these conditions. But, once agreed, they would need to be respected. That is the ECB’s demand.