There are three explanations for the ECB’s position, none of which speaks well for the institution and its regulatory and supervisory conduct. The first explanation is that the banks have not, in fact, bought insurance, and some have taken speculative positions.
欧洲央行采取这一立场可能有三个原因，但没有一个能很好地为该机构及其监管和监督行为开脱。第一个原因是，银行事实上并没有买入保险，一些银行的头寸是投机性的。第二个原因是，欧洲央行明白金融体系缺乏透明度，也知道投资者明白他们无法看清非自愿违约的影响，而这可能导致信用市场冻结，重现2008年9月雷曼兄弟倒闭后的乱象。最后，欧洲央行可能在试图保护出售保险的几家银行。