Though QE might work in a debtor economy with a flexible financial system like the US, it could backfire in a creditor economy with a conservative financial system. This, rather than the fear that the ECB might end up buying the bonds of untrustworthy governments, is the real argument against QE in the eurozone.
因此，金融结构的差异严重影响着防止通缩措施的效果。尽管QE在美国这样的金融体系灵活的债务国很有效果，但在金融体系饱受的债权经济体很有可能适得其反。这，而不是担心欧洲央行最终购买的是信誉低下的政府的债券，才是反对欧元区实施QE的真正原因。