The ECB’s willingness to buy ABSs is especially risky and creates a new element of joint liability in the eurozone, with European taxpayers on the hook in the event of a loss. The ECB lacks the democratic legitimacy to take such far-reaching decisions, with potentially substantial redistributive effects, which implies an even greater risk to monetary-policy independence.
欧洲央行愿意购买ABS，这已决定风险极高，并且给欧元区注入了新的共同债务因素，如若发生损失，将由欧洲纳税人买单。欧洲央行采取这些影响重大、具有巨大的潜在再分配效应（因此意味着更大的货币政策独立性风险）的决定缺少民主合法性。