But most of southern Europe relies mainly on floating rates. This implies that QE would not reach, say, Spanish households, whose mortgages are indexed to short-term rates, which are already close to zero.
对家庭而言，降低利率的主要影响通过按揭被感受到。但南欧大部主要依靠浮动利率。这意味着QE不会触及（比如）西班牙家庭，因为他们的按揭与已接近于零的短期利率挂钩。