Under the bold leadership of Mario Draghi, the ECB has committed to provide as much time as possible for most governments to get their acts together. And it has done so by relying on innovative measures that substitute its elastic balance sheet for those of over-extended governments, gun-shy private investors, and fleeing bank depositors.
要不是欧洲央行所扮演的关键而分量日重的角色的话，和平的缺乏早已引发全面经济和金融战争了。在德拉吉的强力领导下，欧洲央行尽量提供时间让大部分政府能够共同行动。欧洲央行之所以能如此，靠的是以其弹性资产负债表替代过度扩张的政府、风声鹤唳的私人投资者以及仓皇出逃的银行存款人的创新手段。