The real reason why the northern Europeans have been unwilling to provide a “big bazooka” – that is, extend more financial assistance to Southern Europe – is that they don’t trust the beneficiaries to use it wisely. They fear, for example, that additional securities purchases by the European Central Bank, aimed at bringing down Spain’s borrowing costs, would only lead the Spanish government to relax its reform effort.
其次，欧盟成员国之间也缺少互信。北欧之所以不愿意提供“大炮”——即为南欧国家提供更多的金融支援——原因在于它们不相信受助国能明智地使用援助资金。比如，它们担心，欧洲央行增加证券购买量——初衷是为了压低西班牙的借贷成本——的唯一效果是让西班牙政府放松其改革措施。结果，德国及其盟国只准备提供使船不至于下沉的援助，而不会保证它能够平稳航行。