DAVOS – The measures introduced by the European Central Bank last December, especially the Long Term Refinancing Operation (LTRO), have relieved the liquidity problems of European banks, but have not cured the financing disadvantage of the highly indebted member states. Since high-risk premiums on government bonds endanger the capital adequacy of banks, half a solution is not enough.
达沃斯——去年12月份，欧洲央行推出的措施，尤其是“长期再融资操作”，缓解了欧洲各银行的流动性问题，但是并没有消除高负债成员国的融资劣势。自从政府债券的高风险溢价危及各银行的资本充足性以来，治标不治本的解决办法已经不够。