But it will not be big enough to dispel convertibility risk and hence demonstrate the ECB’s credibility as a lender of last resort. And it is the ECB’s credibility problem, not that of member states, that is the principal reason for unsustainably high borrowing costs in Italy, Spain, and other distressed eurozone countries.
欧洲央行的最新债券购买计划规模将足以确保德拉吉的颜面。但并不足以打消兑换风险从而证明欧洲央行作为最后贷款人的信誉。而造成意大利、西班牙和其他受困欧元区国家借贷成本畸高的主要原因不是成员国，而是欧洲央行的信誉问题。