Given that perpetual austerity is untenable and others in Europe can only do so much, without robust growth the options will narrow quickly. As a result, much now hangs on the ECB’s actions – and how long they will be sufficient to maintain a truce with financial markets.
持久紧缩是不可持续的，欧洲友邦援助之力又极为有限，因此，如果不能维持稳健增长，则方案选项会极为有限。结果，欧洲央行就成了万众瞩目的救星——其行动可以在多长时间内保持金融市场稳定？