With the ESM and ECB capping interest rates on government bonds, countries will have as much time as they need – and they will need plenty – to reduce their debt burdens to manageable levels. And, with a single supervisor in place, the ESM will be permitted to inject capital directly into troubled banks.
人们指出，这些举措将主权违约风险和银行危机都解决了。ESM和ECB限制了政府债券的利率上限，各国将获得充足的时间将其债务水平降低到可管理水平。此外，有了单一监督者，ESM可以直接向受困银行注资。于是，新的银行联盟也将得以扩展，形成一个共同清算基金，让资不抵债的机构有序破产。