NEW YORK – Since last November, the European Central Bank, under its new president, Mario Draghi, has reduced its policy rates and undertaken two injections of more than €1 trillion of liquidity into the eurozone banking system. This led to a temporary reduction in the financial strains confronting the debt endangered countries on the eurozone’s periphery (Greece, Spain, Portugal, Italy, and Ireland), sharply lowered the risk of a liquidity run in the eurozone banking system, and cut financing costs for Italy and Spain from their unsustainable levels of last fall.
纽约—自去年11月以来，欧洲央行在其新行长德拉吉的领导下降低了政策利率，并分两次向欧元区银行系统注入了超过1万亿欧元的流动性。这暂时减缓了欧元区外围债务困扰国（希腊、西班牙、葡萄牙、意大利和爱尔兰）的财政负担，减轻了欧元区银行系统爆发流动性枯竭的危险，也降低了意大利和西班牙去年秋天以来不可持续的融资成本。