As long as banks – and thus governments, which sell their debt to the banks – can draw cheap credit up to any amount from the European System of Central Banks, Europe will remain volatile. The exodus of capital will continue, and enormous compensation claims of the European core’s central banks, particularly the German Bundesbank and the Dutch central bank, will pile up.
社会主义式选择是当前欧元区各国自由印钞现状的必然结果。只要银行——政府亦然，它们的债务都被银行买去了——可以从欧洲央行体系中获得任意数量的低成本信贷，欧洲就将维持高波动性的状态。资本外逃将持续，欧洲核心国央行（特别是德国央行和荷兰央行）将发出大量的补偿要求。