This credit replaces the private capital imports that had hitherto financed the country’s net purchases of foreign goods, but which dried up because of the crisis, and it finances a capital flight, i.e. the purchase of foreign assets. The ECB in turn draws the Target credit from the respective national central bank to which the money is flowing and which therefore has to accept a reduction in its scope for issuing refinancing credit.
这笔信用取代了私人资本进口（到目前为止，意大利外国商品净买入全靠私人资本进口融资，但因危机而发生了锐减），也为资本外逃——即购买外国资产——提供了资金。欧洲央行反过来从存在资金流入从而不得不接受削减再融资信用发行规模的央行那里获得目标信用。