If the ECB grossly understates the risks, its credibility as a regulator will be badly tarnished. If it is more forthright about the risks, there is a chance that some periphery countries might have difficulty plugging the holes, and will require help from the north.
如果欧洲央行只能大致上理解这些风险，其作为监管者的信誉将受到严重打击。如果它能更深入地理解这些风险，那么一些外围国家有可能已难以自保，需要北欧的帮助。我们希望欧洲央行的认识深刻一些。为整个欧元区外围展开债务纾困谈判刻不容缓。