It is hard to see how European countries can indefinitely avoid recourse to the full debt toolkit, especially to repair the fragile economies of the eurozone’s periphery. The ECB’s expansive “whatever it takes” guarantee may indeed be enough to help finance greater short-term stimulus than is currently being allowed; but the ECB’s guarantee will not solve long-run sustainability problems.
很难想象欧洲国家能够永远避免债务工具全开，特别是在修复欧元区外围脆弱的经济时。欧洲央行扩张性的“竭尽全力”担保确实可能足以为比目前所允许的更大规模短期刺激提供资金；但欧洲央行的担保无法解决长期可持续性问题。