In short, the ECB bond-buying program has transformed the ECB from a passive observer of the euro crisis, paralyzed by the outdated legalistic constraints of the Maastricht Treaty, into a proper lender of last resort. With powers to monetize government debts similar to those exercised by the US Federal Reserve, the Bank of Japan, and the Bank of England, the ECB can now guarantee the eurozone against financial contagion.
简言之，欧洲央行的债券购买计划让欧洲央行从欧元危机的消极旁观者——因为过时的马斯特里赫特条约法律约束而无法采取行动——一跃成为合适的最后贷款人。如今，欧洲央行拥有类似于美联储、日本银行和英格兰银行那样的政府债务货币化权力，可以保护欧元区免受金融传染影响。