Bailouts from the European Stability Mechanism represent the clearest example of this, with the fiscal compact now committing signatories to tight deficit targets and structural adjustment. And more austerity is a vital, if less well remarked on, condition of the European Central Bank’s declared willingness to buy unlimited quantities of troubled countries’ short-term government debt.
欧洲稳定机制的救助就是最具代表性的例子——财政契约要求签署国制订严格的赤字目标和结构调整承诺。如果要欧洲央行无限量购买受困国家短期政府债务的话，条件就是要实施更多的紧缩（对这一点的讨论不多）。